Frank: Criticism of Congress is now racist, too
posted at 9:00 pm on October 6, 2008 by Ed Morrissey
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Barney Frank’s latest defense of Congress over the financial meltdown could be predicted based on the success of Barack Obama’s campaign in using the same defense. According to Rep. Frank, any attempt to pin the blame for the collapse of Fannie Mae and Freddie Mac on the activities of both, as well as Congressional policy that fueled it, is now officially racist. Frank says conservatives want to blame minorities for the collapse:
Frank charged that conservatives aim to shift blame for the market meltdown away from Wall Street and toward minority-lending laws like the federal Community Reinvestment Act.
“The bizarre notion that the Community Reinvestment Act . . . somehow is the cause of the whole problem, (conservatives) don’t mind that,” the lawmaker said. “They’re aware that the affordable-housing goals of Fannie Mae and Freddie Mac (and) the Community Reinvestment Act (aim to help) poor people. And let’s be honest, the fact that some poor people are black doesn’t hurt either from their standpoint.”
Let’s keep score. Criticizing Obama means we’re racists. Criticizing Congress means we’re racists. Getting angry at Congress for pushing Fannie Mae and Freddie Mac into buying bad loans and infecting the entire financial system with essentially fraudulent paper — at a cost of up to $700 billion in taxpayer money and potentially trillions in lost investments — means we’re racists.
The CRA was only a small part of the cause of the collapse. It affected loans only at the margins. The Clinton administration opted for more aggressive enforcement, and “community organizers” like ACORN used that to file nuisance complaints that could keep banks from merging and acquiring other banks. That may have pushed lenders into lowering standards on a handful of loans, but only to enough of an extent to avoid government sanctions.
In that sense, the CRA is a bit of a red herring. The real cause of the collapse was the Congressional push for Fannie and Freddie to support subprime lending by purchasing the paper from lenders, which is related to the same policies that generated the CRA but isn’t the CRA itself. Lenders make money one of two ways: keeping the paper themselves and getting the interest over the term of the loan, or selling the paper to someone else for a guaranteed short-term profit. When Fannie and Freddie began buying all of this paper, they created a huge demand for subprime loans — and lenders responded by offering easy money to almost anyone who applied. They threw out income requirements and equity thresholds (such as down payments) and generated tremendous short-term profits for themselves … while Fannie and Freddie assumed all the long-term risk.
Had the risk remained at Fannie and Freddie, the problem would never have gone beyond their collapse. Unfortunately, Congress also pushed the GSEs to securitize the debt in order to spread the risk. Investors considered those mortgage-backed securities a safe bet, backed by the US government. That’s the direct cause of the financial collapse, along with the collapse of housing prices that resulted from the sudden deflation of demand.
Congress — and specifically Frank himself — had plenty of warning that this would happen. The anger generated from that information has nothing to do with racism, and everything to do with the breach of trust between Congress and its constituents. Frank, Chris Dodd, and others like Lacy Clay and Maxine Waters tried the racist meme out on regulators who tried to warn Congress of the pending collapse. They have to smear their critics. They certainly can’t admit that Congress failed spectacularly. Racism is the last refuge of scoundrels in 2008, and not surprisingly, we find most of those scoundrels in the Democratic Party.
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Yo, Barney. Just because you sit on a black d*** doesn’t make you black.
SouthernGent on October 6, 2008 at 9:42 PM
He;s a hemorrhoid?
lorien1973 on October 6, 2008 at 9:42 PM
It’s an “all of the above” strateegeryyy.
surrounded on October 6, 2008 at 9:43 PM
I can’t complain about the no down payment bit or I would not be in my house. I did however have an 800 credit rating and well paying job. The issue is less about the down payment and more about poor credit ratings and it doesn’t matter what you look like. Unfortunately some see credit as an entitlement and abuse it thus a poor rating. Credit is a priviledge to be earned by paying it back not a right or entitlement just because you are poor or part of a minority.
goat on October 6, 2008 at 9:44 PM
yes, super impressive. McCain’s awesome speech took away some of the attention that the videos of that show would have otherwise gotten today.
They are on YouTube and definitely should go out to your email lists.
funky chicken on October 6, 2008 at 9:45 PM
Is ANYONE running against this guy in Massachusetts?
