via Cubachi. Honestly, this clip ticks me off. Charlie Rose is just as guilty of trying to change history here as Barney Frank, by asking a very loaded question. Rose wants to know if we had this new Financial Regulations bill back in 2005, would it have prevented the mortgage crisis, and of course Frank answers with a yes.
The truth is, Republicans tried to regulate Fannie Mae and Freddie Mac back in 2003 because they did see trouble coming, and the Democrats blocked it in hearings. Barney Frank is in the now infamous video (WATCH IT) that details how the Democrats attacked the agency who revealed the problems with Fannie and Freddie instead of investigating the problems that the agency report revealed, claiming the risky loans worked fine and that there were no problems with Fannie and Freddie – and thus we’ve had the largest mortgage crisis of our life time.
So knowing all of this, it’s abhorrent for Charlie Rose and Barney Frank to act as though none of this ever happened, hailing the new financial bill, which does nothing to regulate Fannie and Freddie, as something that would have kept the mortgage crisis from happening, when Frank was one of the authors of this crisis. Ugh!
There’s alot more in this clip, including Frank saying that he was a little late in seeing the need to reform Fannie and Freddie (you think?) and that there are rules in the Fin. Reg. bill that allows them to put an over burdened financial institution ‘to death’. Quite simply outrageous considering it was his lending philosophy that led some of these institutions to become ‘over burdened’ in the first place.
We need to get this criminal out of office for good. He’s done enough damage.