Bill O'Reilly Lost His Cool On Barney Frank - You Should Too!

Why? Because as soon as Barney Frank (Democrat - Massachusetts), chairman of the Financial Services Committee in Congress, opened his mouth, he uttered a litany of apparently deceitful statements.

#1: 'I did what the Republicans hadn't been able to in 12 years - get through the committee a very tough regulatory bill.' (because together with his party, he blocked the Republican tighter regulatory efforts; see videos below for proof)

#2: 'I've always felt two things about Fannie Mae and Freddie Mac... that they have important role to play, but that the regulation should be improved.' (videos below tell otherwise about the latter)

#3: 'From 1995 to 2006, when the Republicans controlled Congress and we were in the minority, we could not get that done.' (they couldn't because they looked the other way; see video below for proof)



That's Barney Frank - the pride and joy of Massachusetts and given a lot of credit by his party for helping 'PUT TOGETHER' the $700+ Billion bailout plan!!

God Save America!!


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Excerpted from... http://www.aei.org/publications/pubID.22514/pub_detail.asp
'Regulating Fannie Mae and Freddie Mac'
Now It Gets Serious
By: Peter J. Wallison
Friday, May 13, 2005

In the fall of 2004, OFHEO (Office of Federal Housing Enterprise Oversight) reported that Fannie Mae had also manipulated its accounting, and to a degree far more significant than what Freddie had done. At a dramatic hearing in Richard Baker's (Republican - Louisiana) subcommittee, Fannie's chair, Franklin Raines, stood by the company's accounting, claiming that Fannie was being victimized by an overzealous regulator and its accounting position would eventually be vindicated by the Securities and Exchange Commission (SEC), which had been asked to review the disputed accounting. The tenor of things in Congress was still so supportive of the GSEs (Government Sponsored Enterprise - Freddie Mac & Fannie Mae) that Armando Falcon, the director of OFHEO, received a far more hostile reception than Raines got in Baker's subcommittee. Nevertheless, most accounting specialists viewed Raines's position as unsupportable, and many questioned his judgment both in making a frontal assault on his regulator and in making statements under oath that might later put him in jeopardy. Weeks later, the SEC's chief accountant dismissed Raines's contentions, famously holding up a piece of paper and telling Raines to his face that Fannie's position on the relevant accounting was not even 'on the page' of allowable interpretations. Shortly thereafter, Fannie announced that Raines had resigned as chairman and CEO. Both the Justice Department and the SEC have begun investigations of Fannie's accounting, and the company has dismissed its former auditors and retained an independent counsel to conduct an investigation of its own accounting.

Now, after these events as well as the results of the 2004 election, Fannie and Freddie would be delighted with the Senate committee bill, and as the new Congress began in January 2005, their managements both made statements that they were prepared to accept what they (Dems) opposed in 2004--even receivership. But it was too late. The world had moved on. Today, the controversial issue before Congress is no longer receivership, but something far more significant.



VOTE WISELY ON NOVEMBER - YOUR CHILDREN'S FUTURE IS AT STAKE!!