Marybeth on October 6, 2008 at 9:45 PM
Bawney,
This NY Times article from 1999 foresaw the danger of the Clinton-Raines scheme to lower standards for mtg. lending.
jgapinoy on October 6, 2008 at 9:45 PM
[blockquote]Fannie Mae keeps mortgage funds flowing. Although today’s financial markets could handle that job, the company’s ability to borrow trillions cheaply helps it finance loans Americans like most: 30-year, fixed-rate mortgages with low down payments. [/blockquote]
The article misses a very important point….but remember this is from the heady salad days of 2002 FM/FM in purposely buying non GSE banks bad debt acted as a sort of “money launderer” for bad risk valuation taking bad debt and making a witch’s brew of amalgamated bites of “mortgage notes” for the mutual funds to buy back often with more borrowed money. This washed away the impact of mortgage risk valuation and then “cleaned up” the percieved risk to the market in the event of an implosion.
[blockquote]Fannie Mae also has worked to streamline how you get a mortgage. It developed what it calls DeskTop Underwriter to eliminate paperwork, appraise property values, and tell you quickly whether you qualify. Raines says such innovations can save home buyers as much as $1,000. [/blockquote]
Made it more accessible to the average layman at precisely the same time that the threat of the DoJ camping on lender’s prospectii was in the air.
[blockquote]The biggest plus: Fannie lowers mortgage rates. If you turn to the mortgage columns in the newspaper, the “conforming” mortgages on the left–the ones Fannie and Freddie can buy–are typically a quarter of a percent cheaper than the “jumbo” loans on the right (this year, loans for more than $300,700). For the average loan Fannie buys–a mortgage of $118,000–that reduction saves about $19 a month. [/blockquote]
Now the real kicker is that FM/FM have a 5% better margin for Fed rates than non GSEs are allowed. In essence they buy their money to buy cheaper than non GSEs and the 2.5% slack covers “operating costs” like Gorelick and Raine’s golden parachutes BTW. All of that power to save the average mortgage holder about 215 bucks a year.
[blockquote]“It’s something of a miracle from a public-policy standpoint,” says CEO Frank Raines, reflecting on his company as he sits at a conference table near Fannie Mae’s executive suites. [/blockquote]
Hey Frank I don’t think the miracle is so miraculous right now.
[blockquote]The miracle didn’t fall from the sky. As one government official puts it, the company shouldn’t congratulate itself for winning a race that it started a mile ahead. [/blockquote]
Quite remember the difference in borrowing costs….a LOT of non GSE businesses could leverage competitors with a built in tool like that.
[blockquote]During a congressional hearing last year, Fannie Mae’s chief financial officer, Tim Howard, was asked whether Fannie enjoyed “special benefits” over the rest of the housing-finance industry. [/blockquote]
This was in 2001 now mind you…you can watch a youtube clip of this exchange if you search hard enough. Made for interesting C-Span.
[blockquote]“I think that’s a complicated subject,” Howard said. Told by a congressman that the answer was “almost arrogant,” he conceded, “We are given different opportunities from those which our competition’s been given.” [/blockquote]
“Different Opportunities” is roughly translated as “do whatever the hell we want and know YOU are going to foot the bill if we step on our dicks Congressman”. Remember this GSE founded off of OUR tax money was now in the business of lobbying the very men and women who birthed her, and for real fun was turned into a career relaunching pad for the party that made the DoJ the club to FM/FM’s “shield”.
sven10077 on October 6, 2008 at 9:45 PM
Laura Ingraham said she is very tempted to run against him.
carbon_footprint on October 6, 2008 at 9:46 PM
[quote]Fannie Mae keeps mortgage funds flowing. Although today’s financial markets could handle that job, the company’s ability to borrow trillions cheaply helps it finance loans Americans like most: 30-year, fixed-rate mortgages with low down payments. [/quote]
The article misses a very important point….but remember this is from the heady salad days of 2002 FM/FM in purposely buying non GSE banks bad debt acted as a sort of “money launderer” for bad risk valuation taking bad debt and making a witch’s brew of amalgamated bites of “mortgage notes” for the mutual funds to buy back often with more borrowed money. This washed away the impact of mortgage risk valuation and then “cleaned up” the percieved risk to the market in the event of an implosion.
[quote]Fannie Mae also has worked to streamline how you get a mortgage. It developed what it calls DeskTop Underwriter to eliminate paperwork, appraise property values, and tell you quickly whether you qualify. Raines says such innovations can save home buyers as much as $1,000. [/quote]
Made it more accessible to the average layman at precisely the same time that the threat of the DoJ camping on lender’s prospectii was in the air.
