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Barney Frank Brings Additional Unclarity On The FinReg Scam, Punts Again On All Fannie/Freddie Questions
In case you just can't get enough of of Barney Frank simply oozing truth, integrity and unbribable honesty (in other words, everything that defines the American Congressional way) in every interview he does, this Bloomberg TV clip is for you. It is also for everyone else who would rather not read the 2,000 pages of FinReg reform yet wants to get some sense if they will be sued next Monday for lifting a 5MM offer of UK CDS. Overall, Barney mumbles about this and that, discusses whether the bill will make banks less profitable (it won't), clarifies the 3% loophole for JPMorgan's investment in Highbridge, notes the surprising $19 billion bank levy, yet runs like a scolded schoolgirl the second Fannie and Freddie (also known as the one biggest disaster of his career, and the only thing he will be remembered for) are mentioned. "My Republican colleagues like to forget the fact that during the 12 years they controlled Congress, they did nothing about Fannie Mae and Freddie Mac. When the Democrats took power in 2007, we passed a bill that gave them the power to put them into conservatorship. Fannie Mae and Freddie Mac today are not what they were, thanks to a bill passed by a Democratic congress…They are in conservatorship. The notion that we haven't done anything is a lie, and they know that." The more important thing Barney, is that the American are fully aware that any pretense of reform coming from you is a lie, and they most certainly know that.
Full notes from Barney Frank on today's bill:
"I think we have a tougher bill than we'd been hoping to get… In every case, the informed opinion was that we'd never get it done. In fact, we did."On the agreement reached today:
"It is in the House, because we don't need 60%...Senator Dodd has done an excellent job. He was conscious throughout of the need to keep 60 votes. Frankly, there are some things in the bill that are not there that I would have liked there. I think we have done a great deal more than many thought we could. I believe Senator Dodd is on track to get the 60 votes."
On whether the bill will make American banks less profitable:
"It depends…To the extent that bank profits on things other than lending go down, I think that is a good thing. Banks were set up with deposit insurance to accumulate capital and make it available to people doing things productively….I already helped get a bill through on reducing profits banks make on credit cards. I'm proud of that. I think they have overcharged people on the fees."
"Yes, an increasing amount of what has been done by not just banks, but also investment houses -- we have seen too much financial activity for its own sake, rather than what it should be, a means to the end of productive capacity. Yes, I hope we will have shrunk some of this trading with each other on synthetic derivatives that like fantasy football rather than having any real economic activity. I think it would be a healthy thing if some of the profits made on some of those financial shenanigans would shrink."On Senator Lincoln's provisions being modified:
"Senator Lincoln was perfectly satisfied. There were two provisions that she put forward. The one I had trouble with, she acquiesced. One was to push derivatives out of the banks…She also had in there a requirement for a fiduciary responsibility between people doing swaps with pension funds and others. The pension funds objected. She acquiesced and we fixed that one. On the basic part, on the derivatives, it's essentially what she asked for. I want to stress there were two aspects of the derivatives. Even more important, no matter who does them, they had to be made much more transparent. They had to have capital requirements. I believe we achieved that."
On the Volker rule and derivatives provision:
"A 3% investment, we don't think that endangers the bank, especially since there are other restrictions. There are strict restrictions on derivatives. There were strict restrictions on making loans and selling the whole loans. Yes, I believe that what we have done here, the 3% maximum, is perfectly reasonable. I do not think a 3% investment will endanger them."
On whether American banks will be at a disadvantage compared to international banks:
"I've had more conversations with international leaders now than ever before. [Before] my ocus had been domestic."
"There is a widespread agreement that the European Union and the United Kingdom, I've spoken to people in Canada and others, to all move in the same direction. There's not one government internationally that can do it and there shouldn't be. But there is general movement in the same direction."
"For instance, one of the things I heard from one of my conservative friends here was setting up an independent consumer bureau was a terribly radical idea because you're going to have the bureau not care about the safety and soundness of the bank. That has just been done in England.
"As a result of the leadership we've taken -- the president urged us to get this done by yesterday-- although, there were other reasons to get it done. I think you will see American leadership lead to more regulation worldwide."
On whether there is the need for a separate bank tax in addition to the $19B levy:
"I think there may be. We have required the financial institutions to pay for regulating themselves and some of the damages they have caused. We had people who made bad decisions to borrow money and we cannot bail them out, I'm sorry that they did that, we can try to ease the pain in other ways. I'm talking about mortgages. There are people who make very irresponsible decisions to take a mortgage and they cannot pay them now because of unemployment has been so much worse. We set up a fund to lend them money, not give it to them, to pay their mortgages, and then they have to pay it back. I think that it is fair to have the people who helped create the mortgage crisis pay for that. That's a $2B fund."
"The amount we are asking the large financial institutions to contribute every year -- it is certainly in their bonus pool… I believe there's room to get revenue from the banks. Partly because our bill will only be in existence for five years, this is a onetime $19 billion assessment."
