Archive for the ‘Barney Frank’ Category

Left cuts Obama slack for now

November 21, 2008

As a presidential candidate, Barack Obama boasted of opposing the Iraq War from the start.

By Glenn Thrush and Ryan Grim, Politico

But as president-elect, he has come to the rescue of surge supporter Joe Lieberman and flirted with the idea of keeping on Bush administration Defense Secretary Robert Gates — and now he seems poised to nominate war-authorizing Sen. Hillary Rodham Clinton to serve as his secretary of state. 

The sound from the left: not silence, but no howls of betrayal, either.

“Anybody who has reacted after two weeks is not a serious person,” said Rep. Barney Frank (D-Mass.).

Members of Obama’s loyal liberal base — from the Netroots to campus liberals to Hill Democrats — are watching closely as the candidate’s vague incantations of hope coalesce into cold, concrete presidential decision making. It’s not a seamless transition, but so far the left seems to be cutting Obama some favorite-son slack. Then again, he’s been president-elect for only two weeks — even milk bought on the day he was elected hasn’t had time to go sour.

“People continue to be excited,” said Rep. Earl Blumenauer, a Democrat who represents an Oregon district he described as one of the five most progressive in the nation. “They’re still going to websites. There are campaigns they can be involved with. They’re still networking and raising ideas and moving forward.”

Anti-war voters are used to being disappointed. Some were flabbergasted when George W. Bush won a second term in the midst of the war in 2004; others were disillusioned when the Democrats didn’t do more to stop the war after capturing majorities of the House and the Senate in 2006.

And for some, that “here we go again” feeling came rushing back recently when Obama urged his soon-to-be-former Democratic Senate colleagues not to hold “grudges” against Lieberman, who infuriated liberals with his support for Iraq then picked at the scab by supporting John McCain — and opposing Obama — during the presidential race.

Read the rest:
http://news.yahoo.com/s/politico/20081121/pl_politico/
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Top Republican senators oppose automaker bailout

November 16, 2008

Top Republican senators said Sunday they will oppose a Democratic plan to bail out Detroit automakers, calling the U.S. industry a “dinosaur” whose “day of reckoning” is coming. Their opposition raises serious doubts about whether the plan will pass in this week’s postelection session.

Democratic leaders want to use $25 billion of the $700 billion financial industry bailout to help General Motors Corp., Ford Motor Co. and Chrysler LLC.

By Stephen Ohlemacher, Associated Press Writer

Sens. Richard Shelby of Alabama and Jon Kyl of Arizona said it would be a mistake to use any of the Wall Street rescue money to prop up the automakers. They said an auto bailout would only postpone the industry’s demise.
Richard Shelby
Senator Shelby

“Companies fail every day and others take their place. I think this is a road we should not go down,” said Shelby, the senior Republican on the Senate Banking, Housing and Urban Affairs Committee.

General Motors headquarters is seen October 26, 2008 in Detroit, ... 
General Motors headquarters is seen October 26, 2008 in Detroit, Michigan. Picture taken October 26, 2008.(Rebecca Cook/Reuters)

“They’re not building the right products,” he said. “They’ve got good workers but I don’t believe they’ve got good management. They don’t innovate. They’re a dinosaur in a sense.”

Added Kyl, the Senate’s second-ranking Republican: “Just giving them $25 billion doesn’t change anything. It just puts off for six months or so the day of reckoning.”

House Speaker Nancy Pelosi, D-Calif., said over the weekend that the House would provide aid to the ailing industry, though she did not put a price on her plan.

“The House is ready to do it,” said Democratic Rep. Barney Frank of Massachusetts, chairman of the House Financial Services Committee. “There’s no downside to trying.”
Rep. Barney Frank, Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Christopher J. Dodd were among the congressional Democrats negotiating the bailout settlement on Sunday. (Joseph Silverman/The Washington Times)

Above: Ready to bail, from L to R: Rep. Barney Frank, Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi and Sen. Christopher J. Dodd. Photo by Joseph Silverman

Read the rest:
http://news.yahoo.com/s/ap/20081116/ap_on_go
_co/auto_bailout;_ylt=AmAt77VLR57r0Uq41kBoeYWs0NUE

Auto Maker Bailout “Doubtful”

November 14, 2008

A senior Democratic senator raised doubts on Thursday that an attempt to bail out U.S. automakers had enough support to clear Congress this year. 