[quote]The biggest plus: Fannie lowers mortgage rates. If you turn to the mortgage columns in the newspaper, the “conforming” mortgages on the left–the ones Fannie and Freddie can buy–are typically a quarter of a percent cheaper than the “jumbo” loans on the right (this year, loans for more than $300,700). For the average loan Fannie buys–a mortgage of $118,000–that reduction saves about $19 a month. [/quote]
Now the real kicker is that FM/FM have a 5% better margin for Fed rates than non GSEs are allowed. In essence they buy their money to buy cheaper than non GSEs and the 2.5% slack covers “operating costs” like Gorelick and Raine’s golden parachutes BTW. All of that power to save the average mortgage holder about 215 bucks a year.
[quote]“It’s something of a miracle from a public-policy standpoint,” says CEO Frank Raines, reflecting on his company as he sits at a conference table near Fannie Mae’s executive suites. [/quote]
Hey Frank I don’t think the miracle is so miraculous right now.
[quote]The miracle didn’t fall from the sky. As one government official puts it, the company shouldn’t congratulate itself for winning a race that it started a mile ahead. [/quote]
Quite remember the difference in borrowing costs….a LOT of non GSE businesses could leverage competitors with a built in tool like that.
sven10077 on October 6, 2008 at 9:47 PM
Fleas can be taught nearly anything that a Congressman can.
Congressmen, the smallest minds and the selfishest souls and the cowardliest hearts that God makes.
Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.
Congressman is the trivialist distinction for a full grown man.
All Congresses and Parliaments have a kindly feeling for idiots, and a compassion for them, on account of personal experience and heredity.
The lightning there is peculiar; it is so convincing, that when it strikes a thing it doesn’t leave enough of that thing behind for you to tell whether–Well, you’d think it was something valuable, and a Congressman had been there.
It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress.
Whiskey is carried into committee rooms in demijohns and carried out in demagogues.
I never can think of Judas Iscariot without losing my temper. To my mind Judas Iscariot was nothing but a low, mean, premature, Congressman.
- Mark Twain
MB4 on October 6, 2008 at 9:47 PM
Bawney,
This Boston Globe article says your fingerprints are all over this mess.
jgapinoy on October 6, 2008 at 9:47 PM
Oh so a good work ethic and honesty coupled together with morals and a principled character is racist now ? The term ‘there is no such thing as a free lunch’ was coined around the time of the great depression it seems it is still true today.
sonnyspats1 on October 6, 2008 at 9:47 PM
Marybeth,
This guy.
terryannonline on October 6, 2008 at 9:48 PM
[blockquote]Fannie Mae keeps mortgage funds flowing. Although today’s financial markets could handle that job, the company’s ability to borrow trillions cheaply helps it finance loans Americans like most: 30-year, fixed-rate mortgages with low down payments. [/blockquote]
The article misses a very important point….but remember this is from the heady salad days of 2002 FM/FM in purposely buying non GSE banks bad debt acted as a sort of “money launderer” for bad risk valuation taking bad debt and making a witch’s brew of amalgamated bites of “mortgage notes” for the mutual funds to buy back often with more borrowed money. This washed away the impact of mortgage risk valuation and then “cleaned up” the percieved risk to the market in the event of an implosion.
[blockquote]Fannie Mae also has worked to streamline how you get a mortgage. It developed what it calls DeskTop Underwriter to eliminate paperwork, appraise property values, and tell you quickly whether you qualify. Raines says such innovations can save home buyers as much as $1,000. [/blockquote]
Made it more accessible to the average layman at precisely the same time that the threat of the DoJ camping on lender’s prospectii was in the air.
[blockquote]The biggest plus: Fannie lowers mortgage rates. If you turn to the mortgage columns in the newspaper, the “conforming” mortgages on the left–the ones Fannie and Freddie can buy–are typically a quarter of a percent cheaper than the “jumbo” loans on the right (this year, loans for more than $300,700). For the average loan Fannie buys–a mortgage of $118,000–that reduction saves about $19 a month. [/blockquote]
Now the real kicker is that FM/FM have a 5% better margin for Fed rates than non GSEs are allowed. In essence they buy their money to buy cheaper than non GSEs and the 2.5% slack covers “operating costs” like Gorelick and Raine’s golden parachutes BTW. All of that power to save the average mortgage holder about 215 bucks a year.
