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Thread: Barney Frank Will Retire From Congress

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    Paid to Post meridian5455's Avatar
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    Barney Frank Will Retire From Congress

    Rep. Barney Frank, the first openly gay serving member of Congress and a powerful Democrat whose name is attached to the sweeping Wall Street reform bill, will announce today he doesn’t plan to seek reelection.
    Frank became the first openly gay member of Congress six years after he first took office, coming out in 1987 and breaking an important barrier in American politics.
    He survived scandal to become one of the most powerful Democrats on Capitol Hill during 30 years in office. The Massachusetts congressman chaired the House Financial Services Committee when Democrats were in the majority from early 2007 until early 2011, becoming the main House Democrat overseeing the financial industry during one of the most turbulent economic eras of U.S. history.
    Frank was instrumental in ushering the Wall Street bailout through Congress in 2008. And he, along with Chris Dodd, have their names attached to a sweeping Wall Street reform bill passed through Congress and signed by President Obama in 2010.
    Dodd resigned in 2010 rather than face a tough reelection fight.
    The Wall Street reform bill – known as “Dodd-Frank” – placed tough new rules on the financial sector as a way to avoid future mortgage crises. It also enacted a new Consumer Financial Protection Bureau to protect Americans from large corporations. The law has been pilloried by Republicans as Washington overreach.
    Frank is noted on Capitol Hill for his unkempt appearance, often untucked shirttails and pugnacious speaking style. He often dismisses reporters’ questions with disdain, has a quick wit, and is known to verbally joust with colleagues.
    He has not been without controversy. Frank admitted to paying a male prostitute who was living in his Capitol Hill apartment in the 1980s and servicing other clients there.
    Frank survived attempts to expel him from the House and stayed on to become one of the most powerful Democrats in Washington. He will discuss his decision not to run in Boston at a 1 p.m. news conference.
    Democrats do not expect to have a problem winning the district in Frank’s absence. Barack Obama and Sen. John Kerry both garnered more than 60 percent of the vote there in 2008.

    Barney Frank Will Retire From Congress - Yahoo! News

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    The Crazy Boomer Babba's Avatar
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    He has his faults but at least he has a brain. He's one of the more intelligent members of congress.

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    Senior Member Devil505's Avatar
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    His leaving will be a loss to this country.

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    Good riddance, I say. His blind support of Fanny/Freddy was instrumental in the housing crash. He should be retiring to a federal cell if there were any real accountability in DC.

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    Senior Member PapaBull's Avatar
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    Quote Originally Posted by Devil505 View Post
    His leaving will be a loss to this country.
    \

    If Bawney Fwank hadn't been so protective of Fannie Mae and Freddie Mac and rejected all demands for additional oversight, we might not have had an economic collapse due to countless sub-prime loans that deadbeats defaulted on.

    Bye, Bawney. I wish you would have retired before you had a chance to help screw us into the ground.

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    Not Playing TennesseeRain's Avatar
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    Quote Originally Posted by PapaBull View Post
    \

    If Bawney Fwank hadn't been so protective of Fannie Mae and Freddie Mac and rejected all demands for additional oversight, we might not have had an economic collapse due to countless sub-prime loans that deadbeats defaulted on.

    Bye, Bawney. I wish you would have retired before you had a chance to help screw us into the ground.
    Are you making fun of the man for having a speech impediment, for being gay or both?

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    Senior Member angryamerican's Avatar
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    Quote Originally Posted by PapaBull View Post
    \

    If Bawney Fwank hadn't been so protective of Fannie Mae and Freddie Mac and rejected all demands for additional oversight, we might not have had an economic collapse due to countless sub-prime loans that deadbeats defaulted on.

    Bye, Bawney. I wish you would have retired before you had a chance to help screw us into the ground.
    UMMMMM If Corps hadn't allowed corruption and clear Speculation we wouldn't have needed to worry either.

    First, Righties claim Govt needs to get out of the way..then when things go bad Righties say Govt should have over say Corps actions...

    Can't have it both ways...

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    Bovver Boy Rev. Hellh0und's Avatar
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    Good Riddance, the Gentleman was a criminal and a scoundrel.

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    Paid to Post meridian5455's Avatar
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    Quote Originally Posted by Rev. Hellh0und View Post
    Good Riddance, the Gentleman was a criminal and a scoundrel.
    My father didn't like him because he was a sloppy dresser. Tuck your shirt in, Barney!

  10. #10
    The Crazy Boomer Babba's Avatar
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    Puhlease don't start with the Fannie/Freddie caused the economy to crash crap. Because it's crap.

    Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

    Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

    Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

    Federal Reserve Board data show that:

    More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

    Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

    Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

    The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007
    Read more: Private sector loans, not Fannie or Freddie, triggered crisis | McClatchy

    Fannie doesn't directly loan money to anyone. It simply guarantees loans. The banksters knowingly and willingly made those stupid loans on their own because they figured they were passing the risk off to someone else.

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  1. 14th February 2012, 09:01 PM

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