Chieftain1776
04-24-2009, 06:24 PM
& defending resolution. Classic may be it should be added to the Peter Schiff Was Right video!
YouTube - Barney Frank in 2005: What Housing Bubble? (http://www.youtube.com/watch?v=iW5qKYfqALE) h/t Fox Nation (http://www.thefoxnation.com/barney-frank/2009/04/24/flashback-barney-frank-busted-housing-collapse)
Here's what his colleague on the House Financial Services committee was saying:
In 1999 Congressman Ron Paul put the following in the congressional record: "Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 ....reduce risk for individual institutions while increasing risk for the system as a whole."
In the same congressional record Paul actually opposed the "deregulation" of the financial industry with changes to Glass Steagall in 1999. He put a statement in the congressional record citing the moral hazard evident to him after the bailout of Long Term Capital Management. "My main reasons for voting against this bill are the expansion of the taxpayer liability and the introduction of even more regulations. The entire multi-hundred page S. 900 that reregulates rather than deregulates the financial sector..."
http://www.house.gov/paul/congrec/co...110899-glb.htm
In 2003 Paul makes this most prescient point: "Despite the long-term damage to the economy inflicted by the government's interference in the housing market, the government's policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing."
http://www.house.gov/paul/congrec/co...3/cr091003.htm
Also check out his 2008 campaign's economic advisor Peter Schiff amazing video compiled by a random youtuber(1.2 million+ views). He literally endures ridicule from the likes of Art Laffer, Ben Stein and other financial analysts... many of them "conservative"
YouTube - Peter Schiff Was Right 2006 - 2007 (2nd Edition) (http://www.youtube.com/watch?v=2I0QN-FYkpw)
YouTube - Barney Frank in 2005: What Housing Bubble? (http://www.youtube.com/watch?v=iW5qKYfqALE) h/t Fox Nation (http://www.thefoxnation.com/barney-frank/2009/04/24/flashback-barney-frank-busted-housing-collapse)
Here's what his colleague on the House Financial Services committee was saying:
In 1999 Congressman Ron Paul put the following in the congressional record: "Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 ....reduce risk for individual institutions while increasing risk for the system as a whole."
In the same congressional record Paul actually opposed the "deregulation" of the financial industry with changes to Glass Steagall in 1999. He put a statement in the congressional record citing the moral hazard evident to him after the bailout of Long Term Capital Management. "My main reasons for voting against this bill are the expansion of the taxpayer liability and the introduction of even more regulations. The entire multi-hundred page S. 900 that reregulates rather than deregulates the financial sector..."
http://www.house.gov/paul/congrec/co...110899-glb.htm
In 2003 Paul makes this most prescient point: "Despite the long-term damage to the economy inflicted by the government's interference in the housing market, the government's policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing."
http://www.house.gov/paul/congrec/co...3/cr091003.htm
Also check out his 2008 campaign's economic advisor Peter Schiff amazing video compiled by a random youtuber(1.2 million+ views). He literally endures ridicule from the likes of Art Laffer, Ben Stein and other financial analysts... many of them "conservative"
YouTube - Peter Schiff Was Right 2006 - 2007 (2nd Edition) (http://www.youtube.com/watch?v=2I0QN-FYkpw)