[blockquote]“It’s something of a miracle from a public-policy standpoint,” says CEO Frank Raines, reflecting on his company as he sits at a conference table near Fannie Mae’s executive suites. [/blockquote]
Hey Frank I don’t think the miracle is so miraculous right now.
[blockquote]The miracle didn’t fall from the sky. As one government official puts it, the company shouldn’t congratulate itself for winning a race that it started a mile ahead. [/blockquote]
Quite remember the difference in borrowing costs….a LOT of non GSE businesses could leverage competitors with a built in tool like that.
sven10077 on October 6, 2008 at 9:48 PM
What a gasbag.
That schmuck and his buddies handed out tons of mortgages to those who could not pay for them and then handed us the tab.
Go to hell, Barney.
drjohn on October 6, 2008 at 9:49 PM
never mind apologies I give up…..
I had a bout of insomnia the other night and dissected the FillNuKyrk types here….
http://www.madcowssteakhouse.com/viewtopic.php?t=21912&start=0
sven10077 on October 6, 2008 at 9:49 PM
Then call me a racist!!!
Tommy_G on October 6, 2008 at 9:49 PM
Um, is that what you call a bad hair day?
jgapinoy on October 6, 2008 at 9:49 PM
Maybe we should just call it the politically correct collapse that’ll make it OK.
Just another reason why PC is killing us.
Speakup on October 6, 2008 at 9:51 PM
At least that would be more honest!
IrishGirl17 on October 6, 2008 at 9:52 PM
He looks like he has no money and no friends . . . and probably not much of a chance. Kind of like the Dem who runs every two years in my Congressional district.
Could this be a good pickup possibility for the GOP in a couple of years?
Marybeth on October 6, 2008 at 9:53 PM
Well then, that makes you a homophobe, not a racist! ;-0
Seriously, Barney Frank has some nerve blaming others when he is at the center of this mess and IMO be frog marched from the Capitol under federal indictment for his role in bringing down the American economy.
Put another way, while the 9/11/01 atrocities failed in its goal of bringing down the American economy Barney Frank and Christopher Dodd succeeded by their mismanagement of Congressional oversight committees. Instead of flying planes into the WTC and Pentagon, Bin Ladin should have installed his gay lover as an officer of Fannie Mae.
highhopes on October 6, 2008 at 9:55 PM
I sometimes think it may be the best talking point of all – but they need the specifics in black & white (I mean ink, you racist) to make it stick.
CK MacLeod on October 6, 2008 at 9:55 PM
May Sarah Palin tomorrow say “Barney, we have no problem with minorities. However, we have a problem with you, Cracker.”
Patrick S on October 6, 2008 at 9:57 PM
Rectum!!….Racism!mylegsareswollen on October 6, 2008 at 9:57 PM
I refuse to read any story about Bawney Fwank in which his quotes are not spelled phonetically.
Jim Treacher on October 6, 2008 at 9:59 PM
Huh huh huh, scwewy wabbit.
Patrick S on October 6, 2008 at 10:02 PM
Bawny Fwank ith a defendew of fweedom and ideeowithm in thith age of thinithism and gweed…God bweth bawny fwank.
surrounded on October 6, 2008 at 10:04 PM
The man has enjoyed so much oral that he talks funny, yet we are supposed to take him seriously? Forgive me for saying something so crass, but my comment pales in comparison to the verbal garbage he spews and expects the American public to believe.
Hell, if Laura doesn’t run I might just move to MA and run for office. The man is dangerous to America.
cannonball on October 6, 2008 at 10:05 PM
HEY! I’ve enjoyed a lot of…um…fun stuff, and I don’t talk like that.
surrounded on October 6, 2008 at 10:07 PM
Does Barney Frank have any teeth?
lorien1973 on October 6, 2008 at 9:26 PM
Perhaps the executive from Fannie Mae who was having the extracurricular relationship with old Barney would know?
try again later on October 6, 2008 at 10:09 PM
They apparently have no defense. Hammer away. If Fwank wants to stand by Fannie and Freddie, it’s his funeral.
Ronnie on October 6, 2008 at 10:10 PM
More like limp biscuit.
ManlyRash on October 6, 2008 at 10:11 PM
How’s your vision?
