30-40% Unemployment by This Summer

Impeachment isn't the same as a regular bill.

Moreover,, there are two chambers of Congress.


Impeachment also has nothing to do with this...the House had all the power to investigate and present their case to the Senate...they certainly investigated.....they just had no case....hence why the President was exonerated once they presented their case

 

There was no compromise with the GOP Pelosi and Reid didn't care what the Republicans wanted they couldn't stop them, two moderate GOP Senators voted for it all the other Republicans voted against it, now where was this blocking you alleged? Obama signed this HUGE bill with it's HUGE spending less than a month after he took office.

 

And back then when there was still some semblance of bipartisanship Frank was looked on by BOTH parties as the Congressional expert of both Fannie and Freddie and followed his advice on both and took what he said about them as truth and exerted GREAT influence in the Congress of by the way while his lover, Herb Moses, was a high executive Fannie Mae and helped expand the loaning to high risk low income borrowers,

Here's a little history, can't cite the entirety due to forum posting.........

In 1991, Frank and former Rep. Joe Kennedy, D-Mass., lobbied for Fannie to soften rules on multi-family home mortgages although those dwellings showed a default rate twice that of single-family homes, according to the Nov. 22, 1991, Boston Globe.


BusinessWeek reported in its Nov. 14, 1994, issue that Fannie Mae called on Frank to exert his influence against a Housing & Urban Development proposal that would force the GSE to focus on minority and low-income buyers and police bias by lenders regardless of their location. Fannie Mae opposed HUD on the issue because it claimed doing so would “ignore the urban middle class.”


Moses left Fannie in 1998 to start his own pottery business. National Mortgage News called Moses a “mortgage guru” and said he developed “many of Fannie Mae's affordable housing and home improvement lending programs. Moses ended his relationship with Frank just months after he left Fanni

Even after the relationship ended, however, Frank was a staunch defender of Fannie Mae even as other experts suggested there were serious problems building in Fannie Mae and Freddie Mac.


According to an article by Kathleen Day in the Oct. 8, 2003, Washington Post, Frank opposed giving the Bush administration the right to approve or disapprove business activities that “could pose risk to the taxpayers.” He told the Post he worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”


Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.



“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”


Frank has also reaped campaign contribution benefits from Fannie Mae and its counterpart Freddie Mac. According a front page story in the Sept. 19, 2008, Investor’s Business Daily by Terry Jones, Frank has received $40,100 in campaign cash over the past two decades from the GSEs.


Frank is ranked 16th on a list that includes both houses of Congress and fifth among his colleagues in the House. According to data from the Center for Responsive Politics’ OpenSecrets.org, political action committees financed by both Freddie and Fannie have contributed $3,017,797 to members of Congress since 1989. And according to the July 16 issue of Politico, the two entities have spent a whopping $200 million to buy influence – including not only campaign donations to members of Congress, but also presidential campaigns and lobbying efforts.

In a July 23 op-ed, Wall Street Journal Editorial Page Editor Paul Gigot put the blame for the GSEs’ collapse firmly on the members of the liberal establishment who took money from Freddie and Fannie. “Fan and Fred also couldn't prosper for as long as they have without the support of the political left... This includes Mr. Frank and Sen. Chuck Schumer (D., N.Y.) on Capitol Hill, as well as Mr. [Paul] Krugman and the Washington Post's Steven Pearlstein in the press.”

https://www.mrc.org/media-myths/media-mum-barney-franks-fannie-mae-love-connection

 

No
I'm your assertion directly with the history, where was the blocking?

 

As usual, NOT true!!!!!
Republican Congress Talked About Financial Reform, But Did Nothing

By Kathy GillSeptember 18, 2008

According to the New York Times, in September 2003 the Bush Administration "recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." (tip)

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates...


After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.

The President's call came after "a Freddie Mac accounting scandal" in July.

"It seems that Congress doesn't have the stomach to do anything substantial,'' said Marshall Front, president of Front Barnett Associates LLC, which manages $1.5 billion in Chicago, including shares of Fannie Mae. (quote from July 2003)

It seems Mr. Front was correct.

In 2003, Republicans controlled both branches of Congress (108th) and the White House. What happened to Fannie Mae and Freddie Mac regulatory reform under Republican leadership? Nothing.

Here's what I found when I searched THOMAS for the phrase Fannie Mae for the 108th Congress (2003-2004): eight bills .... but only six appear to relate to this topic, per their title. Of those six, only one was introduced after the White House weighed in (at least rhetorically) in September ... and the prime sponsor of that bill was a Democrat. The other bills seem to have resulted from the July scandal. No bill moved out of committee.

