Rep Barney Frank (D - MA)
It is high time that someone is airing dirty laundry by Mr. Frank.Il continues to take on Wall Street, private companies and fat cats in, but it never takes a look to himself in the mirror (as most politicians).
"The private sector has us in this mess." The Government has to get out us of it."It's display of Barney Frank of the current financial mess that our country is, and nothing could be more frank vérité.Barney has been a strong supporter of all policies that we in this disorder, the Community Reinvestment Act with the mandate of President Clinton for banks to extend a minimum number of"affordable loans. Instead of blaming on the "Wall Street fat cats", Barney Frank must be held accountable for its acts!
Errors have not prevented to support these policies.After that they have adopted and implemented, Frank refused to admit that he had a problème.Comme Fannie and Freddie were billion in subprime debt, Barney Frank has continued to ensure that that there was no financial crisis and press ENTER to be more affordable loans.
To quote Barney Frank circa 2003, "people more exaggerate these problems, the pressure over there is on these companies (the reform), less we will see in terms of affordable housing.A year later, he conspicuously did still not recognize his mistake and is quoted saying: "I don't think I want to roll the dice a bit more in this situation to subsidized housing."
For those who are unfamiliar, the underlying cause of the crisis current credit was a bubble immobilière.parce as these interlinked policy and same term banks sub-prime loans, shocking 40% of loans mortgage U.S. were classified as the subprime and ALT - a.These loans were made with little or no downpayment (sometimes no payment down!) for people with credit less spectaculaire.Le result? A collapse of the housing bubble that has led to a recession worldwide real estate bubble same entier.La led to political pets of Barney Frank.
I am just a technical analyst, but the truth needs to be said and it put to light because for his re-election fifteenth, Barney Frank runs as a representative of the Massachusetts in the maison.Nous cannot make the same mistake and let Barney Frank to be re-elected.
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