Ronnie on October 6, 2008 at 10:11 PM
Social justice = Barney Frank’s assets being confiscated, liquidated and distributed among people whose investments have been wrecked by him.
whitetop on October 6, 2008 at 10:12 PM
Not so good lately…why? ;)
surrounded on October 6, 2008 at 10:13 PM
I’ve already been called a racist today. He’s gonna have to try something else.
boomer on October 6, 2008 at 10:14 PM
Hey Bawney: Eat Shibboleth!!
dont taze me bro on October 6, 2008 at 10:15 PM
I said to my boyfriend, “wouldnt it be awesome if one of these CEOs called a presser and said, ‘hey I just wanna hand over my 90 mil. bonus and offer myself up to the FBI to help in any way I can, regarding whatever investigation, etc….I did wrong, and I’m sorry…’”
He said to me, what are you, NUTS?
surrounded on October 6, 2008 at 10:16 PM
Barney Frank is acting like a 4 year that blames his “imaginary friend” for what he did.
Hope that someday, somehow someone makes this man pay.
Gracelynn on October 6, 2008 at 10:17 PM
Are the people of Massachusetts genetic mutations? Is there a faulty gene up there? How can idiots like Frank and Kennedy stay in office? I mean, seriously, what gives? I know that the people of Massachusetts vote in these socialists then don’t want to pay for the socialism so they go into New Hampshire to live or buy things and now the state is tanking. That much I do know.
Is there a better example of the lunacy of liberals politics in the country than the fiasco that is Massachusetts???
Metro on October 6, 2008 at 10:20 PM
California?
surrounded on October 6, 2008 at 10:21 PM
Just about to post the same thing! lol
GMTA!
Marybeth on October 6, 2008 at 10:22 PM
I hope the man who loved his country so much he put up with torture for 5 years uses the biggest audience he will ever get- tomorrow- to name the names, hold them accountable (ask for resignations and investigations by name), make them famous, fight , fight ,fight!
He has a new duty to God and Country and it is to shed the light of truth on this mess so that the cockroaches may be exterminated once and for all and in particular the “Messiah Complex One”!
dhunter on October 6, 2008 at 10:24 PM
Speaking of highjacking this thread…is it just me or is that body language girl on O’Reilly biased towards the dark side…er, I mean the left?
CinnamongirlUF on October 6, 2008 at 10:27 PM
I caught a segment of The Factor tonight and O’Whiner and Bill Sammon were discussing an affair that Barney was having with some dude at Freddie or Fannie. Sammon said that this is far from over with Franks and Dodd!
Barney and Freddie’s Fannie, I dunno??? Sounds bad folks
OSUBuciz1 on October 6, 2008 at 10:28 PM
;)….somehow when I’m sipping vodka I start to think I’m weewy smawt..
seriously though, that other guy up in Mass from the link…quite a contrast there, eh? It’s odd to me that the dems always make sure that nobody forgets that they are the party of idealism…but this election, they don’t seem to be pulling it off…we are the REAL idealists.
surrounded on October 6, 2008 at 10:29 PM
If Obama is elected, won’t he squash any investigation? It would mean that he’d have to go against his party and we know he’s not capable of that.
BTW, I’m really upset. I’ve been away from here for 2 days and have only had cable news for info. Then I see the “truth” here and it isn’t much better (granted, Allahpundit’s not the most upbeat guy). I mean isn’t the “radical socialism” and “America hating” stuff going to matter at all? Are people really so ignorant as to blame the Republicans for EVERYTHING that’s wrong with the economy? And why do they think that everybody being poor is the answer?
Moxie on October 6, 2008 at 10:29 PM
The McCain camp needs to use a similar strategy.
Comparing McCain to Bush? Unpatriotic! Mentioning McCain’s age? Unpatriotic! Bringing up the Keating Five? Unpatriotic! Investigating Troopergate? Unpatriotic!
Advocating a surrender in Iraq, having ties to a black separatist preacher, a history with a domestic terrorist? Very freakin’ unpatriotic!
ynot4tony2 on October 6, 2008 at 10:30 PM
It’s not just you.
Anyone with a brain and 1 good eye can see it.
Marybeth on October 6, 2008 at 10:30 PM
I don’t follow the links to her stuff anymore, she is so boring.
surrounded on October 6, 2008 at 10:31 PM
I guess you also see the irony of someone living Frank’s lifestyle using a Biblical reference like that.
jgapinoy on October 6, 2008 at 10:32 PM
I thought so before but she sealed it tonight.
