Sunday, March 09, 2008

The Devil Lisps

Pardon the oblique homophobia that might be incorrectly read into my title. Knob gobbling or rug munching has nothing to do with why I am so pissed. I am a bit perturbed that his appetites have actually protected him from any critical scrutiny of his political follies.

What has this bungler done this time to earn my ire?

The Case for a Housing Rescue
By Barney Frank
Washington PostSunday, March 9, 2008; Page B07

Problems that began in the U.S. mortgage markets
Idiot. They only manifested in the mortgage markets first.
have led to the most serious international economic crisis since the late 1990s.
You know before Bush. Classic politcal positioning and time shifting.
Huge losses and concern about credit quality have spread far beyond the housing sector. America faces the prospect of a sharp recession, made all the likelier by the probable default of several million additional mortgages in the coming year and the resulting displacement of millions of families.
Families. Gee is anyone here thinking Barney Frank is a likely flag bearer for the traditionally Republican right conservative religious topic?
To avert a recession,
Hubris writ large.
or at least diminish its severity, Congress and President Bush recently collaborated to pass an economic stimulus package, and the Federal Reserve has lowered interest rates. But the unusual nature of the problems means that these measures, while necessary, are not sufficient. Determining what must be added to the policy mix requires understanding how this economic crisis is different from all others. The deterioration of credit and underwriting standards that went unchecked by regulators has weakened many financial institutions and made all of them reluctant to provide the flow of credit that is necessary to fuel economic growth.
Is he saying he will resign in disgrace having failed in his job? Not.

The negative consequence of this cascade of foreclosures has turned out to be more damaging than predicted.
Of course, individuals whose homes are foreclosed suffer the most,
Huh? Do Casey's victims think this? Even Casey no longer thinks this and he's stupider than Barney.
and in some cases it is a suffering to which their own irresponsibility contributed. If they were the only ones being hurt, the arguments for simply letting things take their course without intervention would be stronger.
This is a subtle point, worthy of a repeat elected politico. He cannot say it because it isn't true but Frank makes it clear by implication that people not involved are being hurt.
But there are concentric circles of victims...
Yadda, yadda. You can read the reast and fill in my obvious replies.

The writer, a Democrat from Massachusetts, is chairman of the House Financial Services Committee.
Got that? The parent killer is an orphan and doesn't understand why.


Sac RE Agent said...

Wow, it's a slow Sunday. Time change must have thrown every one off. But first nonetheless.

Anonymous said...

B. Frank plumps when you cook him.

Santa Flipper Clause said...

Ho Ho Ho - It's Santa Flipper Clause

We have socialized retirement, soon we will have socialized health care, and, for good measure, let's have socialized housing.

Santa F. Clause

H Simpson said...

Barry is a tool just waiting for Fat Teddy to retire or get carried out of the Senate in a box. Then he will pounce on that Senate seat.

As clever as the "congressman with a page boy" thinks he is, Fannie Mae has written the new rules to basically says that anyone trying to get one of these new taxpayers backed jumbos needs to fit traditional criteria.

If they are not underwater, have real equity, understand no cash at closing, prove a job and not try to get more than 3x annual income, they will get the loan.

Other than a small percentage of folks who made the mistake of a ARM (and could have afforded a traditional loan in the first place), the majority of greedy b@stards are still going to go down.

So don't have a stroke Dawg. Like some of the other Fed bailouts, this one is big on ideas, but stingey on implementation.

Pretty funny to see some sneaky congressman beat at his own game by some buearucrats eh?

This is the same low life that was outraged when ICE busted up an illegal sweatshop in his district (new bedford) last year making helmets for the Army. Everyone was illegal and getting no where near the pay they were suppose to. But Barney had to show his outrage.

ICE must feel like a dog who gets beat with a rolled up newspaper every time the master calls him and they come.
Dammed if they do.
Dammed if they don't.

Needless to say, nobody is prosacuting the owner, and the majority of illegals have disappeared since Barney said let them go after their booking.

But I digress. Why would Barney care? I mean his district is New Bedford, Taunton and Fall River which are locales one could get 1 jumbo loan and buy an entire street.
And it is not the couple of pinheads trying to rent those 4K summer homes in Chatham. No, one must remember the Cape and the islands are the playground of NY big money. Wall Street types. The kind that can bankroll a Senate run at the drop of a hat. Or a House run while waiting in the wings.

Don't get angry Dawg. You just have been outside the People's Socialist State of Mass for so long, you forgot how to play game.


H Simpson said...

Sorry make that Barney.

need new glasses, but who has that kind of money. Sure would have been nice to get a treat from Uncle Sam, but he be hat'n me for cashing out my stocks before the crash last year.

Casey Serin said...

Hey, where's the "Casey" label for this blog post? Come on, I'm more gay than Barney Frank wearing a feathered pink tutu in high heels ... ;-)

Akubi said...

Gotta problem with Democrats from Massachusetts...?
So do I. They let me down as much as the Californicated. And yet another reason to avoid family members.
I am embarrassed to have registered that way this year.
I need a new GD party for real DEMOCRACY!

Lou Minatti said...

To avert a recession,

Can't be done.

Akubi said...

Luba says itsallgood!

w said...

I just posted a comment in the comments for the last story Rob posted. Check it out. I believe that the house with the baseball field is the site of a grisley murder.

TK said...

I just did a quick search of Countrywide REOs and with the help of my trusty Propertyshark discovered they're still trying to profit on these properties they've been sitting on for more than a year in most cases...

Hey was that Mozilo I saw before a congressional hearing last week? I thought, nobody's THAT orange, and nobody has stolen so much money from their shareholders during a total collapse since Ken Lay.