As Republicans amplified their concerns about a bailout, Senate Banking Committee Chairman Christopher Dodd raised the biggest red flag for fellow Democrats trying to craft a $25 billion rescue and pass it during a post-election session set to start next week.
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By John Crawley and Rachelle Younglai, Reuters 

“Right now, I don’t think there are the votes,” Dodd of Connecticut told reporters about prospects in the Senate. “I want to be careful of bringing up a proposition that might fail,” he said.

Although Dodd said “we ought to do something” and personally backed using money from the ongoing $700 billion financial services rescue program to help Detroit, he was skeptical that enough Republicans would support a bailout.

Senate Majority Leader Harry Reid, a Nevada Democrat, also cautioned that success of a bailout rests with Senate Republicans and the White House. With their slim majority, Democrats cannot force a measure through the Senate or trump a White House veto.

The White House opposes the approach being taken by congressional Democrats but has not threatened to block any bailout. Bush administration officials have said they would consider other steps Congress can take to help General Motors Corp, Ford Motor Co and Chrysler LLC.

Dodd said there have been “legitimate issues raised” about how to help.

Read the rest:
http://www.reuters.com/article/marketsNews/idINN1339
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How will military greet Obama?

November 9, 2008

Barack Obama will enter the White House without any military experience and with a playbook that emphasizes diplomacy, behind a president who waged two wars and presided over some of the largest-ever defense budget increases. 

So, how will President Obama be received at the Pentagon? Much depends on his first moves. 

One of his senior security advisers, former Rep. Lee Hamilton (D-Ind.), said even though the president-elect has experience on the Senate Foreign Relations Committee, he’ll need a strong defense team that works together well. 

“He will have to pay a lot of attention to a secretary of defense and the close advisers to the secretary,” Hamilton said. “The whole military, national security establishment will be watching that with care.” 

And since the military is trained to follow orders, insiders say it is receptive to the change of command. 

The military needs to be ready to offer its advice while scrupulously avoiding any attempt to shape the agenda, said a senior defense official familiar with the transition. “It is to everyone’s benefit to shorten the learning curve for whoever is coming in,” he said, especially because this is the first wartime transition since 1968.

From Politico

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http://news.yahoo.com/s/politico/20081109/p
l_politico/15284;_ylt=ArmaUsucZ2W6bSTAjIBGi72s0NUE

To Rescue the Economy: How Much Government?

November 9, 2008

What is the right amount of government intervention in the American economy?  That is the question.

China manages its economy from the halls of the Beijing communist government’s headquarters.  Yet the communist government, unable even to assure people of basic safeties like pure and untainted food, often blames other “criminals” that they themselves are unable to deter, prevent or defend against.  Even today, China wants Western nations to clean up the environmental disaster that is China today: despite the fact that China’s communists have gotten unbelievably wealthy by ignoring the environmental lessons learned in the West for decades.

Personally, the fact that China’s ground water is now polluted to a degree of about 90% doesn’t sound like an issue the West should have to deal with: the Chinese communists have allowed filth to proliferate and now they live in filth.  Corrective action is up to them.

A policeman stands gaurd amid the smog in Beijing's Tiananmen Square one month before the Olympic Games start.
Above: A policeman stands gaurd amid the smog in Beijing’s Tiananmen Square one month before the Olympic Games started this summer.  Photo: Reuters

So we know, or should know, that too much government intervention may not be a good thing.  Judging from the vast number of pages of our Tax Code and the fact that even smart accountants often have to consult “outside experts” to figure their own taxes, my faith in the U.S. government’s ability to manage the economy and my life is, let us say, tenuous…..

This brings us to the “blame game” of the American and global economic and financial meltdown.  Russia blames the U.S.  But nobody who got rich due to the lavish practices of spending and lending seems to have been taken to account.  They got rich and they got away.

It might just be me but I believe in accountability — which seems to be gone in our modern society. 

Who paid for the economic meltdown? 

Apparently: you and me.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”  Barney Frank, quoted by The New York Times, said this on September 11, 2003.  Had appropriate action been taken then perhaps we woulnd’t be in this mess.

