On MSNBC, Tucker Carlson rewrote history to blame Frank for mortgage crisis

[NNN0LHI]

http://mediamatters.org/items/200903190006?f=h_latest

Summary: Tucker Carlson claimed that the mortgage crisis "emanated from Fannie Mae and Freddie Mac," and asserted that one of the "reasons this crisis began ... was federal pressure to increase homeownership, and Barney Frank was in an oversight position during that process and didn't do a lot to stop it." In fact, Frank did not become chairman of the House Financial Services Committee until 2007, and it was not until Democrats gained a majority in Congress that legislation strengthening oversight of Fannie and Freddie passed.

During the March 19 edition of MSNBC's Morning Joe, former MSNBC host Tucker Carlson claimed that the "crisis in mortgages ... emanated from Fannie Mae and Freddie Mac," and then asserted: "here are a lot of reasons this crisis began, but one of them was federal pressure to increase homeownership, and Barney Frank was in an oversight position during that process and didn't do a lot to stop it." In fact, Frank was not chairman of the House Financial Services Committee until 2007; prior to that, Republicans controlled both houses of Congress and failed to pass oversight legislation. Indeed, it wasn't until Democrats gained a majority in Congress that legislation strengthening oversight of Fannie and Freddie passed.

As Media Matters for America has repeatedly noted, in early 2007, as the new chairman of the House Financial Services Committee, Frank sponsored H.R. 1427, a bill to create the Federal Housing Finance Agency (FHFA), granting that agency "general supervisory and regulatory authority over" Fannie and Freddie and directing it to reform the companies' business practices and regulate their exposure to credit and market risk. The FHFA was eventually created after Congress incorporated provisions that House Speaker Nancy Pelosi (D-CA) said were "similar" to those of H.R. 1427 into the Housing and Economic Recovery Act of 2008, which former President Bush signed into law on July 30, 2008.

Moreover, before taking over as chairman of the House Financial Services Committee, Frank worked with then-committee chairman Michael Oxley (R-OH) on the Federal Housing Finance Reform Act of 2005, which would have established the FHFA to replace the Office of Federal Housing Enterprise Oversight as overseer of the activities of Fannie and Freddie. After voting for the bill in committee, Frank voted against final passage of the bill on the House floor, stating that he was doing so because an amendment added to the bill on the House floor imposed restrictions on the kinds of nonprofit organizations that could receive funding under the bill.

Frank himself wrote in a March 18 Huffington Post article: "In recent weeks, my friends across the aisle have expended a lot of breath proclaiming that the Democrats caused the present financial crisis by failing to pass legislation to regulate financial services companies in the years 1995 through 2006. There is only small one problem with this story -- throughout this entire period the Republicans were in complete charge of the House and for the most critical years they controlled the House, the Senate, and the Presidency." Frank continued:

[marmar]

1. Why isn't he working at a White Castle yet?

:argh:

[JI7]

3. because of what he was born into

for anyone who has wondered how someone like him is able to get where he is , from wiki


<Tucker Carlson is the elder son of Richard Warner Carlson, a former Los Angeles news anchor and U.S. ambassador to the Seychelles who was a president of the Corporation for Public Broadcasting and director of Voice of America.<3> His mother is Patricia Caroline Swanson (born 1945), former wife of Howard Feldman and an heiress to the Swanson food-conglomerate fortune.<3><4> He has a brother, Buckley Swanson Peck Carlson.<4><5> A grand-uncle was Sen. J. William Fulbright.<5>>

[rurallib]

8. kids named buckley and tucker. OMG they're like a cartoon

no wonder tuckee can't be taken seriesly. I mean besides he's dumber than fuck.
apparently just going to those ivy league colleges doesn't make you smart.

[Botany]

10. Tucker didn't go to an Ivy League College matter of fact he never ..

.... finished college.

BTW this blaming Barney Frank is a scam .... it was Phil Graham and his work to
get the Glass-Stegall Act pulled that caused the mortgage crisis.


Wiki


The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by
Jim Leach (R-Iowa) in 1999. The bills were passed by Republican majorities on party lines by a 54-44 vote in the Senate and by a 343-86 vote
in the House of Representatives. After passing both the Senate and House the bill was moved to a conference committee to work out the
differences between the Senate and House versions. The final, veto-proof bill resolving the differences was passed in the Senate 90-8 (1 not voting)
and in the House: 362-57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.

The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a
report which explored the case for preserving Glass-Steagall and the case against preserving the act.

Financial events following the repeal
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments
such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought
those securities. It is believed that the repeal of this act contributed to the Global financial crisis of 2008–2009.

The year before the repeal, sub-prime loans were just 5% of all mortgage lending. By the time the credit crisis peaked in 2008,
they were approaching 30%

[rurallib]

11. Jim Leach used to be my rep. Mr. moderate, Mr. financial conservative

When I saw his name was on that bill I was not really surprised. Mr. Leach represented a very liberal district, so he almost always said one thing did another and covered it by referring to his procedural votes. Man am I glad he is gone.

[CJCRANE]

2. It seems that

Chris Dodd & Barney Frank are the designated scapegoats du jour.

[Captain Hilts]

7. They're responsible for EVERYTHING. Aren't they amazing? nt

[KharmaTrain]

4. The Myth of The "Ownership Society"

I guess bowtie boy conveniently forgot all the the cheerleading he and his wingnut hivemates did about how great it was how many people were owning homes and buying stocks. They downplayed and gamed the real economic figures such as income, unemployment and real net worth and replaced it with a shell game where everyone was getting richer on paper, but few of us (unless you were in the upper 1%) saw any real money out of it.

This revision is expected as the GOOP has to try to reclaim its economic chops here...one of the biggest failures they had last year and part of this process is to blank out both the boooosh years and the GOOP control of the House and Senate and find ways to tie everything to either Carter, Clinton or Obama. It's amazing how much power Barney Frank supposedly had with Freddie Mac and Fannie Mae when he wss in the minority and was totally cut out of all the deal making that DeLay and his cronies were doing. But the truth in inconvenient when you're bitter and have never had to take responsibility for anything.

Cheers...

:hi:

[elleng]

5. It was BUSH!

REMARKS BY THE PRESIDENT ON HOMEOWNERSHIP
at the Department of Housing and Urban Development
Washington, D.C.
June 18, 2002, 10:30 A.M. EDT

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=8278507&mesg_id=8278544

[bullimiami]

6. like everything they did the bushies figured out how to profit and destroy from the housing markets.

[TWiley]

9. These fuckers lie, and we must "play nice"

Time for the tweed hat crowd to stuff some cotton in their mouths and let the rest of us handle these assholes. Those like carlson put their bullshit out there and about 30% believe it and repeat it.