Full Contact TV: Bill O’Reilly Blasts Rep. Barney Frank, Chairman of the House Services Committee, For His Roll in Failed Fannie Mae-Freddie Mac
LET’S GET READY TO RUMBLE … Welcome to FCT, Full Contact TV
Tonight on The Factor, Bill O’Reilly ripped Barny Frank, House Representative and Chairman of the House Services Committee, for his roll in the failed Fannie Mae-Freddie Mac scandal. WOW, this is must see You Tube!!! Watch what happens when Barney Frank tries to lie his way out of what he actually said. Make no mistake who was to blame for these financial disasters and who looked the other way and ran cover while Fannie and Freddie sank deeper into total failure.
O’Reilly calls Frank a coward for not being man enough to own up for his part in the Fannie Mae-Freddie Mac scandal. Just another example of a gutless politician who maintains his power while screwing “We the People”. Grab a drink and some chips and enjoy this beat down.
Starting five years ago, when Frank rejected Bush administration efforts to clamp down on Fannie and Freddie, claiming they were – quote – “not facing a financial crisis,” dismissing fears as exaggerations that would “pressure” the lenders to cut back on housing loans to those in need.
Barely 15 months later, with Fannie and Freddie engulfed in scandal over the same “terrible mistakes” Frank so abhors in the private sector, he was conceding they might need to be “better regulated,” but “not at the expense of housing” loans.
Fast forward another year, and Frank was still fighting off efforts to curb Fannie and Freddie’s borrowing, rejecting a regulator’s bid for greater authority, and clearing the way for larger and more lucrative loans, all by way of resisting Republican “extremism,” Frank said.
August of 2007, another push by regulators for more oversight is dismissed by Frank, now Chairman of the House Financial Services Committee, as “inane.”
So, is Barney Frank blameless for the Fannie-Freddie fiasco?
Sorry, congressman, the Spin-o-Meter knows a whopper when it tastes one.
Barney Frank on Fannie Mae and Freddie Mac in 2003 discussing oversight. As the Gateway Pundits states, Frank’s comments concerning Fannie Mae and Freddie Mac might actually be considered funny, it it didn’t wind up costing “We the People” $700 billion.
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.