Friday, October 22, 2010

Barney Frank fights to stay in office

Annual Salary: $174,000. Why spend $200,000 of your own money?

Barney Frank's First Real Race in Two Decades
Desperate Frank gave $200,000 to his campaign from his personal retirement savings, a move he said would sting if he didn't think he'd get it back.
Written by Thomas R. Eddlem
Monday, 11 October

...In the 2008 election cycle, Frank received $2,500 in donations from the American Bankers Association and many of the sub-prime banks and brokerage companies whose dangerous practices (which he helped to protect) built the housing bubble: Bear Stearns ($5,000), Sachs ($5,500), National Association of Home Builders ($7,500), Mortgage Bankers Association ($3,500) Fannie Mae ($6,000), Freddie Mac ($3,000) Bank of America ($2,000), Citigroup ($5,000), Countrywide ($2,000), National Association of Realtors ($3,000) and so on.
Clearly, those engaged in risky financial operations got their money's worth. Frank backed their ability to expand risky no-down-payment mortgages, even for poor credit risks in minority neighborhoods under the Community Reinvestment Act, and then voted to bail them out with $700 billion in taxpayer dollars when their outrageously risky gamble inevitably went bust.

Bielat is focusing upon the banking crisis in his campaign. He noted in an Oct. 7 letter to Frank (the two have shared a correspondence, even though they have yet to debate face-to-face) that “perhaps you can send me additional letters asking for my positions on your driving role in the housing market crash, foreclosures, double-digit unemployment, the failed stimulus billions, a bank bailout that does nothing for regular workers and families while bankers collect bonus billions, the skyrocketing cost of health insurance, funneling over $12 million of taxpayers' money to a friend's bank, and many, many other issues on which my opinion might interest you and voters.”
Vote for Sean Bielat for Congress
Leader, US Marine, Businessman
Sean Bielat is the first strong challenger to Barney Frank after 30 years. It's time for Congressman Barney Frank to go...
Vote for Sean Bielat
It's time for a change--just look at the current state of the economy, or our political leadership's focus on redistributing wealth rather than creating prosperity, or the idea that government should be continually expanded to address any and all problems. Too often our elected officials put representation of an ideology ahead of representation of the people.
Annual Salary: $174,000. Why spend $200,000 of your own money?
_Could it be, No Free Trips or Plane rides?_ What would cause a man to spend more than he makes in a year to keep his 30 year job. One, that Barney has played a big role in - having your house going into foreclosure. Yah. Lets send good ole Barney back to congress. NO WAY!!!!!

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