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New York - TV Host Bill O'Reilly On Air To Congressman Barney Frank "You're A Coward" Over Financial Crisis |
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Bill O'Reilly, of FOX's O'Reilly Factor, has called for Rep. Barney Frank of Massachusetts to step down from his position as chairman of the House Financial Services Committee because of a now-clear failure of oversight of the nation's banking industry.
This doesn't make for the smoothest stage for an interview, like the one O'Reilly conducted of Frank on his show last night.
"Shouldn't everybody in the country be angry with you right now?'' O'Reilly asked Frank, setting the tone for that rough stage.
No, said Frank. "I became chairman of the committee on Jan. 1, 2007,'' he said, taking credit for a "tough'' regulatory bill for the Fannie Mae and Freddie Mac mortgage enterprise that passed the House in May. From 1995 to 2006, with a Republican-controlled Congress, he said, "we couldn't get that done.''
"That's great,'' O'Reilly said, but then he came out and said "everything was great'' and everyone went out and bought stock and then lost millions of dollars. O'Reilly played a tape of Frank saying not long ago that Fannie and Freddie were basically sound.
No way, said Frank, denying that he had suggested anyone invest money in these sinking enterprises.
"Come on, you coward, say the truth,'' O'Reilly said, accusing Frank of "B.S." and more.
"You start ranting, and the only way to respond is to almost talk as boorish as you,'' Frank said, denying that he had suggested anyone buy stock. ''I'm not going to be bullied by your ranting... You're not going to shut me up.''
The argument devolved into name-calling and insults.
"That's a joke,'' O'Reilly said of Frank's answers.
"A joke is to think I could have a rational discussion with you,'' Frank said. "You don't listen at all.''
"You're the brilliant guy who presided over the biggest financial collapse,'' O'Reilly said. "You're the brilliant guy. I'm the dumb guy.''
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Read Comments (16) — Post Yours »
1
Oct 03, 2008 at 10:42 AM deepthinker Says:
barney frank is a well-known low-life degenerate, both personally, and as a promoter of every kind of perverted immorality in legislation.
2
Oct 03, 2008 at 10:33 AM formely Says:
something republicans like to hide
“We have a good deal of comfort about the capital cushions at these firms at the moment.” — Christopher Cox, chairman of the Securities and Exchange Commission, March 11, 2008.
after 2004 deregulation of the investment houses under Christopher Cox-R
Over the following months and years, each of the firms would take advantage of the looser rules. At Bear Stearns, the leverage ratio — a measurement of how much the firm was borrowing compared to its total assets — rose sharply, to 33 to 1. In other words, for every dollar in equity, it had $33 of debt. The ratios at the other firms also rose significantly.
The 2004 decision (led by Christopher Cox-R) for the first time gave the S.E.C. a window on the banks’ increasingly risky investments in mortgage-related securities.
3
Oct 03, 2008 at 11:01 AM Anonymous Says:
There is enough blame to go around. Where was O"Reilly years ago to talk about excesses????
4
Oct 03, 2008 at 10:58 AM chaim Says:
Billl gave him no respect at all. So defiling that a stupid reporter is alowed on air to call a senator a coward.
He might be but to cal and scream at his is nso unprofessional.
5
Oct 03, 2008 at 11:29 AM mark levin Says:
viva la O'Reilly!!
viva la O'Reilly!!
viva la O'Reilly!!
viva la O'Reilly!!
O'Reilly really gave this low life exactly what he deserved! The blatant chutzpa of Barney Frank to deny any wrongdoing in this financial mess when the videotape is there for everyone to see. Bill gave it to him for millions of right thinking kind of people in this country.
Signed,
A new O'Reilly fan
6
Oct 03, 2008 at 12:03 PM Anonymous Says:
This is ridiculous. The republicans have been calling the shots for years and years, and now that the democrats have a technical majority -- even though the republican minority in the senate blocks pretty much everything the dems try to do with filibusters -- they get blamed?
7
Oct 03, 2008 at 12:25 PM Anonymous Says:
Boston.com in its 9/28 article details how the Democrat multicultural push to force banks to issue non creditworthy mortgages with the threat of discrimination suits compelled the banks to issue these disastrous loans.
Barney Frank was at the center of it.
8
Oct 03, 2008 at 12:45 PM formely Says:
“ Boston.com in its 9/28 article details how the Democrat multicultural push to force banks to issue non creditworthy mortgages with the threat of discrimination suits compelled the banks to issue these disastrous loans.
Barney Frank was at the center of it. ”
here are the facts
1. A January study by Traiger & Hinckley LLP shows that CRA banks in the 15 most populous US metropolitan areas were "substantially less likely than other lenders to make the kinds of risky home purchase loans that helped fuel the foreclosure crisis." CRA banks know that if our loans are good for our borrowers, they will be good for the lender and our community.
2. Data from 2006 Home Mortgage Disclosure Act reports indicates that 19 percent of bank mortgages fell into the subprime category. The comparable rate for mortgage companies was 40 percent. Banks are covered by the CRA, but mortgage companies are not. Therefore, if the CRA did affect lending standards, the only logical conclusion is that this law was a mitigating factor, not a causal one.
Th real reason was that bush took away many regulations from institutions about how much cash and assets (and how the assets where valued, therefore intuitions can inflate the value of their assets) they need on hand compared to debt.
Therefore, the institutions could not handle a downturn in the economy, as opposed to before,
It is the same thing if one owns a house and puts nothing aside for a rainy day (new roof) you have a problem same with the credit crisis now
9
Oct 03, 2008 at 01:14 PM Anonymous Says:
O'Reilly tells it like he sees it. Great job!!! One can't deny what you say. Barney Frank has been in charge and did nothing about the situation. There are many people to blame but those at the top need to take responsibility and take blame for their lack of leadership.
10
Oct 03, 2008 at 01:56 PM Anonymous Says:
What does "it's not a good investment in the past" mean? thats what Frank said in the tape?
11
Oct 03, 2008 at 02:01 PM Anonymous Says:
Barney F. Frank is the Democratic Party Moraly , Financialy, Corrupt !
12
Oct 03, 2008 at 02:33 PM Anonymous Says:
Did anyone happen to hear a clip of Bill Clinton lamenting the fact that his fellow Dems wouldn't come to the table with Republicans to discuss the Frannie and Freddie craziness while in office?
13
Oct 03, 2008 at 04:11 PM mikey Says:
Formerly -
Your manipulation of facts is also an insult.
Barney Frank told people they could invest in Fannie and Freddie as he was working to collapse them - he lied and people lost money - many small investors who thought they were in a safe haven.
Barney Frank and Chris Dodd blocked bills introduced by Pres. Bush that would have revised this mess and instituted sane accounting and lending processes/procedures.
They both should be held to account and resign. Bill Clinton signed legislation written by Shumer that created the sub-prime mess and opened the mortgage market to mortgage brokers (who had no oversite) and they knew it was bad legislation.
14
Oct 04, 2008 at 07:49 PM Anonymous Says:
Do you know Barney Frank is Jewish?
15
Oct 05, 2008 at 12:18 AM bigwheeel Says:
“ barney frank is a well-known low-life degenerate, both personally, and as a promoter of every kind of perverted immorality in legislation. ”
He may well be. But what does that have to do with the subject being discussed! (i.e. Barney frank's [personal] responsibility in the collapse of Fannie Mae and Freddie Mac! and the habit of O' Reilly to "rave and rant" )!!!
16
Oct 05, 2008 at 01:31 AM ru serious Says:
Bill brings debate down to the level of pro wrestling.
Frank is an easy target for his rants.
The dems share the blame but the are partially vindicated when the attacks come from fake phoney frauds like Bill.