Posted on The Patriot Post-By Nate Jackson for The Patriot Post Editorial Team-On November 30, 2011:
“The Foundation
“The natural cure for an ill-administration, in a popular or representative constitution, is a change of men.”—Alexander Hamilton
Editorial Exegesis
“It is a newspaper truism that what is good for journalism is bad for the country, and vice versa. Let’s just say that regarding the pending retirement of Congressman Barney Frank, we’re delighted to make the professional sacrifice. Few House Members have made a bigger legislative mark, and arguably no one so expensively. Mr. Frank deserves to be forever remembered—and we’ll help everyone remember him—as the nation’s leading protector of Fannie Mae and Freddie Mac before their fall. For years Barney helped block meaningful reform of the mortgage giants while pushing an ‘affordable housing’ agenda that helped to enlarge the subprime mortgage industry. ‘I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision],’ Mr. Frank said on September 25, 2003, in one of his many legendary rhetorical hits. ‘I want to roll the dice a little bit more in this situation towards subsidized housing.’ The dice came up snake-eyes for the housing market and U.S. economy. Democracy can be unfair, and for his sins Mr. Frank was rewarded with the chairmanship of the Financial Services Committee in 2009 and an opening to remake the U.S. financial industry. It was like asking Charlie Sheen to teach an anger management class. The result was Dodd-Frank, which didn’t solve the ‘too big to fail’ problem but did make banks even more subject to the wishes of Washington. The crony capitalism exemplified by Fannie and Freddie became more broadly embedded in U.S. financial markets. ... Liberals who regret Mr. Frank’s departure needn’t worry too much. The next Democrat in line to run Financial Services is California’s Maxine Waters, whose main contribution to Dodd-Frank was requiring racial-preference officers at each of the regional Federal Reserve banks. Journalists may not miss Mr. Frank after all.”—The Wall Street Journal
“If you thought Rep. Barney Frank was bad, his likely replacement is worse. Rep. Maxine Waters is Congress’ most anti-bank member—unless she owns stock in one, that is. ... When in 2003, the publicly created mortgage giants [Fannie Mae and Freddie Mac] became dangerously overleveraged with weak mortgages, Waters pushed them to underwrite even ‘more products where you have no down payments.’ She accused critics of the quotas of discriminating against minorities and the poor. ... She lobbied to exclude them and their government-mandated affordable housing charter from the ‘sweeping financial reforms.’ And she got her wish. She also got another wish: a provision exempting minority-owned banks from the new oversight. Quite interesting. Because at the same time she got that little gem added to the bill, she was under investigation for steering federal bailout money to a troubled minority-owned bank in which she and her husband held a large financial stake.”—Investor’s Business Daily
“Under a new 893-page proposal unveiled last week, automakers must hit a fleet-wide fuel economy average of 54.5 miles per gallon by 2025 -- double today’s 27.3 standard. The government says it would cost automakers $8.5 billion per year to comply, which means a spike in sticker prices of at least $2,000 to $2,800, according to official projections. ... The Obama Administration is pointing to the supposed benefits of the new standards—including a fuel savings of $1.7 trillion—but as [Heritage Foundation’s Diane] Katz writes, that number is ‘pure speculation given that actual savings would depend on the price of gasoline,’ which can’t be predicted 14 years into the future, much less next summer. ... The EPA should not be in the business of picking and choosing what kind of cars and trucks Americans can drive, and neither should President Obama.”—Heritage Foundation’s Mike Brownfield
“Last week, 5,000 files of private email correspondence among several of the world’s top climate scientists were anonymously leaked onto the Internet. Like the first ‘climategate’ leak of 2009, the latest release shows top scientists in the field fudging data, conspiring to bully and silence opponents, and displaying far less certainty about the reliability of anthropogenic global warming theory in private than they ever admit in public. The scientists include men like Michael Mann of Penn State University and Phil Jones of the University of East Anglia, both of whose reports inform what President Obama has called ‘the gold standard’ of international climate science, the Intergovernmental Panel on Climate Change (IPCC).”—columnist James Delingpole
