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Posts Tagged ‘Barney Frank’

Here is a collection of 2004 statements of impassioned defense of the mortgage institutions Fannie Mae and Freddie Mac, and how the Democrats downplayed any notion of crisis.

Notable is 6:05: Democrat Barney Frank, whom we’ve seen in recent news actively involved in the bailout of failed banks and mortage institutions, brushing off any idea of impending danger back in 2004:

But I have seen nothing in here that suggests that the safety and soundness is an issue, and I think it serves us badly to raise safety and soundness as a kind of general shibboleth when it does not seem to be an issue.

– Barney Frank

Flash forward in 2008, Frank is blasted on O’Reilly for his continued denial of responsibility in this crisis. Check out 0:58 where Frank states something that contradicts his original stance in 2004:

I’ve always felt two things about Fannie Mae and Freddie Mac, that they had an important role to play but that the regulations should be improved. Now from 1995 to 2006 when the Republicans controlled Congress and we were in the minority we couldn’t get that done.

– Barney Frank

I would say shouting and screaming are hardly hallmarks of critical thinking and discourse, however it’s useful taking O’Reilly’s accusations in the context of 2004. If anything, O’Reilly is playing out is role as the sensational voice of outrage in this mess.

Hindsight 20/20.

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In these times of crisis, there’s an ever growing risk of making snap judgements based on present concerns without regard for longer term ramifications.

It’s only been two months (since September) that Congress debated and passed the original bailout plan proposed by US Treasury Paulson and Fed Chairman Bernanke. In this segment from Charlie Rose, Rep. Barney Frank expounds on the criticism of the bailout plan and its implications.

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