On Fannie Mae and Freddie Mac:
"My Republican colleagues like to forget the fact that during the 12 years they controlled Congress, they did nothing about Fannie Mae and Freddie Mac. When the Democrats took power in 2007, we passed a bill that gave them the power to put them into conservatorship. Fannie Mae and Freddie Mac today are not what they were, thanks to a bill passed by a Democratic congress…They are in conservatorship. The notion that we haven't done anything is a lie, and they know that."
"We need to restructure housing in general. So, we plan to do that. The Republicans have no plan. We asked them how soon they wanted to do this. They said, three to five years. We're on track to do that, we have put them into conservatorship. They do not now resemble what they were before. We now will try to figure what will replace Fannie Mae and Freddie Mac because you will not have this public- private hybrid….Let's work together to get a system put in place. That's what we're doing."
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I'm part American Part French but 98 % Aussie
BF is a 44 neck, so he will require a 12foot drop of a 30 lb blade.BUT before thats that done, he is 200% shit so local sewerage people will have to back up a very large suck truck and jam a 10" pipe up his not so small ass and fill 'er up.
If not ordered prior to the 'drop" the 330,000,000 Americans are in grave danger of being covered head to toe in a turd that would make BP's ecological problems look like a fart in the wind.
I have it on good information that he is in fact an Android that is controlled by buttons pushed to "get the Job done" - Personally I think this is wrong because there has never been a computer programme invented that is so fucked up and backward that would work like Bernie.............. Bernie ....... Weekend at Bernie's....... yes....... that would work in with the Android thoughts ........ Nah ..... Nah....... The talks like one, he thinks like one ..... But he don't smell like one .......... Nah ... He's just a turd on legs.
ZH better than strong drugs but much cheaper ....... Yada yada yada. Fucking shoot me now, the country of my Birth is run by Dead People, without minds, souls, compassion, memories of greatness, drive to better the Nation, intelligence, hope, compassion, Inventiveness, strength of character, and so many other things that have made you Great and yes, in the past respected in the whole World.
Want to see what your great country has become, America = BF = Bloody Fucked
Fucking shoot me now
P.s And stop with the Maths Questions - after listening to that shit on legs, I went to the fridge and got anything that was marked Alcohol - drunk it and made a reply - You Guys have got to allow for self medication and its results - fuck me 3 attempts and I got a high IQ - I had better not drive anywhere.
what a pisser, huh?
"There is a widespread agreement that the European Union and the United Kingdom, I've spoken to people in Canada and others, to all move in the same direction. There's not one government internationally that can do it and there shouldn't be. But there is general movement in the same direction."
No. Mr. Elmer Fudd aka BF they are NOT. PM Brown tried to, PM Cameron is not. He is trying a free market approach, you screw up, you pay, on your own, with no safety net of tax payers.
"For instance, one of the things I heard from one of my conservative friends here was setting up an independent consumer bureau was a terribly radical idea because you're going to have the bureau not care about the safety and soundness of the bank. That has just been done in England.
Again, NO Mr. Elmer Frank, they are not.
One of the main issue that will come up within 1 year of this God awful finance "reform" bill is that the huge increase in the Fed's power, so now forget TARP, you have now made made TARP permanent, need a bailout, call up Bernanke and Geithner, and no need for congress to approve anything, just print away and stink up the next generation's dismal future with bills they will never be able to pay.
Again, who is that clueless clown speaking funny?
That would be Mr. Bawney Fwank, the banking queen.
Plumbing the depths of many things including stupidity and corruption.
"We have a tougher bill than I was hoping to get..."
Uh?!
DavidC
Most except wingnuts care about anything else but what influence he sways. The man has his faults and attributes. He has done well and performed poorly but mostly OK. I think he is the prime example at this point however that the system is not working. We need smart government, not people that are brilliant about meneuvering thru the press or committees or sweeping things under the rug or not admitting blatant elephants in the room (Fannie, Freddie). We need term limits and we need everyone in government in for 6 years and they are then done. No reelections. President, Senators, Congress. The media will hate this as much as they do the concept of a third party, and instinctively block it because they make so much damned money from this soap opera. But it has to be done. But how do we get this done, write to Barney ? I think it was 1999 that we reached our pinnacle but now we are sinking...fast...
I really dislike that man!!!!
opps
+1
Would the morons in Massachusetts please vote out this corrupt slimeball!
Top CDS positions/contracts
http://www.isdacdsmarketplace.com/exposures_and_activity/top_10_cds_positions
My Saturday morning song is dedicated to Barney Frank.
Korn- Faget
http://www.youtube.com/watch?v=OzDItIpoPSo
Interesting that Brazil has such a high CDS exposure. Thanks for posting. I would have never guessed that.
The EURO buying support continues so far...
http://stockmarket618.wordpress.com
Barney is the same idiot who called for housing for everyone even though they couldn't afford it. Barney needs to give away work ethics instead of houses. The progressive left is killing this country bit by bit day after day!
Barney must go!
"Fannie Mae and Freddie Mac today are not what they were, thanks to a bill passed by a Democratic congress…They are in conservatorship."
only Barney Frank could make this ass fucking a point of pride.
http://www.jamesgunn.com/wp/wp-content/uploads/GerbilRoll.jpg
From what I understand, Old Barney Frank was receiving some stimulus from an executive at Fannie...