The Demo-gogues
Sometimes they get it right: “This country has never had a congressman like Barney Frank, and the House of Representatives will not be the same without him.”—Barack Obama
Blather: “Barney is a fighter for fairness in financial services and civil rights for all, including minorities and LGBT Americans. Because of his leadership, the Financial Services Committee has been one of the most productive committees in Congress. ... I hope to use my experience to continue and expand his work in the committee. I will continue to champion practical regulations, while making sure they work for consumers and the financial sector, a sector which has the right to be profitable but the obligation to be fair, two concepts which are not mutually exclusive.”—Rep. Maxine Waters (D-CA)
Excuses: “If I were to run again, I would be engaged full-fledged in a campaign, which is entirely appropriate. Nobody ought to expect to get elected without a contest. But the fact that [the district] is so new makes it harder in terms of learning about new areas, introducing myself to new people. And I have other obligations; one is to continue to serve the people I currently serve.”—Rep. Barney Frank (D-MA), who is avoiding mentioning the writing on the wall for Democrats in 2012
High-minded socialist: “Over the last decade, we became a country that relied too much on what we bought and consumed.”—Barack Obama
Irony: “[N]o matter how tough things are right now, we still give thanks for that most American of blessings, the chance to determine our own destiny. The problems we face didn’t develop overnight, and we won’t solve them overnight.”—Barack Obama, the man who wants to take away the chance for each American to determine his own destiny.”
Continue Reading:
http://patriotpost.us/edition/2011/11/30/chronicle/#post-comment
Note: These are other articles and/or blog posts and videos that revealed that President Bush and Senator McCain attempted to rein in Fannie Mae and Freddie Mac, along with Barney Frank’s conflict of interest-You Decide:
Bush Proposed Fannie Mae / Freddie Mac Supervision In 2003-Posted on Bucks Rights-On September 16, 2008:
http://www.bucksright.com/bush-proposed-fannie-mae-freddie-mac-supervision-in-2003-1141
McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005-Posted on Hot Air-On September 17, 2008:
http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-mae-freddie-mac-in-2005/
Media Mum on Barney Frank’s Fannie Mae Love Connection: ‘Democratic House Financial Services Committee Chair promoted GSEs while former ‘spouse’ was Fannie Mae executive.’-Posted on Business & Media Institute-By Jeff Poor-On September 24, 2008:
http://www.businessandmedia.org/printer/2008/20080924145932.aspx
Lawmaker Accused of Fannie Mae Conflict of Interest-Posted on FoxNews.com-By Bill Sammon-On October 3, 2008:
http://www.foxnews.com/story/0,2933,432501,00.html
O ‘Reilly - Barney Frank Had Affair with Fannie Mae Exec-Posted on Live Leak-On October 7, 2008:
http://www.liveleak.com/view?i=f5b_1223348928
Note: My following blog posts contain numerous articles and/or blog posts and videos that relate to this disturbing issue-You Decide:
Who or what caused the economic crisis that propelled President Obama into office?
Who or What Was Behind the Financial Crisis?
http://weroinnm.wordpress.com/2010/03/06/who’s-behind-the-financial-crisis/
The Wall Street Bailout Bill Threatens Our Bottom Line!
http://weroinnm.wordpress.com/2010/04/20/the-wall-street-bailout-bill-threatens-our-bottom-line/
ACORN-The Community Reinvestment Act (CRA)-Automaker Labor Unions!
Is it important to understand the Marxist assault on the foundations of our system?
Note: If you have a problem viewing any of the listed blog posts please copy web site and paste it on your browser. Be aware that some of the articles and/or blog posts or videos listed within the contents of the above blog post(s) may have been removed by this administration because they may have considered them to be too controversial. Sure seems like any subject matter that may shed some negative light on this administration is being censored-What happened to free speech?-You Decide.
“Food For Thought”
God Bless the U.S.A.!
https://www.youtube.com/watch?v=Q65KZIqay4E&feature=related
Semper Fi!
Jake
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