Don't Say They Didn't Warn You

The voice of reason ... "It's worse than socialism."






My favorite line from Cavuto: “Capitalism is about success, but it’s also about failure.”


Barney Frank lead the charge --- If you want to see how this all developed from the 1977 Carter era CRA to present, Newsbusters has the scoop.




Transcript follows ---

“My name is Barney Frank. I’m from Massachusetts. I’ll be the chairman of the committee on financial services, which has a fairly broad jurisdiction over banking, insurance, but also housing. In general I want to make clear to people — and I have been doing a lot of arguing about this and some legislating — that 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 capitalistic system. But we have gone way beyond that. And the average working American person — and we’re talking 80% of the population — has seen an erosion of his or her economic position, rather than advance.

Specifically, I hope to deal in part with the housing crisis part of it. The committee that I’ll be chairing has jurisdiction over housing. And we hope very much to do an increase in the housing stock, so that housing becomes affordable both for low income people but also for people in the moderate income range

And then in the corporate world, I’m supportive. I want our financial institutions to do their job and make money in a responsible way. But I do believe it is time for us to rein in these outrageous corporate CEO settlements in the hundreds of millions of dollars.

They reach a point where it’s not simply envy that makes us upset about them. When Lee Raymond retires from Exxon-Mobile and makes $400,000,000 and then that company stiffs its pension fund, you’re talking about things that have real economic consequences.

You cannot pay a handful of people so many billions of dollars and not have it impinge upon what is available for other people. We’ll be addressing that.”

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As you can hear, the plan was to make the Jimmy Carter CRA a reality, and to make houses affordable to low income people -- Read that, make loans to people who could not afford to possibly repay them.

And what was it that caused the current problem?