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October 04, 2009

Quote of the Day

Via This Ain't Hell:

"We started in 2001 to try and reign in Fannie and Freddie. We spent four years doing it. We got a bill through the Senate Finance Committee on a party line vote to reign in Fannie and Freddie in 2005 and one of the first things Barack Obama did when he came in to the United States senate was, because he was the third largest recipient of Fannie and Freddie money he joined a filibuster of every democrat led by Senator Chris Dodd to block that measure from being brought to the floor of the United States Senate. Three years later in September 2008 President Obama, then candidate Obama, voted for the same bill he could have voted for three years ago after Fannie and Freddie collapsed. So don't tell me that we didn't try to do something during the Bush years to reign in the housing problem. We were the people who said let us subject Fannie and Freddie to the same kind of scrutiny that we subject banks, savings and loans and credit unions and it was candidate Obama who refused to join that effort, that would have kept this from being an accelerant to a worldwide financial crisis."

Bonus quote from Barney Frank, 2003:

I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury.

I must say we have an interesting example of self-fulfilling prophecy. Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation. And as I said, it is a self-fulfilling prophecy by some people.

So let me make it clear, I am a strong supporter of the role that Fannie Mae and Freddie Mac play in housing, but nobody who invests in them should come looking to me for a nickel--nor anybody else in the Federal Government. And if investors take some comfort and want to lend them a little money and less interest rates, because they like this set of affiliations, good, because housing will benefit. But there is no guarantee, there is no explicit guarantee, there is no implicit guarantee, there is no wink-and-nod guarantee. Invest, and you are on your own.

...The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.

Contrast this with what we heard from the Democrats in 2008 and 2009. Incroyable.

Posted by Cassandra at October 4, 2009 10:47 AM

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Comments

How else could the party of FDR promise a chicken in every pot if they didn't come home to roost?

Posted by: BillT at October 4, 2009 12:19 PM

But yet, somehow, it's all the Republicans' fault...

Posted by: camojack at October 4, 2009 02:12 PM

Albeit that Barney Frank is consistently proven to be wrong on just about everything, and when asked a direct question will never answer it, we are constantly reminded that he is one of the most brilliant minds in Congress. Oh, well, the Liberals never having to say, "oops, I was wrong" lives on.

Posted by: RIslander at October 4, 2009 07:09 PM

It is comical that Obama and his minions attempt to blame GW for allegedly souring our chances for the summer Olympics in Chicago. Like Mr. Chris Wallace recently stated "These are the biggest bunch of crybabies I have dealth with in my 30+ years of reporting."

It is unbelievable that this traveling clown show actually thought they could send tingles up the collective IOC legs with their very presence. One big clue was Polanski getting pinched in Switzerland of all places. Now it comes out that the writer of Chinatown couldn't concentrate because Roamin' Roman was taking polaroids of young girls diving topless into his pool while the script was being worked on.

As has been stated before, If GW was so incredibly stupid as the lefties maintain, what does it say about them to be constantly thwarted in their ambitions by the "shrub?"

The situation is spiraling out of control and we still have three years to go. The question remains. Will BHO change and turn his back on the left wing of his party and Soros or drag the country into the deep hole he is digging for himself. It occurs to me that he would consider it a win if he could cripple the country in the process of his socialist ambitions if the legislative process failed him.

Having stood above the Shenandoah Valley today gazing down on the battlefields where General Lee scored his victories before Gettysburg I remember Sherman and his march to the sea. Would BHO "destroy the village to save it" so to speak? Tell me I am wrong to worry.

Posted by: vet66 at October 4, 2009 08:04 PM

I vote for the deep hole theory. This administration was indeed "shovel ready" from the git-go!

Posted by: Don Brouhaha at October 5, 2009 12:40 AM

It is comical that Obama and his minions attempt to blame GW for allegedly souring our chances for the summer Olympics in Chicago.

Global Warming sabotaged Team Obama? Who'd a-thunk it?

And here I thought it was because the entire rest of the world is

[all together, now]

racist...

Posted by: BillT at October 5, 2009 01:45 AM

"Incroyable."

No, actually it's not. These are the Democrats we're talking about:

"I'll tell you my impression. We really in this last election, when I say we...the Democrats, I think pushed it as far as we can to the end of the fleet, didn't say it, but we implied it. That if we won the Congressional elections, we could stop the war. Now anybody was a good student of government would know that wasn't true. But you know, the temptation to want to win back the Congress, we sort of stretched the facts...and people ate it up.-Paul Kanjorski (D-PA) after the 2006 elections

(Yes, I know you said it for effect, not because you actually meant it ;) )

Posted by: Falze at October 5, 2009 08:49 AM

"Incroyable."

No, actually it's not. These are the Democrats we're talking about:

"I'll tell you my impression. We really in this last election, when I say we...the Democrats, I think pushed it as far as we can to the end of the fleet, didn't say it, but we implied it. That if we won the Congressional elections, we could stop the war. Now anybody was a good student of government would know that wasn't true. But you know, the temptation to want to win back the Congress, we sort of stretched the facts...and people ate it up.-Paul Kanjorski (D-PA) after the 2006 elections

(Yes, I know you said it for effect, not because you actually meant it ;) )

(if this gets posted several times, I'm sorry...browser issues)

Posted by: Falze at October 5, 2009 08:50 AM

Barney Frank is a frank guy with frank like tendencies. Frankly speaking.

And he sucks. Politically.

Posted by: Hummer at October 5, 2009 11:54 PM

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