Barney Frank As Chair of Financial Services Committee

The New Chair of the Financial Services Committee, Barney Frank, talked about his agenda with Politics TV
Barney Frank, the first day of the 110th Congress, first day, January 4th, 2007.

Barney Frank:

We can’t continue to have economic growth that is concentrated in the hands of a few. In America we are becoming more and more unequal. Some inequality is necessary for a capitalist system but we’ve gone way beyond that, and the average working person, we’re talking 80% of the population has seen an erosion in his or her economic position rather than advance. Specifically, I hope to deal in part with the housing crisis, by the way. The committee that I’ll be chairing that has jurisdiction over housing and we hope very much to do an increase in the housing stock, so housing becomes affordable both for low-income people but also for people in the moderate income range.

I do believe that it’s time for us to rein in these outrageous corporate CEO settlements in the hundreds of millions of dollars. It’s reached a point where it’s not simply envy that makes us upset about them. When Lee Raymond retires from ExxonMobil and gets $400 million and then that company stiffs its pension fund, we’re talking about a real economic consequence. You cannot pay a handful of people so many billions of dollars and not have it impinge on what’s available for other people. We’ll be addressing that.

Wild Thing’s comment………..
He wants to increase housing stocks, is that what I heard him say? Cookie had a rush job on this audio. We didn’t have time to transcribe it all. But here you go. “I hope to deal with the housing crisis so that housing becomes affordable for low-income people.” This was his goal. What has happened was his goal, meaning getting a bunch of people into houses who couldn’t afford the mortgages.
Barney Frank on the first day of this Congress laid out the agenda, and he’s got it! He’s got his collapse.
Victor Davis Hanson is right. You keep sending these same people back there, you deserve ’em.
Just like in New Orleans what did they do? They re=elected NAGIN. Helloooo!!!!!!

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“This was all caused by Democrats in government! If there were a Republican to blame, he would have been found and he would be in jail, or his life would be ruined as the result of never-ending congressional hearings. We have to continue to identify, to expose and punish the politicians who are responsible for undermining the market with political demands for risky loans to risky borrowers — and they used the power of their positions to force this. “

“In the first place they were created and they were hailed as a way of helping people buy homes who didn’t have the income to buy homes. Jimmy Carter, Bill Clinton took credit for this when they did it but they are evading responsibility for it now, and the house of cards has collapsed and Clinton’s even out there on Good Morning America (while dropping neutron bombs on Obama, by the way) suggesting that he did everything he could to get this whole thing fixed. He’s the architect of this! And it must be said over and over.”— Rush Limbaugh quote