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Economy
Barney sez abolish Freddie and Fannie
2010-08-19
"They should be abolished," Frank said in an interview on Fox Business, when asked whether the mortgage giants should be elements in housing market reform. "They only question is what do you put in their place," Frank said.

The Federal Housing Administration should be fully self-financing and Freddie and Fannie should be replaced with a new mechanism to help subsidize housing, Frank said in the interview.

"There is no more hybrid private-public," the Massachusetts Democrat suggested. "If we want to subsidize housing then we could do it upfront and let the budget be clear about that."


I think they ought to abolish the senior discount for the Fire Island ferry.
Posted by:Fred

#22  Every American has been robbed by him. It's irrefutable.
Posted by: newc   2010-08-19 21:36  

#21  Barney's one of the smarter people on Capitol Hill, and probably knew all along that the hybrid govt-private model used with Fannie and Fred was a complete bust. Unlike his dim bulb peers, Barney's too smart to pretend otherwise. His problem is simple dishonesty.
Posted by: lex   2010-08-19 20:48  

#20  Meanwhile, the Kos-Gang sent this out today in support of a bare-majority Senate for the benefit of "progressives."

Welcome to the Daily Kos action email list. You received this email either because you are a registered member of the Daily Kos community, or because you donated to a Daily Kos operated Act Blue page. To unsubscribe from this list, follow the link at the bottom of this email.
Today we're launching a campaign to end the filibuster. Join this campaign by following the link below and signing the petition that appears:
http://campaigns.dailykos.com/action/reformthesenate

Here's how signing the petition makes a difference. We'll deliver the petition to every Democratic nominee for Senate and every returning Democratic Senator. When we do, we'll get them on record about whether they agree that the rules of the Senate can, and should, be changed with a simple majority vote on the first day of Congress next year. Once 51 returning and potential Senators have come out in support, we'll have proven that changing Senate rules is possible with a simple majority vote.
http://campaigns.dailykos.com/action/reformthesenate

Entrenched power players like Joe Lieberman, Max Baucus, Ben Nelson and Mary Landrieu have all depended on the filibuster to enable Republican obstructionism and water down progressive legislation. Corporate interests have used it to protect themselves by purchasing a few small state Senators on the cheap. There's no bigger decision Senate Democrats will make next year. The Senate is where good legislation goes to die. Democrats can either change a system that allows a tiny unaccountable minority to thwart the will of the country, or they can continue being part of the problem.
http://campaigns.dailykos.com/action/reformthesenate

Let's get started,
Markos Moulitsas
Founder, Daily Kos
Posted by: Thusolet Prince of the French2994   2010-08-19 18:25  

#19  Eww...
Posted by: tu3031   2010-08-19 16:23  

#18  Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest.

Dare I ask what kinds of pains?
Posted by: gorb   2010-08-19 13:34  

#17  In the 90s Baeney played Clutch Butt with a Fannie Mae executive called Herb Moses.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest.
Posted by: GolfBravoUSMC   2010-08-19 13:23  

#16  RE: #11 What housing bubble?

He says we didn't have the same degree of leveraging as we've seen with other bubbles? What does he call zero down, ARM mortgages? He's either lying or he has his head up his butt...most likely both.
Posted by: Ebbang Uluque6305   2010-08-19 13:11  

#15  It's all a scam for developers and bankers who turn around and contribute big bucks to their pet politicians. It's all a big lie. They tell us we need "affordable housing" but their policies have created the highest housing inflation, and inflation in general, since the Weimar Republic. No wonder our workers can't compete in the global market. The cost of living in the United States is completely out of control. Forget Barak Obama. Barney Frank is public enemy number one. He's done to this country the same as he and his "partners" do to each other.
Posted by: Ebbang Uluque6305   2010-08-19 11:58  

#14  I think he wants to go back to federally subsidized rental housing. He and his buddies made millions before Bush canceled the program. All those new buildings to be built. Just think of all the "Donations to his Campaign".
Posted by: Deacon Blues   2010-08-19 11:16  

#13  Of course, Bawney was against home ownership after he was for it.

Posted by: GolfBravoUSMC   2010-08-19 10:02  

#12  Bury the evidence before a new administration takes hold.
Posted by: Mullah Richard   2010-08-19 09:56  

#11  Bawney Fwank in 2005: "What Housing Bubble?"

Posted by: GolfBravoUSMC   2010-08-19 09:55  

#10  But that said, I agree Fannie and Freddie should be abolished. Can't quite agree with them being replaced with a new mechanism. I am distrustful of such new mechanisms.

I don't trust our government and I don't trust Wall Street but how is that different from 300 million others? Right?
Posted by: JohnQC   2010-08-19 09:44  

#9  Ahhh come on Barney, give me some FANNIE!
Posted by: Besoeker   2010-08-19 09:42  

#8  Barney sure does sleep around with different political positions. The problem with these donks is that they have no foundation of beliefs or enduring principles on which to base political positions. They are waving in the wind just trying to get elected from election to election.
Posted by: JohnQC   2010-08-19 09:41  

#7  Is the Hon. (ahem) Barney Frank (D-MA) participating in the political lynching of Franklin Raines now? (Or is it someone else these days?)

Boy howdy did those Dems circle the wagons around Fannie and Freddie when Bush-era investigators came a-calling.
Posted by: Grenter, Protector of the Geats   2010-08-19 09:00  

#6  > "If we want to subsidize housing

You shouldn't do as all this achieves is less affordability.

Someone should shove David Ricardo's book so far up his arse it lodges in his brain.
Posted by: Bright Pebbles   2010-08-19 06:37  

#5  Yeap, Barney has no intention of setting up anything independant. He wants a total Fed takeover. Feds will decide who can buy a home ala student loans. Work for the Fed for ten years and get a reduced rate and low down, fixed. You proles pay top rate, one year ARM, no cap, with 25% down.
Posted by: retired LEO   2010-08-19 03:35  

#4  This guy is going to burn in hell for so many reasons.
Posted by: Mike Ramsey   2010-08-19 03:19  

#3  Barney sang a diffferent tune in 2004 through 2006.

Posted by: GolfBravoUSMC   2010-08-19 01:24  

#2  Freddie and Fannie are "kinda" private companies. I suspect he wants to convert them "all federal".
Posted by: tipover   2010-08-19 01:08  

#1  Abolish what you helped bankrupt, frank?

You are a walking turd girl. none of this should have ever been started in the first place.

We will see what your voters are. I personally think you represent them well as they are all imbeciles.
Posted by: newc   2010-08-19 00:22  

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