Post by kramer on May 23, 2010 11:44:16 GMT -6
I saw this the other day on CNBC and looked up the video. Basically, Barney Frank admits that the push for homeownership started under Clinton. He also said that he was against this push (you can hear Frank say this at about 70% of the way into the video. Move the orange slider so that the left edge of it lines up to about the left edge of the lower right hand box that shows the stock levels in green font).
Frank: "well one of my biggest differences with the bush admin, even with the clinton admins was that they overdid that. I have always been critical of this effort to equate a decent home with homeownership. I think we should have been doing more to provide rental housing, my efforts have been to try and get affordable rental housing I was very much in disagreement with this push into homeownership and I think the fed government should not be artificially doing that. The goal is for people to have decent housing and I think beginning in the clinton administration, exacerbated by bush, we pushed people too much into homeownership…"
- Barney Frank, May 20, '2010 on CNBC.
www.cnbc.com/id/15840232?video=1499367446&play=1
It gets better. Here's a quote (and video) of Barney Frank saying in 2005 that his committee is going to continue to push homeownership AND that we won't see a bubble popping resulting in a collapse of housing prices:
"This is a very important resolution, particularly at this time, because we have, I think, an excessive degree of concern right now about home ownership and its role in the economy.
Obviously, speculation is never a good thing. But those who argue that housing prices are now at the point of a bubble seem to be missing a very important point. Unlike previous examples, where substantial excessive inflation of prices later caused some problems, we are talking here about an entity, home ownership, homes, where there is not the degree of leverage that we have seen elsewhere.
This is not the dot-com situation. We had problems with people having invested in business plans for which there was no reality and people building fiber-optic cable for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level, but you will not see the collapse that you see when people talk about a bubble.
So those of us on our committee in particular will continue to push for home ownership.
- Barney Frank, 2005
www.vanityfair.com/online/daily/2009/09/100-to-blame-41.html
www.cnbc.com/id/15840232?video=1500262269&play=1
I'd say Barney Frank made a bald faced lie in that May 20th video... I'd love to see his response to how his 2010 comment totally contradicts his 2005 but I think he'd throw a hissy fit and a threaten to walk off the show.
I'd also say that this is more proof that the government had a significant role in helping to create this subprime mess.
Kramer
Frank: "well one of my biggest differences with the bush admin, even with the clinton admins was that they overdid that. I have always been critical of this effort to equate a decent home with homeownership. I think we should have been doing more to provide rental housing, my efforts have been to try and get affordable rental housing I was very much in disagreement with this push into homeownership and I think the fed government should not be artificially doing that. The goal is for people to have decent housing and I think beginning in the clinton administration, exacerbated by bush, we pushed people too much into homeownership…"
- Barney Frank, May 20, '2010 on CNBC.
www.cnbc.com/id/15840232?video=1499367446&play=1
It gets better. Here's a quote (and video) of Barney Frank saying in 2005 that his committee is going to continue to push homeownership AND that we won't see a bubble popping resulting in a collapse of housing prices:
"This is a very important resolution, particularly at this time, because we have, I think, an excessive degree of concern right now about home ownership and its role in the economy.
Obviously, speculation is never a good thing. But those who argue that housing prices are now at the point of a bubble seem to be missing a very important point. Unlike previous examples, where substantial excessive inflation of prices later caused some problems, we are talking here about an entity, home ownership, homes, where there is not the degree of leverage that we have seen elsewhere.
This is not the dot-com situation. We had problems with people having invested in business plans for which there was no reality and people building fiber-optic cable for which there was no need. Homes that are occupied may see an ebb and flow in the price at a certain percentage level, but you will not see the collapse that you see when people talk about a bubble.
So those of us on our committee in particular will continue to push for home ownership.
- Barney Frank, 2005
www.vanityfair.com/online/daily/2009/09/100-to-blame-41.html
www.cnbc.com/id/15840232?video=1500262269&play=1
I'd say Barney Frank made a bald faced lie in that May 20th video... I'd love to see his response to how his 2010 comment totally contradicts his 2005 but I think he'd throw a hissy fit and a threaten to walk off the show.
I'd also say that this is more proof that the government had a significant role in helping to create this subprime mess.
Kramer