Call for questions
Submit and vote up questions you'd like to see answered by Kevin & Jay at the next Digg Townhall on 11/18.
New audio surfaces of Barney Frank denying housing crisis 03
conservativepunk.com — Unbelievable, especially considering that praise that Nancy Pelosi and the rest of the Dems have been throwing at Frank as of late for his role in the bailout legislation. This audio is from a hearing of the House Financial Services Committee held in 2003, in which both Fannie Mae chief Franklin Raines and Freddie Mac representatives were called to
dremango- 125 diggs
- digg it
- uppitydiggers, on 10/09/2008, -4/+21If there's one thing Frank is good at, it's ***** people in the ass.
- Nitesmoke, on 10/10/2008, -1/+9What bothers me most about Frank, is when the other day when Congress passed the bailout, Pelosi and Reid came on TV thanking him! I was like WTF? Sometimes I feel that the party I belong to is just as corrupt as the one I'm always fighting. Here's the clip: http://www.youtube.com/watch?v=9gLTiPo9wG0 pay attention at :30. Why aren't the masses outraged at this instead of Palin? Unreal.
- SpenderH, on 10/10/2008, -0/+7Best. Comment. Ever.
- govsucks, on 10/10/2008, -4/+13Gosh, the amount of taxpayer money this guy blew so he could get someone to gratify him is amazing.
- inboxnews, on 10/14/2008, -0/+1Blows the mind doesn't it.
- PolishLogic, on 10/10/2008, -4/+10Barney had to deny it, otherwise his life partner would have made him sleep on the couch and spit.
- Ricemanstm, on 10/10/2008, -5/+9Barney Frank Blows Goats. I have proof.
- toetagger, on 10/10/2008, -3/+3I guess that's Obama's fault.
- 2612, on 10/10/2008, -1/+8Its not Obama's fault, but it shows that maybe this crisis is not the fault of "8 years if failed economic policies" and more the fault of some of the leaders of the most unpopular Congress ever.
- PuterPrsn, on 10/10/2008, -1/+6Nope, not Senator Obama - he wasn't in office at that time. But his buddies are definitely at fault and should own up to their misjudgements.
- jnava121, on 10/10/2008, -0/+5nope just his economic advisors haha......
- morgino, on 10/10/2008, -3/+8Oh my god, I think I just crapped my pants. Is it possible that Digg is posting something that is against a democrat, and a gay democrat at that? Amazing this guy tried to bang a page years ago and everyone gave him a pass.
- SheilaNoya, on 10/10/2008, -7/+3This is ridiculous. 2003 wasn't a housing crisis. It was still the beginning of the boom market for housing. The "crisis" started several years later.
Buried for misleading.- moracity, on 10/10/2008, -2/+8Wrong! The boom WAS the crisis. Everyone knew it. Even Bush knew it - and he doesn't know much! The boom was the result of the Clinton administration and Fannie/Freddy telling banks to give loans to people who couldn't afford to pay them, then buying those mortgages.
On top of it, those same people were paying far more than the houses were worth. It's like someone winning the lottery and tossing benjamins out of the window.
It was obvious there was a problem when we were house-shopping and we were pre-approved for a $700,000 mortgage even though we only grossed under $150k. The big numbers don't even matter. All you have to look at is how much you take home each month. Even at 5%, a $700,000 mortgage with 5-10% down would be around $4000 a month. It doesn't add up, even with 1st-grade math skills.
You should be buried for being an idiot.- jnava121, on 10/10/2008, -1/+4obama's rebuttal: " Bush economics last 8 years .. *in deep voice * twinkles nose...
and McCain !!! is just like him !!!!!
wha?? come up with a plan genius..... - MadKennyP, on 10/10/2008, -2/+1That is the DUMBEST statement I've read all week!
"The boom was the crisis"!
Haaahahahaha!! - uppitydiggers, on 10/10/2008, -0/+1@MadKennyP
Which homes do you think are the ones being foreclosed on? The ones bought in the early to mid 2000's or the ones bought in 1985?
Yes, the boom was the crisis, because homes were bought by people with zero ability to pay for them if their interest rates moved even one tick up, who had a reputation for not paying their bills (***** credit scores), and zero money in the bank to begin with.
- jnava121, on 10/10/2008, -1/+4obama's rebuttal: " Bush economics last 8 years .. *in deep voice * twinkles nose...
- professor357, on 10/10/2008, -0/+4There were hearings as early as 1999 that indicated accounting problems in Fannie Mae and Freddie Mac. That's when the Republicans started calling for controls, and the Democrats started stone-walling ANY attempts to put FM/FM on a secure financial auditing basis... All the while, these bad loans were increasing in number and dollar amount, because of the way the Democrats rewrote the CRA in 1992. The required a higher percentage of these high risk loans every year, so every year the housing economy got closer to the tipping point.
- uppitydiggers, on 10/10/2008, -0/+3Buried for having zero concept of this situation.
- moracity, on 10/10/2008, -2/+8Wrong! The boom WAS the crisis. Everyone knew it. Even Bush knew it - and he doesn't know much! The boom was the result of the Clinton administration and Fannie/Freddy telling banks to give loans to people who couldn't afford to pay them, then buying those mortgages.
- professor357, on 10/10/2008, -1/+5There were hearings as early as 1999 that indicated accounting problems in Fannie Mae and Freddie Mac. That's when the Republicans started calling for controls, and the Democrats started stone-walling ANY attempts to put FM/FM on a secure financial auditing basis... All the while, these bad loans were increasing in number and dollar amount, because of the way the Democrats rewrote the CRA in 1992. The required a higher percentage of these high risk loans every year, so every year the housing economy got closer to the tipping point.
- professor357, on 10/10/2008, -1/+5I suspect the Senator Chuck Schumer deliberately triggered the bomb by leaking the news that one of these banks with a bunch of these loans was in trouble. The idea was to cause a downturn in the economy right before the elections... a typical Democrat October surprise. The bank failed, as hoped. However, that made everyone aware of the problem. Looking around, they saw that all the banks were saddled with this bad paper, and everything went to hell in a handbasket.
What's discouraging is that the Democrats, after causing the problem, and triggering the banking collapse, are now going to claim that it's the Bush administration economic policies that caused the problem. And the media is probably going to let them get away with it, unless we keep hammering the Barney Frank - Chris Dodd - ACORN - Barack Obama money connections.
Check out the new & improved 
© Digg Inc. 2008 — Content posted by Digg users is