Thread: Barney Frank has history denying his role housing meltdown

May 22, 2010

Barney Frank has a history of denying his role in housing meltdown

Ed Lasky
12 Comments

On May 20th, Congressman Barney Frank (a promoter of the Community Reinvestment Act, a promoter of increased Fannie Mae and Freddie Mac exposure to risky mortgages - in other words, he helped cause the financial crisis) again denied that he pushed for increased home ownership. He did this most recently yesterday on CNBC but has a history over the last couple of years of denying his culpability. http://www.cnbc.com/id/15840232?video=1500265401&play=1

Here we go again.

Let's read (or listen to) his own words from 2005:

Barney Frank June 27, 2005 - House Floor

"We have, I think, an excessive degree of concern right now about home ownership and it's role in the economy. Obviously speculation is never a good thing. But those who argue that housing prices are now at the point of a bubble seem to me to be missing a very important point. Unlike previous examples we have had where substantial excessive inflation of prices later caused some problems. We are talking here about an entity, home ownership, homes, where there is not the degree of leverage that we have seen elsewhere. This is not the dot com situation. We had problems with people having invested in business plans for which there was no reality, with people building fiber optic cable for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level but you're not going to see a collapse that you see when people talk about a bubble. So those of us on our committee in particular will continue to push toward home ownership."

He also had denied pushing for increased home ownership on the Daily Show last year. http://www.distressedvolatility.com/200 ... 05-vs.html

http://www.americanthinker.com/blog/201 ... ry_of.html

Banks defrauded America by selling No Doc NINJA Loans to Illegal Aliens

Big banks cut them up into packages and sold them as Triple A rating FRAUDULANTLY

Housing Market crashed and you the Tax Payer bailed out the Big Banks whether you wanted to or not (Bush / Obama Scandel)

Congress put you on the hook for all Fanny, Freddy and Sallie May Products totaling over 7 Trillion Dollars

Barney Frank and the Democrats dont want to go to jail so they paper it over with TARP and other bailouts

Republicans are on the hook too and dont want to go to PRISON

They are Criminals... ALL OF THEM ... Next time when cable does a show like the SOPRANO's that need to take cues from DC

90 percent of what you see going on is RACKETEERING and is Punishable by some serious PRISON TIME

Originally Posted by AirborneSapper7

Banks defrauded America buy selling No Doc NINJA Loans to Illegal Aliens

Big banks cut them up into packages and sold them as Triple A rating FRAUDULANTLY

Housing Market crashed and you the Tax Payer bailed out the Big Banks whether you wanted to or not (Bush / Obama Scandel)

Congress put you on the hook for all Fanny, Freddy and Sallie May Products totaling over 7 Trillion Dollars

Barney Frank and the Democrats dont want to go to jail so they paper it over with TARP and other bailouts

Republicans are on the hook too and dont want to go to PRISON

They are Criminals... ALL OF THEM ... Next time when cable does a show like the SOPRANO's that need to take cues from DC

90 percent of what you see going on is RACKETEERING and is Punishable by some serious PRISON TIME

Just an Outstanding summary of our Criminal Government and its complicity in causing the Financial Crisis.

They gambled on Illegal Aliens getting Amnesty and Lost. Their revenge is to steal that money back from the taxpayers who denied the Amnesty they sold to make their wager...

What is Racketeering?

Racketeering is the act of operating an illegal business or scheme in order to make a profit, perpetrated by a structured group. It is a broad category of criminal acts that includes bribery, sexual exploitation of children, and illegal gambling, among many others. Racketeering is closely associated with organized crime, since both are conducted by groups.

Racketeering encompasses many criminal acts. It includes theft and fraud against businesses or individuals. Governments can be victimized by racketeering; examples include counterfeiting money and trading in untaxed alcohol. Racketeering can also take the form of providing illegal services, such as prostitution or drug trafficking. Racketeering also takes place among legitimate businesses or labor unions, where it is sometimes referred to as white-collar crime. Examples include extortion and money laundering.

The criminal organizations who engage in racketeering often have legitimate businesses, for instance licensed gaming establishments or a labor-based business such as garbage collection, in order to provide cover for their rackets. In addition, racketeering is often aided by the bribing, blackmailing, or extortion of public officials or civil servants. Legitimate business owners can be similarly manipulated in order to help criminal groups and their racketeering practices to appear lawful.

While all forms of racketeering are targeted by law enforcement agencies, of particular concern to the United States government is labor racketeering. The Federal Bureau of Investigation (FBI) defines labor racketeering as the manipulation of a labor force, which affects all industries and businesses related to that labor group. Beginning in the 1950s, the FBI has investigated criminal organizations, especially La Cosa Nostra or the Mafia, with labor union ties and learned that many of their operatives pose as or are in collusion with union members while engaging in labor racketeering. These racketeers extort union officials or bribe them with offers of favorable contracts or settled disputes, or otherwise coerce them to accept certain terms or demands. The ultimate goal of most labor racketeering is the control of health, welfare, and pension plans of union members, the total assets of which amount to several billion dollars.

Labor racketeering not only denies laborers their rights, but also results in economic loss to workers, the industry, and consumers. The FBI has determined that labor racketeering leads to increased labor costs, which are passed on to consumers and cost the American public millions of dollars annually. To target entire corrupt entities instead of replaceable individuals, racketeering is federally prosecuted under the Racketeer Influenced and Corrupt Organizations (RICO) statute. Through the use of this statute, the government hopes to eliminate the corruption caused by racketeering.

http://www.wisegeek.com/what-is-racketeering.htm

In this instance, THE FEDERAL GOVERNMENT IS NECK DEEP IN RACKETEERING

BTTT