Friday, October 3, 2008

Watch Bill O'Reilly act like an ASSHOLE

Watch Bill O'Reilly cut off Congressman Barney Frank when he starts to explain how the House Democrats passed the bill restructuring the regulation of Fannie and Freddie in 2007:

Frank explains:

When the Democrats obtained the majority in the 2006 election, and I became chair of the committee, I made a very strong reform bill one of our highest priorities and worked closely with Treasury Secretary Henry Paulson to break the logjam that hindered the bill in the past. As a result, the Financial Services Committee, which organized under the Democrats on Jan. 31, 2007, passed the bill restructuring the regulation of Fannie and Freddie, specifically including all the increased powers that the Bush administration requested on March 28, 2007. The full House followed, by a vote of 313 to 104 in early May. The House passed these important reforms in May 2007, only four months after we became the majority. It is true that the bill was held up for over a year by inaction in the Senate, but that is not surprising given the difficulty the Senate has moving controversial legislation on any subject.

Additionally, when we were considering the stimulus package in early 2008, I proposed to Mr. Paulson that in addition to raising the jumbo loan limits for Fannie Mae and Freddie Mac, we include the GSE reform that the House had passed. He did not agree, fearing that it might slow things down.

In fact, my reform efforts had begun when we were still in the minority. In 2005, I joined Michael Oxley, then chairman of the House Financial Services Committee, in supporting legislation to increase the regulation of Fannie and Freddie that passed the House by a vote of 330 to 90. When former Congressman Richard Baker proposed to examine the compensation structure of Fannie and Freddie's top executives, and some members of Congress tried to block him, I explicitly spoke out in support of his right to do that and our right, as a Congress, to examine the GSE's compensation practices.
However, I did see Bill O'Reilly once say something correct.

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