A reminder as to who is actually behind the mess we are in. Curiously you never see or hear this stuff anywhere and only occasionally on FOX.
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If people want to claim that Barney Frank and others wanted to help the poor I guess they are right.
If people want to claim that the failure to provide oversight and in fact, Frank and friends, blocking efforts to provide oversight isn’t a prime cause of the current situation we are in they are biggots that being the proper name of somebody who is so partison that they can’t even tell that what they are saying is obvious horse apples.
Frank and Friends meant well but they didn’t do their job and now everybody is getting it in the bum including the people they were trying to help.
To put it bluntly Frank and friends were incompetent.
Of course that was then. Now they are going to spend us out of our problems. Right.
They’ve already blown 350 billion and don’t have a clue where it went but they are just as sure as always that enough government spending is going to fix everything.
#123, Ah Yea,
So what is your point? You take up a lot of space condemning Mustard and I then use an article that only paints part of the picture.
The Republicans controlled both the House and Senate in 2003. That means they also controlled the committees. A Committee Chairman has enormous power over legislation. A Ranking member does not have any control.
This legislation was shelved by Oxley because it was a bad bill. It would have given the White House the control of the two largest mortgage lenders without any Congressional oversight. When Snow tried to broker a deal between Oxley, Shelby, and Bush, Bush said no. It was either pass the bill as it was or let it die.
You didn’t mention why the Democrats were not in favor of this bill. IT WOULD HAVE REMOVED THE REQUIREMENT THAT THEY PROVIDE LOANS TO LOW INCOME PEOPLE.
Do not confuse low income with toxic paper. These were loans where the people might have had income of less than $45,000 and were buying a $70,000 home. The toxic paper included outright fraud and obvious inability to repay.
Bobbo, I think you have Fusion figured out. What surprises me is you went to all that effort even though you knew it would be pointless.
He doesn’t just deny Frank’s role in the crisis, he denies there was any crisis to be seen at that point, since Frank was saying there’s no problem.
What a surprise. Democrats supporting their voting base without any regard to the financial health of this country. History will show eventually that the Democrats,not Bush was ultimately responsible for this debacle
Ah Yea,
Since you didn’t read it when I posted it for Bobbo, I’ll repost it for YOU:
Mr. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.
So when the regulator is telling the committee that all is fine, it is the committee’s fault?
(same source)
“There is no question we did not recognize the severity of the problems,” said Al Hubbard, Mr. Bush’s former chief economics adviser, who left the White House in December 2007. “Had we, we would have attacked them.”
Or, how about this gem, (same source)
Lawrence B. Lindsey, Mr. Bush’s first chief economics adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Mr. Bush meet housing goals.
“No one wanted to stop that bubble,” Mr. Lindsey said. “It would have conflicted with the president’s own policies.”
More? (same source)
Concerned that down payments were a barrier, Mr. Bush persuaded Congress to spend up to $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for federally insured mortgages with no money down. Republican Congressional leaders and some housing advocates balked, arguing that homeowners with no stake in their investments would be more prone to walk away,
Did you notice? The Congress was worried this wasn’t a great idea to loosen lending standards.
Now, read this part, same source that will put it all in perspective for you. Oh ya, it does name the President.
The president also leaned on mortgage brokers and lenders to devise their own innovations. “Corporate America,” he said, “has a responsibility to work to make America a compassionate place.”
And corporate America, eyeing a lucrative market, delivered in ways Mr. Bush might not have expected, with a proliferation of too-good-to-be-true teaser rates and interest-only loans that were sold to investors in a loosely regulated environment.
“This administration made decisions that allowed the free market to operate as a barroom brawl instead of a prize fight,” said L. William Seidman, who advised Republican presidents and led the savings and loan bailout in the 1990s. “To make the market work well, you have to have a lot of rules.”
But Mr. Bush populated the financial system’s alphabet soup of oversight agencies with people who, like him, wanted fewer rules, not more.
So how did this happen? Well here is a small hint.
Among the Republican Party’s top 10 donors in 2004 was Roland Arnall. He founded Ameriquest, then the nation’s largest lender in the subprime market, which focuses on less creditworthy borrowers. In July 2005, the company agreed to set aside $325 million to settle allegations in 30 states that it had preyed on borrowers with hidden fees and ballooning payments. It was an early signal that deceptive lending practices, which would later set off a wave of foreclosures, were widespread.
