Video: Fox News hammers Democrats again for Fannie/Freddie mess
posted at 12:42 pm on September 25, 2008 by Allahpundit
Via Ace, who properly calls it awesome. This makes two segments in as many nights on Hume’s show on the roots of the crisis, and as with the first, there’s little you don’t already know. Even so, the archival footage of one of the Democrats’ nastiest demagogues reassuring America that everything’s peachy keen with the subprime mortgage industry is worth its weight in gold, especially after he thoughtfully paused this morning to snark on McCain for trying to help clean up the mess he himself did so much to make.
Joining Fox News in acknowledging the left’s role in the crisis: Newly minted right-leaning independent Bill Clinton.
Blowback
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Slightly OT: Does anyone else think “Mushmouth” when Rush plays a Barney Frank soundbite?
*eats*
Grue in the Attic on September 25, 2008 at 1:37 PM
Thanks for that. Ditto on non-US. I’ve tried to figure out that conundrum myself. I feel that with so much of a typical family’s current consumption coming from overseas (clothing, energy, autos)you will see big price rises. To the extent that one can buy/sell domestically in dollar denominated assets only, maybe you can slide by. A very big help would be increased domestic energy sources, and an end to the diversion of domestic food for fuel.
JiangxiDad on September 25, 2008 at 1:37 PM
Barney’s Fannie Mae Love Connection
Obama uses former Fannie Mae chief lobbyist and counsel for debate prep
For your reading pleasure…..
rockmom on September 25, 2008 at 1:38 PM
MAN! FoxNews is putting a bitch-beating on Franks!
Something’s brewing kids.
Something’s brewing.
FiveWays on September 25, 2008 at 1:39 PM
I could barely make out what he was saying. He talks like his mouth is full of …something.
ManlyRash on September 25, 2008 at 1:39 PM
That lisping piece of crap Barney Frank should be plummeting in the polls as angry voters in the Boston area make it clear they’ve had enough of corruption in DC and hold Frank personally responsible for Freddie/Fannie (especially since his ex-boyfriend was on the payroll of . Fannie for years). But, of course, that isn’t going to happen.
On a positive note, another paragon of ethics and virtue- William Jefferson- appears headed for defeat down here in New Orleans.
highhopes on September 25, 2008 at 1:40 PM
MAN! FoxNews is putting a major beating on Franks right now!
FiveWays on September 25, 2008 at 1:40 PM
Manure salesman with a mouth full of samples?
Asher on September 25, 2008 at 1:41 PM
Demands were so great for the US Gold Buffalo coin the Treasury just had to suspend sales.
TheBigOldDog on September 25, 2008 at 1:41 PM
I’ll believe it when I see it. Frankly, I find it impossible to believe that they think they are going to raise this money. If you are right, and doesn’t shoot rates through the stratosphere, I will have to eat my hat.
JiangxiDad on September 25, 2008 at 1:41 PM
Bill Sammon thought that McCain made a mistake pulling out yesterday- and today……..uhm not so much. He said McCain might end up smelling like a rose.
FiveWays on September 25, 2008 at 1:41 PM
Here is the exchange:
ManlyRash on September 25, 2008 at 1:42 PM
That’s not analagous at all. Gold and Francs I can understand.
JiangxiDad on September 25, 2008 at 1:43 PM
If McCain doesn’t put the hammer down on Franks, Shumer and Democrats et al, and do it by naming names- then he deserves to lose this friggin race!
FiveWays on September 25, 2008 at 1:43 PM
Or something.
ManlyRash on September 25, 2008 at 1:43 PM
*RIMSHOT!!*
*eats*
Grue in the Attic on September 25, 2008 at 1:44 PM
Why did you only try to get rid of him for two weeks?
JiangxiDad on September 25, 2008 at 1:44 PM
…the good people of Massachusetts (well in his district, anyway) stood by Frank when he was outed (he didn’t “come out”, he was outed) as a homosexual…they again stood by him when it was found that a male (possibly pederastic) prostitution ring was being run out of his house (where his boyfriend received preferential parking permits fixed by the District)…
…they’ve stood by him through embarrassment after embarrassment….
…now…I’m all for democracy…but it’s time those brain-dead morons in New England paid attention and saw this buggering pultroon for what he is: a plutocrat of the lowest water!
