The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession
source: http://thelonggoodbye.wordpress.com/2010/08/12/the-myth-of-fannie-mae-freddie-mac-barney-fra...
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- Kelly_Balthrop
- added this
The next time someone throws out the ole Freddy and Fannie or Barney Frank caused the financial crisis bull shit, refer them to this article by thelonggoodbye:
Jeff Dunetz at Big Government must have passed the right-wing media journalism test. He follows in the same hollowed ethical standards as Andrew Breitbart himself, James O’Keefe and Kevin Pezzi. Dunetz swears this is the truth, the whole truth and nothing but - Blame Barney Frank for the Recession, Not George Bush
Frank aggressively fought reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated.” Exaggerated? Thanks to Fannie and Freddie the housing market collapsed and we fell into this “great recession.”
That paragraph is 99% meaningless nonsense. Republicans controlled the House in 2003 and Tom The hammer Delay of K-Street infamy was House Majority Leader. The House, unlike the Senate is ruled by simple majority. Delay controlled the agenda and Bush 43 was in the White House. Frank could have set himself on fire and still had absolutely zero effect on any Republican attempts to legislate new regulations or create regulatory reform. Fannie and Freddie did not cause the housing bubble or the Great Recession. The numbers don’t add up. In addition Fannie and Freddie did not have that kind of power. Most of their loans were not subprime.
Read the entire article here:
http://thelonggoodbye.wordpress.com/2010/08/12/the-myth-of-fannie-mae-freddie-ma...
Jeff Dunetz at Big Government must have passed the right-wing media journalism test. He follows in the same hollowed ethical standards as Andrew Breitbart himself, James O’Keefe and Kevin Pezzi. Dunetz swears this is the truth, the whole truth and nothing but - Blame Barney Frank for the Recession, Not George Bush
Frank aggressively fought reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated.” Exaggerated? Thanks to Fannie and Freddie the housing market collapsed and we fell into this “great recession.”
That paragraph is 99% meaningless nonsense. Republicans controlled the House in 2003 and Tom The hammer Delay of K-Street infamy was House Majority Leader. The House, unlike the Senate is ruled by simple majority. Delay controlled the agenda and Bush 43 was in the White House. Frank could have set himself on fire and still had absolutely zero effect on any Republican attempts to legislate new regulations or create regulatory reform. Fannie and Freddie did not cause the housing bubble or the Great Recession. The numbers don’t add up. In addition Fannie and Freddie did not have that kind of power. Most of their loans were not subprime.
Read the entire article here:
http://thelonggoodbye.wordpress.com/2010/08/12/the-myth-of-fannie-mae-freddie-ma...
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- tags:
- Recession, Banking, Freddie Mac, Fanny Mae
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kennymotown
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It is a very tired right wing talking point. Thanks for setting them straight!
- 7 months ago
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kennymotown
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Kelly_Balthrop
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kennymotown:
Your welcome.
- 7 months ago
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Kelly_Balthrop