Moxie on October 6, 2008 at 10:32 PM
surrounded and MaryBeth:
I lived in California for a few years in my youth. It’s a whole other thing out there.
Massachusetts is one of the original 13! Many hard working folks live there! Blue collar people. What gives?
California…yes, we know they have their heads completely up their asses. But Massachusetts? WTF?
Metro on October 6, 2008 at 10:33 PM
Nope. If the whorehouse-in-his-home didn’t hurt him, nuthin’ will.
jgapinoy on October 6, 2008 at 10:35 PM
>>It’s not just you.
Anyone with a brain and 1 good eye can see it<<
Ok, I knew it…and btw, I literally have only one good eye, so it must be so.
He never calls her on it…and those segments are lame…
CinnamongirlUF on October 6, 2008 at 10:36 PM
Mass intellectual laziness?
surrounded on October 6, 2008 at 10:37 PM
Considering how freely the Democrats and those “independents” in the media are screaming “racism” -perhaps we should just start minting plastic “race cards” for them. I’m getting mighty darned tired of hearing every argument fluffed off as somehow evil and illegitimate.
Jill1066 on October 6, 2008 at 10:38 PM
Thats’ what activists and community organizers do. Facts don’t matter only the ends matter because they are righteous in their social/marxism.
dhunter on October 6, 2008 at 10:42 PM
3 of my sisters live in the Back Bay area of Boston . . .
Florida transplants. They say there are more conservatives in the city than you’d think, although there are tons of leftists of course.
The blue collar workers in the Bay State have always voted Dem. It’s an immigrant thing, passed from generation to generation. It’s almost as if they think they’re betraying their family heritage voting any other way but Dem.
Very few of them step outside of that comfort zone.
It’s the same way in NYC. My dad broke with his NYC Irish Catholic family politically in 1960 when he voted Nixon over JFK. He caught hell from them for that.
Of course, he now lives in Florida, conservative and fairly well off financially. And his relatives are still in the city, some still feeding off the public trough and reliably voting Dem.
Marybeth on October 6, 2008 at 10:43 PM
I heard years ago when they busted the gay prostitution ring ran out of his apt that his gay code name was, get this, “HOT BOTTOM”
TheSitRep on October 6, 2008 at 10:43 PM
Mr. Frank:
There is nothing you could ever say that has any merit to it unless it’s “Suffern’ Succotash!”
anuts on October 6, 2008 at 10:43 PM
- The Cat
MirCat on October 6, 2008 at 10:44 PM
surrounded on October 6, 2008 at 10:48 PM
This obese queer can shove it, I want my money back.
leetpriest on October 6, 2008 at 10:53 PM
Barney Frankenfurter: playing the lead in the Rocky Horror Congress Show.
realitycheck on October 6, 2008 at 11:00 PM
Mr. Frank:
There is nothing you could ever say that has any merit to it unless it’s “Suffern’ Succotash!”
Er…that would be “Thufferin’ Thuccotash!”
jgapinoy on October 6, 2008 at 11:05 PM
Keep diggin Bahney. McCain will be up by 8 in no time.
franklinstein on October 6, 2008 at 11:05 PM
That train left the station Friday when most of Congress sold out the taxpayers for a bail out of Wall Street and greedy idiots living beyond their means. My RINO Congressman signed onto the original legislation as our only hope for saving the economy. He reiterated that thought when he voted for Friday’s version. I just sent him a “told ya so” e-mail that his reasoning was suspect and the market wouldn’t react the way he claimed it would.
highhopes on October 6, 2008 at 11:06 PM
Good point.
anuts on October 6, 2008 at 11:08 PM
This is the sickest and most twisted example of race-baiting I have ever seen.
Hurry up and take that trip to Hell already, Barney.
Ryan Gandy on October 6, 2008 at 11:29 PM
From the New York Times, no less:
The Times does not mention what else Raines has been doing.
unclesmrgol on October 6, 2008 at 11:30 PM
Now that’s funny. ROFL.
ex-Democrat on October 6, 2008 at 11:30 PM
With people like Frank refusing to admit the problem, how can we ever expect that it will be fixed and never happen again. Should Barack Obama become president, he will probably mandate that we “rich white people” just straight out pay these people’s mortgages and not even go through the pretense that they will pay them.
katablog.com on October 6, 2008 at 11:32 PM
(To the tune of “I’m a Pepper”)
I’m a racist
He’s a racist
She’s a racist
We’re all racists
Wouldn’t you like to be a racist too?