…term limits now…term limits forever….
Puritan1648 on September 25, 2008 at 1:45 PM
IMO it all comes down to how this fund works. We’ve heard that it is essentialy just going to hold investments and allow them to stabilize. If so, this program costs very little beyond the interest which will need to be paid for those two years. Once sold, those investments will recoup most, if not all, of the money…
My concern is that the Dems, who will probably be in control of Congress in a couple of years when we sell these, will then take that money and spend it on other stuff, not pay down the initial debt this caused.
Romeo13 on September 25, 2008 at 1:45 PM
Not really a fair bet – half a month past the election versus permanent – but at least you’re using Rasmussen. Could’ve chosen worse.
*eats*
Grue in the Attic on September 25, 2008 at 1:45 PM
There’s trillions in cash in the market just sitting. It isn’t people like you and me that are the key. It’s Sovereign Wealth funds, large institutions and nations looking for a place to safely park a lot of cash.
TheBigOldDog on September 25, 2008 at 1:45 PM
Fox News needs to put together a two hour special called “How this happened…”, going back to Carter, include Clinton, nail Barny Frank, Chris Dodd, Chuck Shumer and especially Jamie Gorelick to the friggen wall.
Air it over, and over, and over agian, then put it on a CD and sell it for a buck.
This needs to become drilled into the American psyche, it is the only way we can fight the MSM, the Democrats, and the Government Bureacratic elite who caused this mess, and will make it worse if they are left in power.
Seven Percent Solution on September 25, 2008 at 1:45 PM
IF they buy low and sell high, then it could be worth it. But it is a big IF.
IF they buy high and sell for less, it will be a nightmare.
I’m not confident in the former, and suspicious it will be the latter, but not much choice now. They have allowed Rome to burn on their watch and now no choice but to put it out.
Starlink on September 25, 2008 at 1:46 PM
The final cost is unknown, as we don’t know now what the gov’t will ultimately be able to sell the mortgages that don’t default for.
But the initial cost is known. Paulson wants 700 billion now,tomorrow. Where do you think that money is coming from?
JiangxiDad on September 25, 2008 at 1:47 PM
Nix “past the election”, I read that as Nov 18 rather than Oct….
*eats*
Grue in the Attic on September 25, 2008 at 1:47 PM
That’s the second unwarranted slap. You are not thinking outside the box nor have you started playing chess yet.
ManlyRash on September 25, 2008 at 1:47 PM
I know that. We’ve been through this before. I don’t know why you or I would buy Treasuries at low rates to finance these purchases, when there are so many better options for investments now that the bad crap has been isolated onto the gov’t books.
JiangxiDad on September 25, 2008 at 1:48 PM
Buffett didn’t buy Treasuries. He bought Goldman Sachs.
JiangxiDad on September 25, 2008 at 1:49 PM
I don’t play strategy games with people I suspect of bypassing the rules.
*eats*
Grue in the Attic on September 25, 2008 at 1:49 PM
Only if you are wearing a black leather body suit.
ManlyRash on September 25, 2008 at 1:49 PM
oh.
JiangxiDad on September 25, 2008 at 1:50 PM
Courtesy of Michelle Malkin:
Under the bailout bill, which will let the government buy huge amounts of toxic mortgage-related assets, ‘we’re now the biggest mortgage holder in town, and we can do serious foreclosure avoidance,’ [liberal Congressman Barney] Frank said.’”
God forbid that we allow the “victims” to take their medicine. Personal Responsibility R.I.P. 2008.
HornetSting on September 25, 2008 at 1:50 PM
There are few “better” options when you’re responsible for managing billions of dollars and your chief concern in this uncertainty is not return ON capital but return OF capital.
TheBigOldDog on September 25, 2008 at 1:51 PM
Really? Thought it was long dead, much like Common Sense.
*eats*
Grue in the Attic on September 25, 2008 at 1:52 PM
Eat in peace, Grue. I’m not going anywhere. Mac and Fox and gonna blow Bambi out of the water. And when Rywall breaks his word we can abuse him horrifically. I know I will.
