11
edits
Changes
→Statements prior to financial meltdown: the "someone intervened...who?" sentence was un-encyclopedic. added intro to financial regulation section.
===Statements prior to financial meltdown===
===Statements prior to financial meltdown===
Frank's record on financial regulation and foresight is extremely poor, and is highlighted by the following examples:
As posted on Pajamasmedia, <ref>[http://pajamasmedia.com/rogerkimball/2008/09/29/who-caused-the-biggest-financial-crisis-since-the-great-depression/ Who caused “the biggest financial crisis since the Great Depression?”] Roger Rule's, September 29th, 2008</ref>
As posted on Pajamasmedia, <ref>[http://pajamasmedia.com/rogerkimball/2008/09/29/who-caused-the-biggest-financial-crisis-since-the-great-depression/ Who caused “the biggest financial crisis since the Great Depression?”] Roger Rule's, September 29th, 2008</ref>
“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 New York Times, September 11, 2003.
“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 New York Times, September 11, 2003.
Frank intervened to stymie the Bush administration. As The New York Times reports:
Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. . . . '''“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.”
Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families. . . . '''“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.”