Looks like you're wrong. On all counts.
Best of luck next time.
two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.
Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.
Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.
Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.
Note: Barney Frank was NEVER MENTIONED in this comprehensive video.
The problems were well known in 2004, but the republicans in control of the house, senate, and WH, never did anything.
http://articles.cnn.com/2004-09-17/...-fraud-mortgage-industry-s-l-crisis?_s=PM:LAWFBI warns of mortgage fraud 'epidemic' BANK FRAUD
September 17, 2004
Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."
Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.
"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.
Last edited by a moderator: