Banks Stacking Up In The Morgue, Waiting To Be Processed | |
Anonymous Coward (OP) User ID: 475306 Australia 07/29/2008 08:12 AM Report Abusive Post Report Copyright Violation | A big hello to Barney Frank. A guy that acts and sounds like a Warner Bros cartoon character. No need to create a 'voice' for this dickhead. Just listened to him speak in real life. This asshole deserves more attention than most here realise. Again, Barney Frank Attacks HBPA Approach, Defends 'Right To Foreclose' Increase Decrease July 28, 2008 (LPAC)--Notably in January, speaking at Goucher College in Maryland, Rep. Barney Frank made clear that he was pushing to make sure that no Member of Congress should introduce Lyndon LaRouche's proposed Homeowners and Bank Protection Act (HBPA). LaRouche's August 2007 proposal was designed as a "firewall" to protect vital economic sectors from the unstoppable financial collapse. It would ban foreclosures nationally, and use Federal bankruptcy reorganization to protect chartered banks otherwise going insolvent in that collapse. But "Barney Bailout" had other ideas--bailing out securitized mortgages, and defending "the legal right to foreclose." He told his Goucher College audience that LaRouche's proposed HBPA was "unconstitutional and irresponsible, and no one in Congress is going to touch it." On Friday July 25, with the Dodd-Frank massive mortgage bailout/Fannie and Freddie securities bailout now passed by the House and about to pass the Senate, Frank used his opening statement in a Financial Services Committee hearing to again justify himself--this time without naming LaRouche or the HBPA. Frank allowed to the Committee that there were other ways they could have legislated: "A second [way] would have been an effort to legislatively say no to foreclosures. Some advocate that [no one has proposed it but the LaRouche Political Action Committee and its backers in localities around the country], but I think it has Constitutional problems. I think it also has problems in how you discriminate which foreclosures should go forward and which shouldn't." Frank, during 2008 debates, has claimed a Constitutional property "right to foreclose"--as has megaspeculator and Democratic financier George Soros, Frank also repeatedly denied EIR News Service's documentation, in March 2007, that the Dodd/Frank bill was designed by Wall Street banks, to bail out their mortgage securities. "The legislation we just passed ... is unusual in the sense that it was written here," Frank claimed, more than once in his opener. "It was written by the staff of this Committee..., and it was written by the staff of the Ways and Means Committee.... I am very proud of that." In fact, on June 29 a Washington Post article confirmed what EIR had earlier reported: that the legislation was primarily designed by Credit Suisse bank. [link to www.larouchepac.com] |