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DEL.ICIO.USTom Price and Barney Frank go at it over home mortgage bill, Bear Stearns
The Atlanta Journal-Constitution
On Thursday, the U.S. House defied threats of a veto from President Bush and 266-154 to pass a massive, homeowner rescue plan to provide cheaper, government-backed mortgages.
Thirty-nine Republicans voted with the majority. U.S. Rep. Tom Price (R-Roswell) wasn’t one of them.
In fact, Price took the Bush side in a testy back-and-forth last night with U.S. Rep. Barney Frank (D-Mass.), the chief architect of the proposal, on PBS’ “Newshour with Jim Lehrer.”
Read the entire transcript here, but this is a brief snippet that began with Frank contrasting Bush’s veto threat on his bill with the president’s support for the bail-out of Wall Street giant Bear Sterns.
REP. TOM PRICE: Well, it’s apples and oranges. Bear Stearns wasn’t on the floor today. In fact, the Bear Stearns assistance never came for congressional action, because it happened through the Federal Reserve. They made that decision, not Congress. We didn’t get a chance to vote on that.
And I would also make the point that this, in fact, is another bailout, if you will, for lenders. It’s a bailout for Wall Street. It’s not a bailout for borrowers, because lenders are the ones that determine whether or not this step occurs, whether they ask the FHA to move into this program.
This is a bailout for lenders. It’s a potential $300 billion liability transferred from borrowers and lenders to the taxpayer. And that’s not what the American people think are fair, especially the 110 million who have paid their mortgage, have paid off their home, or are renting.
So, it’s — this is not a fair program. It’s not what the American people want. And I believe that it’s also going to take a whole lot longer to get to the right answer because of what this Congress has done today.
REP. BARNEY FRANK: You didn’t get an answer on how the Bush administration, which strongly supported Bear Stearns through the Treasury Department and its appointees, how it’s OK to do $29 billion for Bear Stearns, but not $2.4 billion for homeowners.
REP. TOM PRICE: Well, with all due respect, Mr. Chairman, it wasn’t a congressional action.
REP. BARNEY FRANK: No, but it was the Bush administration. I understand that. I wouldn’t say it was a congressional action, if you were listening. I said the Bush administration. The Bush administration, I was asked, has threatened to veto the bill.
They say you can’t do $2.4 billion for homeowners, but you can do $29 billion for the people who did business with Bear Stearns.
Comments
By Rarl Kove
May 9, 2008 9:16 AM | Link to this
It is disgustig to mention the words Barney Frank and “go at it” in the same sentence. Does anyone remember when Frank(D) ran a homosexual prstitution ring out of his home?
By Will Jones
May 9, 2008 9:24 AM | Link to this
So many ignorant of “Southern Culture” give a pass to those emulating the effeminacy of “Richmondese:” Perhaps the “Castillian” Americans would serve their souls and their Countrymen better if they just came out of the “closet.”
No coincidence that Price is one of the Closet Queen-in-Chief’s “good buddies.”
Barney Frank is a more honest and helpful American.
By LMAO
May 9, 2008 9:36 AM | Link to this
“Barney Frank is a more honest and helpful American”…is that why he lived two lifestyles for over 30 years?
By Darwin Gotit
May 9, 2008 10:47 AM | Link to this
Rarl Kove,
why do you have such an anal fixation?
By Rarl Kove
May 9, 2008 11:25 AM | Link to this
Darwin, I just enjoy making fun of Barney Frank. The guys is a complete lib tool.
By Boy george
May 9, 2008 11:28 AM | Link to this
LMAO,
Why does a man having butt-sex bother you? In the closet or out in the open. How is this relevant to government. Blow jobs, bathroom stalls, queers, straights, who cares-I thought republicans were all about personal freedom, I guess as long as it doesn’t offend your religious dogma.
By Wackolibhack
May 9, 2008 11:37 AM | Link to this
It is Bush’s fault that Barney Frank is a liberal anal tool. I hate Bush. Bush is to blame for Frank being a butt pirate. I hate Bush!! Come to think of I guess that Frank hates bush, too. Get it Bush/bush. It is Bush’s fault that I had a little play on words there. I hate Bush more now than I did before I started posting this. I hate Bush!!
By Churchill
May 9, 2008 11:51 AM | Link to this
wacko,
Another fine example of government education. Seek help, nobody cares if you cruise gay parlors.