ManlyRash on September 25, 2008 at 1:52 PM
Sadly you are correct. I’m taking two political science classes @ ASU while working in my evil mortgage position. Anyways last night one of my professors actually had the stones to blame the Repub’s for the economy and the Freddie/Fannie problems. All I can say is THANK YOU to all you HA folks that provided ammo I could shoot back with. His expression and spin attempts were awesome to behold. I think I actually may have reached a couple of these young students with the facts.
VikingGoneWild on September 25, 2008 at 1:52 PM
To achieve his aims of wealth redistribution and making people rely on the gov’t for their daily bread, Barny Frank couldn’t have been more clever if he tried. His assessment is correct.
JiangxiDad on September 25, 2008 at 1:52 PM
????????
ManlyRash on September 25, 2008 at 1:53 PM
We’re no longer talking about “in this uncertainty.” We’re talking about post-uncertainty. Why especially buy treasuries post uncertainty?
JiangxiDad on September 25, 2008 at 1:54 PM
Despite how perverse that is, it’s true. The defaults are not only medicine for the person who defaults but it’s “medicine” every home owner is forced to take right along with him. It depresses home values across the board which makes it harder to sell, harder to refinance, harder to borrow in general, etc. Sometimes to help yourself you’ve got to help people who don’t deserve it. Sick I know but it is what it is.
TheBigOldDog on September 25, 2008 at 1:54 PM
Frank has it exactly backwards. If the bailout bill passes, the government should be the biggest forecloser in America. I’m not willing to pony up $3500 to bailout some deadbeat who had no business purchasing a home far beyond their means. Screw them! Let the chips fall where they may even it that puts the deadbeats out on the street because they can’t pay their own way!!!
highhopes on September 25, 2008 at 1:54 PM
Really? Thought it was long dead, much like Common Sense.
*eats*
Grue in the Attic on September 25, 2008 at 1:52 PM
————————————————
We’re just getting around to the funeral.
HornetSting on September 25, 2008 at 1:55 PM
That’s the reason for Fox News. They broadcast what the other will not.
RobCon on September 25, 2008 at 1:55 PM
That’s an emotional response that fails to see the unintended consequences which is to hurt all the responsible people too.
TheBigOldDog on September 25, 2008 at 1:57 PM
Couldn’t agree more, High.
…like Katrina…Still paying and paying and paying…I pay my bills on time and don’t expect the government to bail me out.
Why should unresponsible people get the spoils?
HornetSting on September 25, 2008 at 1:58 PM
btw, I’ve been watching WaMu for many months. It’s the largest mortgage bank in the US. It’s down to $1.56 now. It doesn’t have much longer to survive in its present form.
JiangxiDad on September 25, 2008 at 1:58 PM
I’m encouraged to see you’ve made that leap becuase few others have. The crisis won’t be over with the passing of the bill and won’t be over any time soon. It won’t be over until it’s over.
TheBigOldDog on September 25, 2008 at 1:59 PM
Or is that irreponsible?
HornetSting on September 25, 2008 at 1:59 PM
Because life isn’t fair. If they could be punished without punishing all of us, then great. But that’s just not reality.
TheBigOldDog on September 25, 2008 at 2:00 PM
Yeah, I want to give the democrats a blank check of $700 billion tax payer funds…..
Chris Dodd, Barney Frank, Dingy Harry, Blinker Pelosi…
Does it bother you that the exact people that “caused” the problem are the ones leading the “deal”?
HornetSting on September 25, 2008 at 2:01 PM
I think you’re dead wrong again. The rescue is a done deal. (The market’s up 262 as we speak.) The financial crisis is over as soon as the bailout bill is signed. The new “crisis” will come from the consequences of the gov’t funding the bailout.
JiangxiDad on September 25, 2008 at 2:01 PM
Watch….
TheBigOldDog on September 25, 2008 at 2:02 PM
Boooya! Daddy.
HornetSting on September 25, 2008 at 2:02 PM
In government, the cure almost always sucks worse than the ills.
HornetSting on September 25, 2008 at 2:03 PM
LOL and COL (crying out loud) at the same time. So, so true, those words.
Vashta.Nerada on September 25, 2008 at 2:03 PM
EWW!
Oink on September 25, 2008 at 2:03 PM
I’ve gotta know… what’s with the *eats*?
Oink on September 25, 2008 at 2:04 PM
Market was up before any deal was announced… and it will drop once the Socialistic parts of this deal are announced.