I’m a racist
He’s a racist
She’s a racist
If you oppose the Left, then you’re a racist too.
Be a racist, vote down the leftists.
Be a racist, vote down the leftists….
The Monster on October 6, 2008 at 11:33 PM
Wascawy Wepubwican Wacist.
ManlyRash on October 6, 2008 at 11:37 PM
This kind of talk only encourages him.
ManlyRash on October 6, 2008 at 11:38 PM
Up next — Barney tells his supporters there’s a reason why Republicans hate him: “You know, he doesn’t look like all those other presidents on the three-dollar bills.”.
jon1979 on October 6, 2008 at 11:50 PM
Oh how I wish some brave and reasonable politician would just stand up and call out the fools who race bait and shame them publicly.
Of course, they would have to represent a constituency with a minority of minorities to get re-elected, but it would be so worth it.
Grafted on October 6, 2008 at 11:58 PM
YOU were not the target demographic.
I’ve got an 830 credit score, a good job, and a 20+ year history of paying my bills on time. I’ve always zero balanced my credit cards at the end of the month. In short, I’ve always lived within my means despite the “opportunity” to take on additional debt. I have no sympathy for greedy people who lived beyond their means because I faced the same temptations and just said no.
highhopes on October 7, 2008 at 12:02 AM
If Fannie and Freddie bought up all that paper why aren’t the lenders making loans with the money? Why not spend as little money as possible keeping FM/FM from going under and spend some money creating a viable replacement? Oh, and maybe we could spend a few billion minutely investigating every member of congress and putting the data on the net.
snaggletoothie on October 7, 2008 at 12:54 AM
We should line them all up and shoot them, the trial can come later. Any bunch that does this much damage to the country should be considered illegal combatants and shot on sight. They have done far more harm that the 19 on 9/11.
rgranger on October 7, 2008 at 1:34 AM
Cries of bigotry are the predictable counter-attack of those who defend the indefensible.
Most of the people who speak out about racism are the most racist people of all. They only open their mouths when race is excluded from the picture. For them, ignoring race and treating individuals as adults accountable for their choices regardless of race, is racism.
I recently read a quote from someone whose name eludes me at the moment. They were asked if the Nazis would ever return to power, and what could be done about it. This person answered that should the Nazis ever return to power, they would not be called Nazis. If anything they would be called anti-Nazis. So it is also with racists.
leereyno on October 7, 2008 at 4:31 AM
Dude! you have 8000 posts over there. Do you do anything else in life except post mini-manifestos in forums/blogs?
Bradky on October 7, 2008 at 6:56 AM
I guess you call yourself a conservative who gets teary eyed when you talk about the constitution… except when you talk about killing people… at which point the deranged look appears.
Bradky on October 7, 2008 at 6:58 AM
I struggled with thia for a bit, but after consideration of the facts, I think you are right, and I think they should all be shot, the trial is what we see and hear from these elf serving pieces of shit every day, so nothing more will be required.
Viper1 on October 7, 2008 at 7:00 AM
Unfortunately, Congress also pushed the GSEs to securitize the debt in order to spread the risk. Investors considered those mortgage-backed securities a safe bet, backed by the US government. That’s the direct cause of the financial collapse…
Ed, Congress didn’t ‘push’ the GSEs to securitize subprime; they did that all on their own. It’s what they do.
Paul_in_NJ on October 7, 2008 at 7:05 AM
When he does say it, anyone within fifty yards will have to wear rain gear and a firemans face sheild for protection from his spittle.
Fuquay Steve on October 7, 2008 at 7:08 AM
Kindly remove his picture from this post – it is quite disturbing.
Fuquay Steve on October 7, 2008 at 7:09 AM
Maybe I’m a bot or maybe when taken over the amount of time I’ve been there it averages out to about 4.8 posts a day there BradKY….but do go on.
I have an epic post on why Smoot-Hawley has more to do with the Great Depression than the stock market did but hey don’t worry Comrade Bambi will make sure that internet use like most other things is monitored….
sven10077 on October 7, 2008 at 7:23 AM
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