Barney Frank Fires Back At Gingrich
- Posted on October 13, 2011 at 12:00pm by
Becket Adams
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For those who missed it during the Bloomberg/Washington Post GOP debate, former Speaker of the House Newt Gingrich said that there may be grounds for prosecuting Barney Frank and Chris Dodd for their roles in the recent financial collapse.
The former Speaker was in part referring to their respective roles in the Dodd-Frank bill that was signed into law by President Obama in 2010. (Of course, Fannie May and Freddie Mac aren’t touched in the bill.) But he was also sure to mention both Frank‘s relationship with Fannie Mae as well as Dodd’s role in the Countrywide scandal.
Here‘s the clip of Gingrich’s debate statement:
Since making the bold accusation, Barney Frank has fired back, reminding the former Speaker that Republicans controlled Congress from 1995 to 2006. Frank also says the GOP did nothing to check the growing financial crisis during that time.
“Chris Dodd and I were in the minority during that time, and in fact no remedial action was taken by Congress until we became chairmen of our respective committees in 2007 and 2008,” said Frank in a recent New York Times article.
“Apparently, Newt Gingrich—who considers himself one of the intellectual leaders of the free world—is so embarrassed by the fact that he is running behind Michele Bachmann in Republican polls that it has increased his already well-developed propensity to utter outlandish things,” he said.
Speaking of outlandish things:
The 2008 video shows Barney Frank, at the time Chairman of the House Financial Services Committee, calling for an “immediate increase in spending” and for “deficit fear . . . to take a second seat.”
Or how about when, in 2005, Barney Frank was “unaware” of the looming housing bubble?
And continued to “push for home ownership” they did.
Writes Jeff Jacoby for the Boston Globe:
. . . [Barney Franks's] fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape . . . when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that “these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis.” When the White House warned of “systemic risk for our financial system” unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.
Now that the bubble has burst and the “systemic risk” is apparent to all, Frank blithely declares: “The private sector got us into this mess.” Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he’ll find one suspect in the nearest mirror.
Perhaps former Speaker Gingrich has a point and his statement isn’t so “outlandish” after all.
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Cruzan
Posted on October 21, 2011 at 11:04amPresident Bush went to the congressional leadership starting in 2002 to warn them of the housing problems. He went again every year until 2007 when it had already started to blow up. At every time, he was told that the housing situation was fine and that everyone should own a home, just as Bush had pushed for home ownership for more people. He NEVER realized just how bad it was because the likes of Franks ansd Dods were lying to him. NJewt is right on this issue. Franks is screwed over one more time. He and Dodd should be held accountable, but Dodd left when he realized that HE was gonna get asked some serious questions.
And to make matters even worse, Obama has ordered the lenders (part of his Fiancial Reform Overhaul) to start making sub-prime mortgages in “identified neighborhoods” where home ownership is at it’s lowest. Like public housing I guess. Anyway,ll he and his HUD secty and czar acutally started redlining again (had been prohibited in the late 80s) so more of his “peopl;e” could get loans whether they can make the payments or not. And some of the loans will be aay 2% interest for up to 50 years. The next housing meltdown, within 2 years, will belong to Obama and no one else.
Report Post »nightshadow
Posted on October 19, 2011 at 3:59amThere is so much “proof” about who said what, and who was in power when these things were said. When was the last time any of these “bandits” were prosecuted in a trial for their corruption? When are they EVER prosecuted to the same standards as the average Joe? If you want to clean up the system, start by making everyone accountable to the same “rule of law” that the crooks like to refer to as they point the finger (which one?) at everyone else! Let these examples be shown in every campaign ad run by the crooks and their cronies! The time to start is NOW!
Report Post »Spinolio
Posted on October 17, 2011 at 3:54pmHe must have taken coaching from Bagdad Bob on how you lie through your teeth.
Report Post »Phreqguru
Posted on October 14, 2011 at 11:46amIf they ever decide to bring back the tar and feathering “physically”, Barney should be in the top five. Until then we should just keep giving it to him and the other cronies verbally and in a politically incorrect way.
Report Post »sgtstubbs
Posted on October 15, 2011 at 3:42pmI watched the debat on the Houseing thing and sold off every bit of stock in those org, and glad I did. The whole thing smelled of Liberial programing. Both Macs need closed down and propertys sold off and the loans that are still living up to the agreements should be sold of to the banks. The the House and senate needs to take of the books The Department of Education. The Department of Energy needs to be looked at for malfeasent operation.
Report Post »steveh931
Posted on October 14, 2011 at 1:15amExcessive Degree of Concern, throw this bum in prison.
Report Post »angry nerd
Posted on October 14, 2011 at 12:53ami love this guy, we should start a reality show about this sad man
Report Post »can anyone come up with a good name?
Cruzan
Posted on October 21, 2011 at 10:50am“Rear fRIENDS”
Report Post »kellied
Posted on October 13, 2011 at 11:48pmYes-Republicans were in the house in 2006. And, he and Nancy both told Bush ,(I think it was in 2006) that there was nothing unstable in the houseing market–while making all those bad loans.. They new what they were doing in my opionion. They belong in jail, not running the United States. And yes he is a liar, and so is Nancy, and Obama. Why has Nancy gotten so rich working in the government? Investments?> That should be against the law while working for the House and Senate.
Report Post »Herecomestrouble
Posted on October 13, 2011 at 11:13pmAren’t Frank, Dodd, Waters, etc., the ones who said NO regulation (suggested by Republicans) of Fannie/Freddie? In fact Frank himself said “Fannie Mae and Freddie Mac are not in a crisis!” Frank is either forgetful or a liar.
http://www.youtube.com/watch?v=wSdmfKhr_4c
Report Post »Cruzan
Posted on October 21, 2011 at 10:54amBarney was “busy” with the head of Fannie Mae at the time.. They were in “luv” with one another until this all hit the proverbial fan.
Report Post »sgallion1
Posted on October 13, 2011 at 11:06pmBarney Frank is a joke (among other things) and everyone knows it. I can not understand how a man of such little common sense and intelligence got elected in the first place. It says something about the people who voted for him, as well.
Report Post »NOBAMA201258
Posted on October 13, 2011 at 11:15pmMassachusetts must be a breeding ground for homos,morons and bleeding heart liberals!! What are these people smoking when they elect this nancy-boy frank time after time?Poster child for term limits
Report Post »the gray lensman
Posted on October 13, 2011 at 10:39pmBarney Frank proved he was nothing but a big gas bag when he farted on national television.
Report Post »mohavegreen
Posted on October 13, 2011 at 10:29pmBarney Frank the poster child for KY Jelly knows how to grease the skids.
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