Looks like the deal not only allows the Gov to buy up the “debt” or assets in question… but it also forces the companies to give equity to the US Gov, and gets in the middle of CEO pay.
Add in the amount of Beurocracy you will have to have to RUN this 700 billion bailout, and you have a government power grab…
Wallstreet will not like that in the long run.
Oh, and it does NOT fix the underlieing economic problems of social engineering of loans… or fix the “naked short selling” we now have in the market… or put any more oversite on ANY of the suspect parts of the economy.
Romeo13 on September 25, 2008 at 2:06 PM
Oink, many have asked. Few answers. Just offer food.
Grue, Southern Fried Obama sticks with UH sauce in hopes for the debate….so Maverick can take the One behind the woodshed.
HornetSting on September 25, 2008 at 2:07 PM
WARNING: You can only abuse your mouth so much before you sound like Barney.
Akzed on September 25, 2008 at 2:09 PM
You’re talking about the politics of the deal. I agree with your comments on that. What I’m also worried about is how the gov’t finances it, and the effect of that financing on interest rates and the value of the dollar. I don’t see that as anything but bad for the US economy, and it will have a cost to each and every family. That’s how I see the $700 billion being paid for.
JiangxiDad on September 25, 2008 at 2:09 PM
EWWWWWW! Akzed!
Bad boy, no dinner.
HornetSting on September 25, 2008 at 2:10 PM
No. The guy isn’t doing financial work. That just where he moved his male prostitution ring to when the police busted Fwanks house….
CC
CapedConservative on September 25, 2008 at 2:13 PM
*sigh* newbies
Google ‘grue.’ Then come back and apologize to him lest you be mistaken for food.
ManlyRash on September 25, 2008 at 2:16 PM
WaMu is on life support right now. I have heard that if this deal is not done by tomorrow it will be dead. The ban on short sales was instituted in large part to help WaMu survive until this rescue thing could get done. It’s the biggest thrift in the country and if it goes down the FDIC may be insolvent, and that will cause a panic and a bank run that could get ugly.
GMAC is also on the verge of bankruptcy and if it goes down the govt. will have to make an even bigger loan to GM which still owns 49% of it. It has lost almost 6 billion dollars since 1Q 2007 and is killing GM’s balance sheet.
rockmom on September 25, 2008 at 2:21 PM
We know what’s in Barney Frank’s brain – Mao’s Little Red Book and Alinsky’s Rules for Radicals. What’s in his mouth— let’s just say something on the order of a Coney Island whitefish.
J.J. Sefton on September 25, 2008 at 2:23 PM
With this clip as a backdrop, Obama and the Democrats are RISING in the polls. I think my head is going to explode.
Star20 on September 25, 2008 at 2:24 PM
I’ve read that 35% of FDIC’s remaining resources would be used for WaMu. GM is a failed health insurance provider and
finance company. GE is also in trouble because of it’s financing arm, and it’s foray into media. I never expected to see these things happening.
JiangxiDad on September 25, 2008 at 2:28 PM
How is expecting me and other responsible Americans to pony up $3500 to bail out a bunch of deadbeats not hurting responsible people? I’m sorry, I’ve got compassion but not for people who are greedy selfish bastards who got into mortgages they had no business getting! I’ve never lived beyond my means and I’ll be damned if I support any movement gives the government my hard-earned dollars to bail out the greedy deadbeats in society! Foreclose and let them work out their credit problems from a rental somewhere!
highhopes on September 25, 2008 at 2:34 PM
How does this square with O’Reilly’s rant against those (in particular right wing radio hosts) placing the blame on the Democrats?
Blaise on September 25, 2008 at 2:35 PM
It’s gone beyond that to commercial paper and other vehicles. I don’t particularly like the bailout, but the problem has spread beyond mortgages now.
Vashta.Nerada on September 25, 2008 at 2:37 PM
Fixed…
CC
CapedConservative on September 25, 2008 at 2:39 PM
Sounds like a good time to pick up a monster box of Eagles to me.
SkinnerVic on September 25, 2008 at 2:45 PM
The genocide video is illegible, and only partly because of the lisping queer/freak speaking.