House Financial Services Committee Chairman Barney Frank listens ... 
Above: House Financial Services Committee Chairman Barney Frank listens during testimony before the committee in a hearing on ‘the Future of Financial Services Regulation,’ on Capitol Hill, October 21, 2008.(Mitch Dumke/Reuters)

Republicans generally want less regulation.  Democrats generally want more.  That is the crux of the issue, as I see it.

And there is already at least some government involvement in the U.S. economy, as Walter E. Williams points out, (see link below) thanks to the Congress, BATF, CAA, CFTC, CPSC, DEA, EEOC, EPA, FAA, FCC, FDA, FDIC, FEMA, FERC, FRB, FTC, INS, IRS, NHTSA, NIH, NLRB, OHSA, SEC, the Departments of: Health and Human Services, Housing and Urban Development, Interior, Education, Commerce, Labor, Agriculture, Transportation, other federal agenciesand etc…..

Related:
 Capitalism, fiscal woes; contempt for economic liberty

Wall Street, Congressional Smart Guys Pretty Stupid

October 12, 2008

“If these guys are our best and brightest, then it is about time we rethink what constitutes wisdom….”

By Victor Davis Hanson
The Washington Times
October 12, 2008

Until the last few weeks, the financial panic was still mostly far away on Wall Street. But not now.

Car loans, mortgages and college financing are suddenly harder to come by. Millions are stuck in houses not worth what is owed on them. Cash-strapped consumers are cutting back. The economy slows. Jobs disappear. Who wants to open quarterly 401(k) statements only to learn everything they put away in retirement accounts the last two or three years is gone?

House Financial Services Committee Chairman, Rep. Barney Frank, ...
House Financial Services Committee Chairman, Rep. Barney Frank, D-Mass., talks with reporters after meeting with fellow Democrats about the financial bailout package Thursday, Oct. 2, 2008 in Washington.(AP Photo/Evan Vucci)

There is plenty of blame to go around. Greedy Wall Street speculators took mega-bonuses even when they knew their leveraged companies were tottering – and someone else would pick up the tab. Crooked or stupid politicians allowed Fannie Mae and Freddie Mac to squander billions, as they raked in campaign donations and crowed about their politically correct support for millions of shaky – and now mostly defaulting – buyers.

The new national gospel became charge now/pay later and speculate, rather than put something away in case of a downturn. To provide more goodies we hadn’t earned, politicians ignored soaring annual budget deficits and staggering national debt and kept spending.

But amid the gloom, there are some valuable….

Read the rest:
http://www.washingtontimes.com/news/2008/oct
/12/correction-wall-street-101/

Rep. Barney Frank predicts bailout deal by Sunday

September 26, 2008

By JULIE HIRSCHFELD DAVIS and DAVID ESPO, Associated Press Writers

WASHINGTON – The Bush administration and Congress anxiously revived negotiations Friday on a $700 billion financial bailout, one day after the largest bank collapse in U.S. history provided a brutal reminder of the risks of failure.

“I’m convinced that by Sunday we will have an agreement that people can understand on this bill,” predicted Massachusetts Rep. Barney Frank, a key Democrat in eight days of up-and-down talks designed to stave off an economic crisis.

House Speaker Nancy Pelosi added that “progress is being made,” although neither she nor Frank divulged details at a late-afternoon news conference in the Capitol. Talks continued into the evening.

Frank and Pelosi spoke a few hours after President Bush prodded lawmakers to “rise to the occasion” — and quickly.

In one small sign of progress, House Republicans dispatched their second-ranking leader, Rep. Roy Blunt of Missouri, to join the talks after their objections to an emerging compromise had brought negotiations to a standstill the day before. They also demanded “serious consideration” for a plan of their own, involving less government intrusion and lower cost to the taxpayers than the $700 billion that Treasury Secretary Henry Paulson has been seeking.

The legislation the administration is promoting would allow the government to buy bad mortgages and other sour assets held by investors, most of them financial companies. That should make those companies more inclined to lend and lift a major weight off the national economy that is already sputtering. But a significant number of lawmakers, including many House conservatives, say they’re against such heavy federal intervention.

Under their plan, the government would insure the distressed securities rather than buy them. Tax breaks would provide additional incentives to invest.

Democrats and Bush officials said the insurance proposal was acceptable as an option but not as a replacement for the administration’s more sweeping approach.

The crisis was hardly limited to the U.S.

Read the rest
http://news.yahoo.com/s/a
p/20080926/ap_on_bi_ge/financial_meltd
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