Well where was the oversight?
As for Mr. Bush’s banking regulators, they once brandished a chain saw over a 9,000-page pile of regulations as they promised to ease burdens on the industry. When states tried to use consumer protection laws to crack down on predatory lending, the comptroller of the currency blocked the effort, asserting that states had no authority over national banks.
The administration won that fight at the Supreme Court. But Roy Cooper, North Carolina’s attorney general, said, “They took 50 sheriffs off the beat at a time when lending was becoming the Wild West.” (same source)
That should be enough for now. If there are doubters still, I can post more. Again, the link is here.
Let’s put things into perspective (never try to use Fox News when doing this, BTW!). We could buy ALL sub-prime mortgages for $500 billion. Most of those are being paid off regularly and are not a risk. This mortgage practice is a very serious problem but is absolutely dwarfed by the wild-west, high-rollin’, $half-a-quadrillion (world-wide) derivatives market that built up around it.
Fannie and Freddie were dogs but Lehman, Goldman-Sachs, etc. were/are devils.
#136, 137, and 138,
You effen losers have yet to post anything substantive. You girls keep saying “It’s Frank’s fault” but have yet to say what he did.
I’ll repeat, as late as August 2008, the Administration was saying “all is well”, publicly and privately.
#140, monk,
You are quite correct in your assessment.
#143, ‘dro the a**hole,
What did Frank do? You are accusing him and found him guilty, but have yet to show any evidence that he is complicit in the oversight or running of Fanny Mae and Freddy Mac.
You continue to deny that the Republican Congress saw the light and didn’t hand over the regulatory function to the Bush White House. You continue to deny the the part of the Regulatory oversight controlled by the Bush White House screwed up royally.
And worse, he comes all sanctimoniously to admonish a relief to a mess he contributed to create.
Say what ???
#143 – ‘dro
>>You’re the one mistaken here, by trying
>>unsuccessfully to take any blame away from
>>him.
As soon as you and your wingnut pajama pals successfully assign some blame, we’ll determine whether or not we want to try and take it away.
So far, the only thing that can be conclusively determined about Barney Frank is that he was instrumental in preventing the attempted takeover of the mortgage industry by Dumbya and his cabal of deregulation-crazed predators.
Was there anything else?
#1 pedro nailed it!
“This is like showing a crucifix to a vampire.
Waiting for the “false” cries any second now.”
145 hand-wringing responses so far from the bleeding liberal “I see nothing wrong with what the Democrats did” attitude supporting sub-prime mortgages for low-income people who could not afford the monthly payments.
Nothing to see here. Move along!
The mortgage crisis began in 2006, one year before the Democrats took power in january of 2007.
Barney frank in 2007 immediately began regulating the mortgage industry and howls of disapproval came from the GOP.
You come to your own conclusions.
These comments are better than FOX. FOX sells content and most is BS looking for a reaction. Reaction Sells. This blog does the same thing.
Anyway, watch cspan.org; Or cspan clips on youtube.
#130–Gary==a fair cop. I said my router wasn’t working. I’ve read too many articles that Barney worked hard his entire tenure thru bedmates and contributors to get house loans to poor people. He has ample opportunity to “speak out” about any coming disaster but how could he when he was the Champion of Excess.
So, who had “power” is a Congressional game of musical chairs netting out at “no one” is responsible. I take the other approach. Everyone in Congress IS responsible–that means everyone. Even people who aren’t senior ranking member of the party in power.
The reason our country is going down the shit hole is everyone here who can’t see the simple truth that everyone in Congress is responsible. Thats what they are elected to do/be.
When the electorate doesn’t understand basic relationships/obligations you get what we have today. A continuously corrupt congress shifting the wealth of our nation to a very few rich and avoiding responsibility for same even though the truth is discernible unless one exercises effort to avoid it.
# 149 bobbo said, “Everyone in Congress IS responsible–that means everyone. Even people who aren’t senior ranking member of the party in power.”
You are 100% correct Bobbo.