Jaibones on September 25, 2008 at 2:46 PM
Then let the government foreclose on all the deadbeats as part of a larger plan. Actions have consequences and this gift to deadbeats is beyond my tolerance level.
highhopes on September 25, 2008 at 2:52 PM
Thank you Barny Frank
/snark
Yakko77 on September 25, 2008 at 2:53 PM
Okay, so you mean someone needs to produce a YouTube video that has photos of her, and uses quotes of her saying how safe it was, along with quotes from Barney Frank. The voiceover would have to begin with something along the lines of – While Republicans like Bush, McCain and Shelby tried to reform Fannie & Freddie, Democrats claimed there was nothing to worry about and stood in the way of legislation aimed at preventing a collapse. Use quotes of Alan Greenspan warning of the danger, and so forth.
An undercover agent for Putin could not have done a better job of destroying the security and economy of this country.
Buy Danish on September 25, 2008 at 2:54 PM
Exactly.
TheBigOldDog on September 25, 2008 at 3:00 PM
I grue hungry once, having no commistables. I like blue and green commistables.
Akzed on September 25, 2008 at 3:02 PM
How does that help? It may make you feel good, but a couple of million empty houses is not only going to make the real estate market worse, it also presents a security risk to the neighbors – imagine all the new crack houses, etc springing up in these empty homes.
Vashta.Nerada on September 25, 2008 at 3:03 PM
What happens when a home is foreclosed? The lawyers get rich. The institution are forced to sell the property quick at fire sale prices. The property values of all the neighbors take a hit. Property values fall. The ability of others to refinance or sell is hindered. The institution takes a loss and has less capital to make other loans. Credit dries up. Business slows down. More people are laid off. More foreclosures. More fire sales. Housing prices fall further. In short, it’s a death spiral and where caught in it. Some times you’ve got to put your sense of justice aside and be pragmatic.
TheBigOldDog on September 25, 2008 at 3:05 PM
The unintended consquences of “good intentions”.
How Barney Frank, and Chuck Schumer can show their face in public is beyond me. These people ripped to shreds the economy, all under the gise of affordable housing.
Dave From Canada on September 25, 2008 at 3:09 PM
They know their friends in the media will cover for them. It’s that simple.
TheBigOldDog on September 25, 2008 at 3:10 PM
Those houses won’t be empty long. Priced at realistic levels the market will purchase those homes- all without government bail out. Why do you insist on me and other responsible taxpaying Americans pay for somebody’s greed and stupidity? Seriously, I’ve worked hard all my life and done without when I couldn’t afford stuff. Why do you expect me to pay for irresponsible deadbeats who took the easy road? Is that fair?
highhopes on September 25, 2008 at 3:19 PM
This made me snicker :)
*eats*
Grue in the Attic on September 25, 2008 at 3:19 PM
Community organizers in the Alinsky model infiltrating our most important institutions and co-opting them–the media, academia, the halls of Congress. Useful idiots whose success to date has been extraordinary. I don’t know yet if this exposure means the jig is up for them, or we will revert back to business as usual.
JiangxiDad on September 25, 2008 at 3:20 PM
Show their face? Frank, Schumer, Dodd are all leading the Democrats efforts at reaching an agreement! They have no shame.
highhopes on September 25, 2008 at 3:21 PM
I agree. I hate the “bailout” but the alternatives are far worse, and would further harm those of us who own homes with conventional neighborhoods who have the misfortune to be in neighborhoods which were infiltrated by subprimers whose homes (which they never actually owned) are now in foreclosure. Not to mention what it will do with our retirement accounts…
The point needs to be made that no one owns their home until the loan is paid off. However, those of us who put money down actually have something to lose if things go South, unlike the unworthy deadbeats who for all intents and purposes were not homeowners, but renters with the bank as their landlord.
As for the video, sadly I have no technical skills in that department, but hopefully someone else will figure it out.
Buy Danish on September 25, 2008 at 3:28 PM
Um, make that “conventional [mortgages]…”
Buy Danish on September 25, 2008 at 3:29 PM
Is your house paid off? Otherwise, your house might be empty awaiting sale too, if you get laid off due to lack of capital in the market.
Vashta.Nerada on September 25, 2008 at 4:21 PM
Not all that new. I don’t, however, read every comment and hang on everyones words.
Oink on September 25, 2008 at 4:39 PM
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