Barney Frank is Bush's Best Friend
Barney Frank Benefited From Bailout Bill
"Frank talk about the economy; Congressman says more government action needed" by Ross Kerber, Globe Staff | October 25, 2008
The US economy is likely to bottom out early in 2009 and resume growing by the middle of the year if Congress passes a stimulus package soon and does more to help homeowners facing foreclosure, US Representative Barney Frank said yesterday.
In a wide-ranging interview with Boston Globe editors and reporters, Frank emphasized the need for more government action to check a quickening economic slide. Despite a series of interventions over the last several weeks, stock markets around the world have continued to post steep declines, financial markets are still struggling with losses related to bad loans, and business activity at companies is dropping sharply.
"If we get aggressive about reducing foreclosures and we pass a good stimulus package of upwards of $150 billion, then I could see this starting to turn around by next summer," said Frank, the Newton Democrat who chairs the House Financial Services Committee.
What, after you guys added $150 billion in "tax-cut sweeteners" for corporations and politicians in the last bailout bill?
Why didn't you guys GIVE US the $150b THEN?
Un-fucking-believable!
Although credit markets remain tight, Frank noted Massachusetts and California being able to recently issue new debt was a positive sign.
I'm so sick of hearing about the "credit crisis."
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
And look at the LIBERAL working for the BANKS!! These guys never met a DEBT they didn't want to stick the public with!
But he acknowledged that struggling homeowners aren't getting help as fast as many in Congress had hoped. When asked about why few banks are participating in a new federal mortgage-refinancing program, he said: "We can't compel anyone to participate."
Then WTF was all this for?
He said he would like to see the government spend much of the next $100 billion of its $700 billion bailout fund to buy up mortgages outright.
Yeah, they have just GIVEN AWAY $$$ so far!!
Please see: Bailout Bill ignored Homeowners
Frank also criticized hedge funds, which own securities linked to home mortgages, after The New York Times reported yesterday that several have told their mortgage servicers not to participate in federal programs if they undercut their investments. Frank called this "antisocial behavior" and said he has requested the hedge fund managers in question, as well as industry executives, to testify at a hearing.
Ummm, maybe you ought not to be throwing stones, Barn. What was the name of that guy running a drug and sex ring out your D.C. apartment?
The congressman also said no matter who wins the presidential election, he intends to press for passage of an economic stimulus package of at least $150 billion by Congress in November. The package would include aid to states to repair infrastructure such as roads and bridges, additional federal money for state Medicaid programs, improved unemployment benefits and food stamps, and tax relief to middle- and working class taxpayers.
We want JOBS and WORK, not WELFARE and CORPORATE LOOTING!!!!!!!!
If passed, it would be the second stimulus bill this year, following a $152 billion infusion President Bush signed in February. That stimulus came mainly in the form of rebates of as much as $600 for individual taxpayers, which some economists said were ineffective because many people either saved the money or used it to pay down credit card debt instead of spending it and boosting the economy.
Gee, I had to hear all summer how great that stimulus was; now I find out that ONCE AGAIN the SHIT MSM was LYING!!!!!!! That fucking fart poot bribe!
Frank acknowledged a second stimulus would "blow out" this year's federal deficit, already projected to be $482 billion. But given the state of the economy, "clearly at this point you've got to take a short-term hit," he said. Frank's economic predictions are in line with those made by various economists, including Eric Rosengren, chairman of the Boston Federal Reserve.
But Barn doesn't mind BORROWING MORE from BANKS -- seeing as THAT is who he WORKS FOR!! I don't know what it means because I'm not a lying economist, but I would just STOP PAYING BANKS!! I wouldn't give them a damn dime if I ran a state. Fuck 'em!
On a local matter, Frank said he received assurances from Bank of America Corp. that its pending purchase of Merrill Lynch & Co. will not result in job dislocations at the bank's wealth-management operations based in Boston.
The Charlotte, N.C., bank this week disclosed that most of the combined firm's top investment management positions would be in New York. But in a letter to Frank, Anne Finucane, the bank's chief marketing officer, wrote "There are no plans for major relocation" of wealth-management jobs currently located in New England.
That does not mean there will not be!
She also reaffirmed the bank's commitment to keeping jobs here, currently about 8,000 in Massachusetts, though she added "with the onset of what appears to be a serious recession, employment levels across the company and across the country may be adversely impacted in the year ahead. In any case New England will not be disproportionately affected."
Translation: Barn came back with an empty promise in his hand -- and then politely poops in your palm, 'murkn taxpayers!
Looking back on the dizzying events of the past few months, the congressman acknowledged that in hindsight, he had made mistakes: not pressing hard enough to regulate hedge funds and underestimating the impact of the collapse of the subprime mortgage market on the rest of the economy. "I was a little hesitant to take on the zeitgeist," he said. --more--"
Hesitant to take 'em on? Why would you take 'em on when you encouraged and benifited from it all, Barn?
And if you MADE MISTAKES, well, I guess you wouldn't mind paying for them, right? How about a nice jail cell for ya, you lying looter!!!?