Even the lowest ranking member of the minority could have screamed bloody murder to the news media…
#150 – Paddy-RAMBO
>>Even the lowest ranking member of the
>>minority could have screamed bloody murder
>>to the news media…
Screamed bloody murder about what? “Things seem OK now in 2002, but maybe the people testifying in front of us are liars, and at some point in the future the capitalist predators will fuck things up with their derivatives and CDOs and credit default swaps and leverage, and create a mess like you wouldn’t believe”??
# 151 Mister Mustard said, “Screamed bloody murder about what?”
That’s right. The financial melt down hasn’t happened yet for you because of your inability to use Google and read about it…
ROFL!!!
#149, bobbo, AKA Cow-Paddy,
I said my router wasn’t working.
Then how did you get on-line to post at all? A router is a gateway device between a modem and several computers. No router, the computer and modem don’t connect.
I’ve read too many articles that Barney worked hard his entire tenure thru bedmates and contributors to get house loans to poor people. He has ample opportunity to “speak out” about any coming disaster but how could he when he was the Champion of Excess.
Go back and read how Bush and his cronies continued to tell Congress, and the American people, how the economy was sound. Now tell us how someone can react when all indications are that everything is fine?
So, who had “power” is a Congressional game of musical chairs netting out at “no one” is responsible. I take the other approach. Everyone in Congress IS responsible–that means everyone. Even people who aren’t senior ranking member of the party in power.
Very good approach. Only you have only mentioned Frank and even accused him of fomenting the problem when he wasn’t even in charge. You have yet to mention ONE fucking Member of Congress that shares the blame with Frank. Your now omnibus accusation is too little and too late. Shit, you even accused him of running the committee long before he even became the ranking member.
The reason our country is going down the shit hole is everyone here who can’t see the simple truth that everyone in Congress is responsible. Thats what they are elected to do/be.
WHAT ?!?!?! The President refuses to share information with Congress. The President and his cronies lied to Congress. The Financial Industry got drunk buying shit. The regulators went out of their way to allow all this to happen. And you only blame Congress?
When the electorate doesn’t understand basic relationships/obligations you get what we have today.
True. A humiliated President and Administration that is the worst in history. The most dysfunctional regulators imaginable. Political Assistants who put Party and religion before the good of the country. A President who put friends in power. A long list of felony charges just waiting to be pardoned. And a Republican party in tatters.
The electorate understands. It is you and people like you that don’t understand.
Old saying on this blog. When you are in a hole, you can stop digging.
#152, Cow-Paddy, Ignorant Shit Talking Sociopath and Troll Supreme,
That’s right. The financial melt down hasn’t happened yet for you because of your inability to use Google and read about it…
The financial “meltdown” happened for several reasons, not the least of which was the loss of jobs to China. The good paying jobs. Then the sudden increase in energy prices kicked the crap out what remained of American industry. All those layoffs meant people couldn’t continue to pay their mortgages. Reselling the houses became impossible because the housing prices fell because there were no buyers, they too had lost their jobs.
The finial institutions couldn’t cope because with all the relaxed regulation they had no one to tell them they could buy junk mortgages issued by scammers and fraud artists.
And all this time the Administration was telling Congress, Democrat and Republican, that all was fine.
But that is the right wing nut method. Totally screw things up and blame someone else.
And you know what? Not one person accusing Frank of being responsible has been able to come up with anything to pin on him. If anything, Frank and Oxley should be commended for not caving in to Bush and deregulating Fanny and Freddy any further.
#154 – Mr. Fusion
I can see Paddy-RAMBO’s snappy reply now:
“LOL”
#153 – Fusion
>>Then how did you get on-line to post at all?
I was wondering that as well. I figured reading the answer would be worse than the ignorance of not knowing, so I didn’t ask.
My DLink $31 EBR-2310 wired router often will not connect to many websites. Most of the time, like now, I am connected directly to the modem, but there are two other users in the house. We use the limited service of the router when multiple people want to get on. It never works well–the $12 cheapo before this one worked perfectly before it totally broke. I’ve adjusted every setting I can find to no avail.
#157, bobbo, AKA Cow-Paddy the troll,
Bullshit. The router doesn’t differentiate between web sites. That would be done by a software firewall.
I suggest that if you have intermittent connection problems, call your ISP.
*
If your router and modem are not communicating then follow this procedure carefully.
Unplug the power and disconnect the cable and ethernet all at the modem. Disconnect the power to the router. Go take a crap or make a coffee, but wait at least FIVE minutes.
