Cartoon Of The Day
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Mar 112009
Cartoon Of The Day: Obama’s Bank
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Mar 112009
Let The Inquisition Start With Frank
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Mar 112009
Barney Frank needs to go to jail…now! I would keep him in solitary confinement though. If he was allowed to mingle with the prison population it wouldn’t be punishment. He would be like a kid in a candy store!
Let The Inquisition Start With Frank
Oversight: Congressman Barney Frank says he wants some of those responsible for our current financial meltdown to be prosecuted. And we couldn’t agree more. First up in the court dock: Rep. Barney Frank, D-Mass.
Even by the extraordinarily loose standards of Congress, it takes some chutzpah for someone such as Frank to suggest that he’ll seek prosecutions for those behind the housing and financial crunch and for what he called “a strongly empowered systemic risk regulator.”
For Frank, perhaps more than any single individual in private or public life, is responsible for both the housing market mess and subsequent bank disaster. And no, this isn’t partisan hyperbole or historical exaggeration.
But first, a little trip down memory lane.It was Fannie Mae and Freddie Mac, the two so-called Government Sponsored Enterprises (GSEs), that lay behind the crisis. After regulatory changes made to the Community Reinvestment Act by President Clinton in 1995, Fannie and Freddie went into hyper-drive, channeling literally trillions of dollars into the housing markets, using leverage and implicit taxpayers’ guarantees.
In November 2000, President Clinton’s Housing and Urban Development Department would trumpet “new regulations to provide $2.4 trillion in mortgages for affordable housing for 28.1 million families.” The vehicles for this were Fannie and Freddie. It was the largest expansion in housing aid ever.
Still, from the early 1990s on, many people both inside and outside Washington were alarmed by what they saw at Fannie and Freddie.
Not Barney Frank: Starting in the early 1990s, he (and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control.
He opposed reform as early as 1992. And, in response to another attempt bring Fannie-Freddie to heel in 2000, Frank responded it wasn’t needed because there was “no federal liability there whatsoever.”
In 2002, Frank nixed reforms again. See a pattern here?
Even after federal regulators discovered in 2003 that Fannie and Freddie executives had overstated earnings by as much as $10.6 billion in order to boost bonuses, Frank didn’t miss a beat.
President Bush pushed for what the New York Times then called “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”
If it had passed, the housing crisis likely would have never boiled over, at least not the extent it did, taking the economy with it. Instead, led by Frank, Democrats stood as a bloc against any changes.
“Fannie Mae and Freddie Mac are not facing any kind of financial crisis,” Frank, then the ranking Democrat on the Financial Services Committee, said. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
It’s hard to say why Frank did all this. It could be his close ties to the Neighborhood Assistance Corp., a powerful housing activist group based in Boston, which controls billions in loans. Or that he received some $40,100 in campaign donations from Fannie and Freddie from 1989 to 2008. Or that he has been romantically linked to a one-time executive at Fannie during the 1990s.
Whatever the case, his conflicts are obvious and outrageous, and his refusal to countenance reforms of Fannie and Freddie contributed mightily to today’s meltdown. If you’re looking for a culprit in the meltdown to prosecute, no one fits the bill better than Frank.
The Vast New Left-Wing Conspiracy
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Mar 112009
Obama is using federal property, and a select group of smear merchants to attack private citizens. Get out the pitchforks.
The vast new left-wing conspiracy sets its tone every morning at 8:45 a.m., when officials from more than 20 labor, environmental and other Democratic-leaning groups dial into a private conference call hosted by two left-leaning Washington organizations.
The “8:45 A.M. call,” as it’s referred to by members, began three weeks ago, and it marks a new level in coordination by the White House’s allies at a time when the conservative opposition is struggling for a toe-hold and major agenda items like health care reform appear closer than ever to passage.
The call has helped attempts to link the Republican Party to radio host Rush Limbaugh, and has served as the launching ground for attacks on critics of Obama’s policy proposals. It springs from a recognition of what was lacking in the Clinton years, said Jennifer Palmieri, the senior vice president for communications at the Center for American Progress Action Fund, one of the groups hosting the call.
“[CAP President John] Podesta’s and my experience was in the White House during the Clinton years, and we didn’t have a coordinated echo chamber on the outside backing us up,” she said. “There’s a real interest on the progressive side for groups to want to coordinate with each other and leverage each other’s work in a way I haven’t ever seen before.”
The call is hosted by Progressive Media, a project of the CAP Action Fund and the Media Matters Action Fund. The project began last year as a launching pad for attacks on John McCain, but failed to raise money for television advertisements, and served in the later days of the presidential campaign as a platform for disseminating opposition research critical of his policy plans. White House officials do not take part in the calls.
The calls are led by its top staffer, Tara McGuinness, who will also head Progressive Media’s “communications research and analysis war room” to wage spin and policy wars throughout the day, Palmieri said.
The call has proved particularly effective at coordinating attacks on critics, said Jacki Schechner, the national communications director for Health Care for America Now, a labor-backed alliance of groups that support Democratic efforts to expand health care.
“There’s a coordination in terms of exposing the people who are trying to come out against reform —they’ve all got backgrounds and histories and pasts, and it’s not taking long to unearth that and to unleash that, because we’re all working together,” Schechner said.
When a new group called Conservative for Patients Rights, for instance, launched an ad campaign featuring former health care executive Rick Scott, “There was a discussion about what do we know about this guy and in a very quick period of time we were able to come up with his background,” she said.
Scott, as progressive groups quickly informed reporters, had reportedly been forced to resign as head of the company became known as Columbia/HCA amid fraud charges, and the company eventually paid a massive settlement in the case.
When Betsy McCaughey, best known for her attacks on Clinton’s 1993 health care plan, published a column criticizing Obama, groups on the call coordinated attacks on her recalling questions about her 1993 article and noting her seat on the board of a medical device maker, in which she also owned stock.
The results of the new coordination are perhaps most obvious in the ongoing effort to saddle the Republican Party and its allies with radio host Rush Limbaugh’s hope that Obama “fails.” The Center for American Progress’s blog seized on Limbaugh’s “fail” comment early, as did congressional Democrats, and participants in the call drove it well beyond its obvious political range.Media Matters, for instance, launched a “Limbaugh Wire” http://mediamatters.org/limbaughwire/; and even the League of Conservation Voters Tuesday released a video in which Limbaugh’s attacks on conservation and global warming theory are played over the talking heads of Republican leaders.
“We know the oil and coal industry are going to spend $20 million this year trying to get their message out there, so us coordinating to get our message out in terms of trying to advance a progressive agenda is a huge opportunity,” said Navin Nayak, the director of the global warming project at the League of Conservation Voters.
Though White House officials do not participate in the calls, Palmieri said, the new infrastructure is closely tied to the White House. Podesta directed Obama’s transition, and Americans United for Change exists largely to run ads promoting the White House agenda. Some on the left, however, remain skeptical of the White House’s embrace.
“When something works for us we’ll pick up on it anyway, like the Rush Limbaugh story — we don’t need to be told,” said Jane Hamsher, the creator of the liberal blog Firedoglake. “I think we serve everyone better if we maintain our independence and preserve our ability to pick up on popular sentiment like that, rather than just bang on the same drum everyone else is.”
The World According to Barack
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Mar 112009