With Bush pushing his toxic housing policies to cover the failure of his tax cuts, Barney Frank was the voice of reason againt Bush's insanity. Bush protected predatory lenders (preemption rule) and forced Freddie and Fannie to buy more low income home loans.
Here's Barney's response to Bush's most destructive housing policies, the OCC preemption rule. Strange that I never see it mentioned in wing nut editorials.
H.R. 5251: Preservation of Federalism in Banking Act
108th Congress: 2003-2004
To clarify the applicability of State law to national banks, and for other purposes.
Sponsor: Rep. Barney Frank [D-MA4]
Here's Barney Frank denying a housing bubble exists in 2005...
Here's a news story about Bush raising concerns about Fannie Mae and Freddie Mac in 2001, and Barney Frank again ignoring warnings and saying the companies are fine....
Poor cousin, have you convinced yourself again?
Try this: Carter starts the CRA Clinton sues under the CRA gets 100’s of millions HUD Cuomo admits the risk and tells the banks to spread the risk through derivative, (www.youtube.com/watch?v=Lr1M1T2Y314) Clinton makes his midnight deals on Glass Stiegel repeal and signs the bill allowing more distribution of the risk but requires more compliance with the CRA, then brings Fanny into the fold and eventually Freddy ( http://partners.nytimes.com/library/financial/102399banks-congress.html) Bush calls the fanny and Freddy problem also Mc Cain calls it. www.youtube.com/watch?v=cMnSp4qEXNM&feature=related)
Although they didn‘t have the guts to stand up to the race card. (All very simple. All the Marxist way ;)
The Washington Pay-To-Play Banana Republic doesn't have much in common with Marxism. It's a sort of opposite extreme. Marxists in the US are mostly a figment and mostly very old. Defining everyone to the left of Napoleon Bonaparte as "Marxist" won't get any attention and just purposely obliterates the real range of American political differences. You just remove yourself from the real discourse.
For those nitwits that are trying to blame Barny Frank for the housing bubble:
This horrible destruction was pushed by the Bush mis-administration a long time before Nov 2008.
In 2002 Bush was pushing to get 10 million additional home owners. He was trying to push and finally passed THE AMERICAN DREAM DOWNPAYMENT ACT 2003 which accelerated and created the realestate BOOM and BUST, and pushing Greenspan to keep interest rates low (per Greenspan) so that the madness continue. All kinds of creative lending, borrowing/no downpayment loans were offered. All anyone cared about was making huge commisions.
The realtors played along knowing full well that many of the buyers could never live up to the loans but who cared they were making tons of money specially since home prices were sky rocketing,so were the cities because the higher the home price the higher the taxes.
The so called rating companies were rating these bundled mortgages AAA not. By early 2007 this was starting to unravel and it finally came to a head at the end of 2008. This was one of many terrible decisions by the great "DECIDER"!
Bush pushed the Ownership Society hard because it was a scheme from Karl Rove to get an Hispanic constituency for the Republicans for a generation or more. Rove was called The Architect of the Bush II campaigns in the White House. Rove interviewed many times about this $440 billion subprime program and was quite proud of it until the wheels came off. When the Ownership Society crashed and burned Rove discretely retreated from the White House, did some book writing for the faithful, and went to work for Murdoch's WSJ pretending to be some sort of elder statesman.
Rove is running the American Crossroads right-wing PAC and one of the anonymous donor PACS (527's?). He can truthfully be called an architect of the 2008 crash. He appears to be working for Romney at present. But he is considered the reining master of Confederate politics - don't underestimate his possible moves with money behind him.
The Ownership Society program crash, of course, synergized with the Bush moribund SEC and nearly crashed the world. Rep Sen Phil Gramm's no-reg Derivatives legislation, signed by Bill Clinton, meant that there was no firewall possible around the real estate disaster. As did the ratings of the fraudulent instruments by agencies paid by the issuers. Gramm became a VP of UBS, the Swiss bank residing as a lobbyist in Washington.
Right now our system is built to fail and dangerously. Money rains on Washington politics to keep it that way. Ditto medical care.
They always come down on their feet don't they? How about you?