Plug the modem power back in, then the cable, then the ethernet. Plug the router in. Take your time but you do not need to wait for the lights to flash. Wait for about 1/2 to one minute for the modem and router to communicate. Your computer may or may not need booting. If this procedure does not work then try it again with the computer turned off.
*
If you can get on-line then maybe you can research and post a few links of “I’ve read too many articles that Barney worked hard his entire tenure thru bedmates and contributors …“. Actually just one story of Frank prostituting himself would suffice, but you read too many so, …
#157 – Bobbo
I can see it now: All the Bobbos, sitting around in a little circle, tethered to their defective router by 3-foot ethernet cables. All cursing their non-god in unison for their inability to connect to myriad websites.
And what are you doing with a wired router anyway, ya cheapskate? 802.11 b/g are cheap these days. In fact, mine was free from the ISP.
Fusion–thanks. I’ve done all that and more. My experience is as I’ve reported. Are routers uniquely a “either totally work” or “don’t work at all” type of appliance? No possible way they could have problems connecting in certain ways to different parts of the web huh? Good to know.
I’d be happy to go on another snipe hunt for you but answer me this first since it remains on the table:
Is Congress and every member therein responsible for what Congress does or fails to do–whether their party is in power or not? ((Of course Unless they have made a spectacle of themselves for being one note Johnnies.))
#159–Mustard==maybe it is god (or the devil since they can’t be told apart) punishing me for operating only on that which he has provided me. I thought wired routers would make more “guaranteed” connections and would use wire even with a wireless router.
My take away is that if these router thingies are so reverently admired by your more proficient types, I probably just got a bum unit. Think I’ll go get another one and see.
Thanks.
#161 – Bobbo
Well, have it your way. It’s your God-given right to use wireless or wired, as you choose. God bless America. I have a computer next to the router; that one is connected by ethernet (just because I can). All other computers use the WiFi connection. I’ve never had trouble with either mode of connection.
In instances where I HAVE had router trouble, it was when the device made the WORKS -> DOES NOT WORK transition.
What you have sounds more like somebody installed Net Nanny on your machine, and you’re trying to go places you shouldn’t be going.
I often have trouble connecting to dvorak dot org slash blog (getting the dreaded ERROR ESTABLISHING CONNECTION TO DATABASE message), but other than that, it’s all smoooooooooooth.
#160, bobbo,
Is Congress and every member therein responsible for what Congress does or fails to do–whether their party is in power or not?
No, of course not. No more than anyone is responsible for what someone else does. Even in the BART Cop Shooting, some other cop miles away bears no responsibility for the shooting.
Congress has the dirty job of representing 500,000 to almost 1,000,000 constituents.That is a lot of varied ideas present. Then there are 435 of those interests in the House and another 100 in the Senate. Most laws passed are done with some consensus and compromise, even among the majority party.
Most laws are not perfect and the representatives hold their nose at the objectionable sections just to get the good portions through. Of course some times the compromises turn too many people off so the law ends up not passing.
Votes are also traded as favors so some representative can push through a law that helps his district / State.
If this compromise and vote trading didn’t occur, nothing would ever get passed as there is always something objectionable in any law.
Your same sense of joint accountability would also mean that you too are to blame because you voted for (or not) the person representing your district.
Mustard,
That is a problem with the server on DU’s end. The fact you get it means the server is present and working but it is not responding to the URL request.
#153–Fusion==thank you. The horrendous basis of your error is finally plain for all to see. Please cut and past that post into your personal diary to reconsider as time permits.
Even if your generalized prounouncement where true, it is irrelevant to long time congressmen serving on the committees having direct oversight responsibilities for the very activity that suffered from lack of oversight don’t you think?
The cop example is just as stupid as you suggest. Why did you make it?
Then you finish with a flourish: “Your same sense of joint accountability would also mean that you too are to blame because you voted for (or not) the person representing your district.” /// How can I be responsible when I VOTE ALL INCUMBENTS OUT OF OFFICE!!!!
The opposite answer also gives you a fail: of course I am also derivatively responsible===just 5 more steps removed.
As I posted, whats wrong with our government is people giving these crooks a pass for the corruption and ineptitude EVEN when presented with the facts/evidence against them.
I wish I could be your personal banker.