1. H.R.2022 introduced on 7 May 2003 by Rep. Christopher Shays (R-CT,4).
   Title: To extend the registration and reporting requirements of the Federal securities laws to certain housing-related Government-sponsored enterprises, and for other purposes.
   Latest Major Action: 5/23/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
2. H.R.2117 introduced 23 May 2003 by Rep. Pete Fortney (D-CA,13).
   Title: To amend the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to remove certain competitive advantages granted to the housing-related government-sponsored enterprises relative to other secondary mortgage market enterprises, and for other purposes.
   Latest Major Action: 5/23/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
3. H.R.2575 introduced on 24 June 2003 by Rep. Richard H Baker (R-LA,6).
   Title: To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.
   Latest Major Action: 9/25/2003 House committee/subcommittee actions. Status: Committee Hearings Held.
4. H.R.2803 introduced on 21 July 2003 by Rep. Edward R Royce (R-CA,40).
   Title: To establish the Office of Housing Finance Oversight in the Department of the Treasury to ensure the financial safety and soundness of Fannie Mae, Freddie Mac, and the Federal home loan banks.
   Latest Major Action: 8/4/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
5. H.R.2897 introduced on 25 July 2003 by Rep. Julia Carson (D-IN,7)
   Title: To end homelessness in the United States.
   Latest Major Action: 8/25/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Housing and Community Opportunity.
6. S.1508, introduced 31 July 2003 by Sen Chuck Hagel (R-NE).
   Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes.
   Latest Major Action: 4/1/2004 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
7. S.1656, introduced 23 September 2003 by Sen Jon S. Corzine (D-NJ).
   Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes.
   Latest Major Action: 9/25/2003 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
8. H.R.3507 introduced 18 November 2003 by Rep. Brad Sherman (D-CA,27).
   Title: To expand homeownership opportunities in States having high housing costs.
   Latest Major Action: 1/2/2004 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

Clearly, in 2003 and 2004 the issue of finance reform was not a priority of the White House or Congressional Republicans.

In the 109th Congress (2005-2006), the House overwhelmingly approved (331 to 90) HR 1461, The Federal Housing Finance Reform Act, designed "to create a stronger regulator for Fannie Mae and Freddie Mac." The Senate, still controlled by Republicans lagged the House in taking action. It is not clear if this was a lack of Republican leadership or blockage by Democratic leadership (filibuster threats). (Shout if you have links to illustrate this impasse.)

HR 1461 remained stalled in the Senate: last action, 31 October 2005, referred to the Committee on Banking, Housing, and Urban Affairs.

On 31 July 2007, after the Democrats obtained control of the Congress in the November 2006 election, House Speaker Nancy Pelosi introduced HR 3221, a "bill to provide needed housing reform and for other purposes." Among other things, the bill granted the newly formed Federal Housing Finance Agency "supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises)" (per CRS analysis).

Pelosi's bill became Public Law 110-140 on 19 December 2007 110-289 on 30 July 2008.

 

Try English next time!

 

So what, they passed his stimulus which was based on HIS report from HIS economic counsel in less than two weeks. And by his own measure it was a total failure PERIOD. Are you claiming he DIDN'T believe his own economic counsel but used their report anyway to get his stimulus passed? HE submitted the report, it's HIS report it's HE said. Geez what a lame excuse.

 

Where was the blocking? Simple enough for you?

 

S.1656, introduced 23 September 2003 by Sen Jon S. Corzine (D-NJ).
Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes.
Latest Major Action: 9/25/2003 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 

Another falsehood. What is another name for a falsehood?
You earlier posted that the bill was passed Feb 17, what is it when someone says something he already proved is not true?????

 

Another statement you know is not true.

