So you are blaming Barney Frank why? Because you dont like him? Was he in any form of power when the deregulation happened on the Republican lead congress? Was he a key part of the legislation that made it possible for the US to get into this mess?
How does one even address this nonsense?
First, you, again, invent something and attribute it to me rather than expressing a good faith desire in an answer.
Second, why do you think that I would hold Frank responsible, in part, simply because I don't like him?
Third, why do you believe that blame should only be assessed to those Republicans in power when deregulation occurred?
Fourth, why do you believe that deregulation (whatever that is supposed to represent) is the unique culrpit or factor here?
Fifth, why do you think that the CFMA, a Clinton administration regulatory provision, uniquely permitted this to happen?
I mean, I can't begin to address your questions without understand the arguments you're attempting to make but won't.
Do you really think that a man who gained his chairmanship in 2007 when the downturn started, and the toxic assets were already a problem, suddenly is to blame more than the man who's name is on the bill that is one of the main reasons that we are in the situation today? Talk about lack of a reality check.
Well, if the CFMA is a main contributor then certainly the housing crisis is a contributing factor, no? Given that the housing crisis finds it roots at freddie and Fannie, I'd say it was a constributing factor. Now, given that Frank aggressively resisted and denounced any additional regulatory oversight of those two GSA's while at the same time declaring, "These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing" demonstrates that Barney played a role in this mess.
While I dont blame a single person or just a few people, I do lay more blame on certain people than others for the situation the world is in today thanks to the US. Phil Graham has far more blame than Barney, just as Bill Clinton has far more blame the Barney. But of course Barney is not off the hook, since he was in congress at the time of deregulation.
Trying to dance on the point of a needle is foolish and is revealing your ignorance.
But on the political side, there is no doubt that congress as a whole, but especially a few champions of deregulation are to blame for the lack of regulation and oversight with industries that used this wild west to exploit people and earn trillions while the going was good.
You do know that Bush's attempts to impose greater regulatory oversight over the GSE's were completely resisted by Frank and Dodd, right? How you could say that there was a total lack of oversight exercised is dumb.
Thats why the industry had Phil Graham to block any regulation on derivatives on top of repealing legislation that made it possible for banks, insurance companies and securities companies to compete.. now how much was it again AIG had to be bailed out because AIG was allowed to trade in the global derivatives market?
And it was this deregulation that permitted BoA to purchase Merrill without which this banking problem would be even worse.
You cannot have this both ways.
Or are you gonna claim like some of the wackos on the right, that it was too MUCH regulation that was the problem?
It ain't whacky. The government made it a priority, from Bush and from Congress, to expand home ownership. This insistence led to bad loans. These are the toxic assets that Obama and the Congress are talking about, dawg. Where are you...under a rock?
But i guess you will counter with accusation about Fannie and Freddie.. like they were the sole reason for the crisis...
Again, why do you invent nonsense like this?
Do you have a psychological conditions predisposing you to lying?