By blah
May 9, 2008 11:57 AM | Link to this
Gay or not, Barney Frank does intellectual laps around “Dr. Price” and any other member of the Georgia Congressional delegation. Frank is one of the most astute, powerful members of Congress, and I can only imagine how much it enrages conservative Bubbas to know that a homo is so superior to them.
By Rarl Kove
May 9, 2008 12:08 PM | Link to this
Hey, Blah, don’t forget his superior speaking abilities. I am kidding, of course.
By wackolibhack
May 9, 2008 12:22 PM | Link to this
i luv bush, i’m gay for bowlegged cowboys, preferably born-again…it is bush’s fault he is so sexy it is bush’s fault he luvs cocaine, he gets me hot when he talks tough.
By I don't like Creepy Republicans
May 9, 2008 12:24 PM | Link to this
Tom Price looks and talks like the kind of person I would not allow my children to be around unsupervised. He is the creepiest person in Congress. In a fight, I would put my money on Barney Frank any day of the week. Price is a creepy wimp who would fall on the ground crying like a girl.
By Righty
May 9, 2008 12:54 PM | Link to this
Dr. Tom Price is by far the superior one here. Barney Frank can’t even use good english.Who care if he gay I only care about his action in congress and if he understands that it is not my place to bail out this home mortage crap! Everyone who intering to these contract wer grown adults. As a tax payer I fell for everyone but it is not our place.
By Craig
May 9, 2008 1:17 PM | Link to this
Yes. Good example of how Congress serves the interests of business and NOT the people. Odd how that concept is long forgotten. Also odd that so-called hands-off free market conservatives just LOVE bailing out businesses when they fail. No wonder hypocrisy is the word of the day when someone makes an attempt to bail out lenders. Why do free-market types have no issue with government intervening and bailing out businesses with taxpayers money but not have taxpayers money bail out taxpayers? Frankly (no pun intended) it’s rediculous to have government bail out incompetence at ANY level. Survival of the fittest in economics. Bear Stearns, Countrywide, Delta, etc. deserve to whither away. If they fail due to incompetence, let them whither. Don’t expect the taxpayer to have to save a group of greedy incompetents who are probably still rolling in the money while I bail out their company with my hard earned money.
By Will Jones
May 9, 2008 1:57 PM | Link to this
By Craig May 9, 2008 1:17 PM…is exactly correct. Elite university Econmics departments teach upcoming technocrats wishing to jump on the false-elite’s “gravy train” that we have a “mixed economy” when the fact is it is de facto fascism. Whig Jeffersonianism, America’s utopian ideal enshrined in The Mottoes, is the exact opposite.
www.theamericanfundament.blogspot.com
By JimBob
May 9, 2008 2:19 PM | Link to this
I kept waiting for Frank to slam Price with, “Oh, y’all don’t like interfering with markets? Then what’s that big-a*, $300-billion farm bill all about?
By Craig
May 9, 2008 2:31 PM | Link to this
Don’t even bring up the Farm Bill. Good ol’ boy Saxby told everyone in 2002 HIS Farm bill was the best thing this country had. Odd how such a bloated hands-ON approach has to be repaired yet again…
By Frank
May 9, 2008 6:31 PM | Link to this
Tom Price and his attitude on the Frank bill helps explains why a Bloomberg/Los Angeles Times survey shows more than three-quarters of respondents say the country is heading in the wrong direction, up from 63 percent at the start of the year. The last time more than 70 percent of respondents said that was in 1992.
Among respondents with more than $100,000 in annual household income, 68 percent said the country is on the wrong track. Those with annual income under $60,000 had the highest levels of dissatisfaction, with more than eight in 10 saying the U.S. is going in the wrong direction.
http://www.bloomberg.com/apps/news?pid=email_en&refer=home&sid=aw9hR7CsoGQk
By Astucious
May 10, 2008 7:05 PM | Link to this
Oddly enough, I agree with Price. This isn’t a bail out for borrowers, it is a bail out for lenders. And why should taxpayers have to shoulder the costs associated with people ignorantly over-extending themselves to buy their dream McMansion. In my opinion, the appropriate course of action would be to enact strong, substantive industry regulations that standardize the process and prevents future fraud. This bail out nonsense is just that - nonsense. I can’t believe I am saying this, but I hope Bush vetoes it. It’s an election year pander.