 

Every Freddie and Fanny bill was blocked in committee, as you well know.
Foe example:
2003‐05: The first effort during Republicans’ 12‐year control of Congress to reform the GSEs came in

2003, when then‐Financial Services Committee Chairman Mike Oxley (R‐OH) worked to pass a bill. That year, Oxley had scheduled a Financial Services Committee markup of the legislation, but had to cancel the markup due to White House opposition. The legislation would have established a stronger regulator to ensure the GSEs’ safety and soundness. As CBS Marketwatch reported on October 7, 2003:

Strong opposition by the Bush administration forced a top Republican congressman to delay a vote on a bill that would create a new regulator for mortgage giants Fannie Mae and Freddie Mac . . . The vote on Rep. Michael Oxley’s bill to reform oversight of government‐sponsored entities including Fannie Mae and Freddie Mac was scheduled for Wednesday. Oxley, an Ohio Republican, is chairman of the House Financial Services Committee.xviii
http://www.presidency.ucsb.edu/ws/index.php?pid=24851

In 2005 Oxley tried again and this time got a reform bill through the House. Democrats unanimously supported HR 1461 in the Financial Services Committee. A majority of Democrats supported it on the floor, though Congressman Frank and others voted against it because of unrelated restrictions it placed on the Affordable Housing Trust Fund. The bill passed the House, but the Bush administration and Senate Republicans opposed the Oxley bill. Senate Democrats offered the House‐passed Oxley bill in that chamber, but Senate Republicans, who held the majority, lacked the votes to pass the bill. They took no action on any bill.

 

PROVEN to be TRUE!

 

--Another-- statement you know is not true.

 

ah...you got me....during all that time one Dem proposed something, but that piece of legislation wasnt aimed at fixing the problem...all it did was transfer OFHEO (the departmetn charged with oversight at the time of Fannie and Freddie) from HUD to the Dept of Tres.

It wouldn't of done much https://www.marketwatch.com/story/regulator-clashes-with-freddie-macs-law-firm

 

I was asking you specifically about the stimulus bill that was supposed to get us into a recovery. And Bush opposed those bills because they didn't go far enough and would have made matters worse because Franks was trying to protect them. Bush had in fact already proposed a bill but could not get it through Congress because of Democrat opposition guess who?


New Agency Proposed to Oversee Freddie Mac and Fannie Mae

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago........

...
The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session.

After the hearing, Representative Michael G. Oxley, chairman of the Financial Services Committee, and Senator Richard Shelby, chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.


"''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said."
https://www.nytimes.com/2003/09/11/...ed-to-oversee-freddie-mac-and-fannie-mae.html

 

The House passed in 8 days after he was sworn in. It was sent to the Senate and they passed it 12 days later. It went to reconciliation and was passed in 2 days and signed on that second day.

Where was the blocking? You said it was a failure because Republicans blocked it.

 

So why don't the Repubs make everyone rich?

 

They try to. The richer Americans are the better Republicans do.

 

Proven to be true.

 

Hey, what are you talking about, the blocking was about the lies posted that Bush was trying to reform the GSA like Fanny and Freddie. I already pointed out you conflated the two but you play dumb the conflate them further. You fool no one but yourself!!!!!

 

Pure hogwash. Frank was a POWERLESS member of the MINORITY party. BUSH was a LIAR and had no intention of reforming anything.

 

Thank you for proving you were dishonest when you said the bill was passed in "less than 2 weeks."

 

The House passed the first bill in less than two weeks. Then the Senate passed that in less than two weeks and it was signed 2 days later.
Where was it blocked why the dodging?

 

He was one of the most powerful members of the House and considered the expert on Fannie and Freddie.

"Representative Barney Frank, Democrat of Massachusetts, is a master of the one-liner — a self-described “left-handed, gay Jew” who is not accustomed to being in the majority on anything and yet is one of the most powerful members of Congress. Here are some examples, customarily delivered rapid-fire in his trademark accent, a New Jersey-Boston blend."
https://www.nytimes.com/2008/05/13/washington/13barneybox.html

"ABC called him "one of the most familiar, powerful and colorful characters on Capitol Hill." NBC said, "Among his legacies -- besides his legendary sharp tongue -- he was the first member of Congress to publicly acknowledge he was gay, back in 1987." In a nearly 30-paragraph press release -- uh, news article -- headlined, "Barney Frank, a Top Liberal, Won't Seek Re-election," The New York Times sanitized, purged and whitewashed.

The "all the news that's fit to print" newspaper, America's most influential, left out a few things.

Frank relentlessly defended Fannie Mae and Freddie Mac, the "government sponsored entities" at the center of the housing meltdown. National Review editorialized: "It is as a champion of a different kind of pay-for-play operation, Fannie Mae and Freddie Mac, that the congressman did the most damage to the country." Economist Thomas Sowell wrote last year, "No one contributed more to the policies behind the housing boom and bust, which led to the economic disaster we are now in, than Congressman Barney Frank."
https://www.realclearpolitics.com/a...etires_--_liberal_gay_untouchable_112236.html