O'LOOFAH continues his irrational denial & vendetta on Barney FRANK

[UTUSN]

After this month of his daily jihad against Barney, blaming him and HIM ALONE for the economic crash, he finally had an economics professor who attempted------WUSSILY--------to tell O'LOOFAH that Barney was only ONE "in the top THOUSAND or TEN THOUSAND" who might have SOME blame for anything. The name GREENSPAN slipped by instantly. Of course, O'LOOFAH talked him down, talked over him, wouldn't let him talk, the usual.

O'LOOFAH continues to harp on ONE statement by FRANK in which he said back in July that Freddie and Fannie were essentially sound. He claims that THIS ONE statement led MILLIONS to go out and buy stock because FRANK was the chairman of the Finance Committee. I don't know of ANY Rethug who would regard Barney FRANK as their own personal guru on stocks and investments.


NOT mentioned (it's been on 60 Minutes for gudness' sake!1):

1- The Commodities Futures Modernization Act of 2000, ramrodded through by the Rethug congress in their last days of 2000, withOUT debate being allowed, was the vehicle for the economic collapse.

2- That the usual Rethugs ----Phil GRAMM for starters---- were the sponsors and co-sponsors.



The economics professor just shook his head, let himself be SHUT UP. Why doesn't Barney FRANK put out flyers or WHATEVER regarding the COMMODITY FUTURES MODERNIZATION ACT OF 2000???????????!1 Could any DUer in Barney's district get this word out to him, for gudness' sake?!1




This is from a previous thread.


O'LOOFAH has SCREAMED at Barney FRANK and made it appear that Barney is solely responsible for the economic meltdown. Of course, we KNOW how fair-minded O'LOOFAH is, how he has been saying for the entire campaign year that he was going to LEARN about OBAMA before making any choice in the election, while it was obvious all along he was a flunky for Mc5PLANEs (or ANY Rethug the Rethugs would run).

So lately he has sworn to track down and name all those responsible for the economic catastrophe, but somehow he has never gotten any further than Barney.

Now Mister Andrea MITCHELL turns out to have been a chief propellant for this CFM Act, and the Rethug congress of 2000 pushed it through without any debate.

I'm SURE we will hear from fair minded O'LOOFAH about these perpetrators---oh, yes, the way he has kept his word from March 17, 2003, to "apologize to the nation (for supporting the Iraq Attack) if no WMD are found."


*******QUOTE*******

http://en.wikipedia.org/wiki/Commodity_Futures_Moderniz...

Commodity Futures Modernization Act of 2000

From Wikipedia, the free encyclopedia

The Commodity Futures Modernization Act of 2000 or CFMA (H.R. 5660 and S.3283) is United States federal legislation which repealed the Shad-Johnson jurisdictional accord, which had banned single-stock futures in 1982. The legislation also provided certainty that products offered by banking institutions would not be regulated as futures contracts.

This act was incorporated by reference into H.R. 4577, an omnibus spending bill. It was passed by the 106th United States Congress and signed by President Bill Clinton on December 21, 2000; the legislation thus became law as a part of H.R. 4577 - Public Law 106–554, §1(a)(5).

The act has been cited as a public-policy decision significantly contributing to Enron's bankruptcy in 2001 and the much broader liquidity crisis of September 2008 that led to the bankruptcy filing of Lehman Brothers and emergency Federal Reserve Bank loans to American International Group<1> and to the creation of the U.S. Emergency Economic Stabilization fund.


Legislative history
The "Commodity Futures Modernization Act of 2000" (H.R. 5660) was introduced in the House on Dec. 14, 2000 by Rep. Thomas W. Ewing (R-IL) and cosponsored by Rep. Thomas J. Bliley, Jr. (R-VA) Rep. Larry Combest (R-TX) Rep. John J. LaFalce (D-NY) Rep. Jim Leach (R-IA) and never debated in the House.<2>

The companion bill (S.3283) was introduced in the Senate on Dec. 15th, 2000 (The last day before Christmas holiday) by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen. Phil Gramm (R-TX) Sen. Chuck Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD) and never debated in the Senate.

Given the above-stated chronology, it would appear that the House and Senate versions of the bill were introduced just prior to the Christmas holiday in December of 2000, following George W Bush's (first) election (in November of 2000), while then-President Clinton was serving out his final days as President. The bill was never debated by the House or Senate. The bill by-passed the substantive policy committees in both the House and the Senate so that there were neither hearings nor opportunities for recorded committee votes. In substance, it appears that the leadership of the Republican-controlled Senate and House incorporated the deregulation of credit default swaps into an omnibus budget bill (without hearings or recorded votes)at a time when the outgoing president was in no position to veto anything. The following article argues that Bill Clinton and Alan Greenspan endorsed this law The Bet That Blew Up Wall Street. ....

********UNQUOTE*******