What Prompted Barney Frank Retirement?
Panel weighs in on controversial lawmaker
- Duration 6:07
- Date Nov 28, 2011
Panel weighs in on controversial lawmaker
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One of the advantages to me of not running for office his.
I don't even have to pretend to try to be nice to people I don't like.
Some -- you may not think I've been good -- it but I've been trying it.
Massachusetts congressman Barney Frank announcing -- only he could today he will retire after sixteen terms in the house we're back now with our panel.
-- what should we make a Barney -- retirement he's 71 he has been redistrict it's always gonna have a lot of new constituents and he said that was too much room at this age to have to.
Campaign and try to win over a bunch of new folks is not the story or is there more -- That's part of it last -- middle and himself a lot of money epitaph rates last time tempered than usual.
I also think that if Barney Frank thought it was gonna be the chairman of the banking committee -- 2012 he might run again and I think it's a sign the Democrats think.
While they might pick up some seats.
25 which is what they need for majority is may be a bridge too far.
I'm one of the things that we're all looking at -- was how many retirements there will be because that's usually a sign of how -- party views its prospects and think it's become a flood yet but but there's about seventeen Democrats retiring half of them are running for higher office.
-- tells you that you know Democrats can read the writing on the wall don't think that they're going to be in the majority -- What will talk about -- the bigger political picture of let's stay with with -- Barney Frank Steve franks admirers.
As said he was brilliant obviously as you can see there funny.
Sharpton a lot of good things according to them.
His critics say that he contributed.
Especially I think of it to the terrible problems with the mortgage failed mortgage giants.
Fannie Mae and Freddie Mac and he addressed that criticism today let's take a look.
Paulson used the powers that -- in the bill that I initiated.
Has -- dominicans have to ship there have been no losses.
The -- -- that you read about our -- for things that happen before that.
And since 2008 they have done a pretty good job and housing and have not.
Have -- have not caused any loss and so yes I was -- recognizing the problem.
But it was when I was in the minority.
He being too easy on himself well certainly he is used not only -- recognize the problem I think he did.
Many things perhaps with good intentions to help create the problem and he was pushing.
-- lending standards and he was doing all of the kinds of things that set the stage for.
Private entities to come in and try to compete with Fannie and Freddie.
In a way that I think led to the financial crisis 2000 it.
There's a moment in in -- -- -- -- book reckless endangerment where she describes.
Reporter going up to Barney Frank actress speech in march of 2005.
And asking the questions you know what about that the possibility.
That you could be pushing people into mortgages that they can't afford what would this what would the consequences be.
And he said rather flip if you want to do.
We'll deal with that problem affect how well.
You know this is the kind of legislating with the best of intentions and not thinking of the long term consequences that I think will will make the first line in.
Barney -- political epitaph would be the housing crisis.
Your tech and Barney Frank.
I think they're -- you remember him the man who says there's a quote of his since September 11 2003.
In which he said these two -- -- Fannie and Freddie are not facing any kind of financial crisis.
And then he goes on the office to for anybody who might imply that it was.
The more people exaggerate these problems are more pressure there is -- these companies realize who we see in terms of affordable housing.
Well it wasn't affordable it was on a portable.
And that's who he was pushing and trying to deflect of those who -- trying to rein in these communities.
And of course -- -- in the reward system in Washington the man who was.
Neglect for live at the least on the way out as the guy who who -- To -- author of the bill that is supposed to.
Stop it from ever happening again I would say that the best.
-- the most important thing he's ever done to prevent the crash from ever happening again is what he did today retire.
Steve let me because then I'm -- -- because she kind of got into this already.
Barney -- becomes the eighteenth house Democrat who would not run again either through retirement resignation.
Seeking another office there nine Republicans eighteen Democrats nine Republicans.
What does that tell you about how or doesn't tell you anything about Democrats view of their chances of taking back the house.
Well I think it does and I think in part that's because the 2012 political landscape will collapse like 2010.
Than it did like 2008.
And you have this added difficulty for congressional Democrats President Obama has made clear that he wants to run against congress for reasons that are understandable -- all of us.
At 13% -- 9% approval it makes sense he's going to say.
Despite the fact that I'm sitting here -- top Washington I'm running against Washington and I'm not really like these people have all of these things I said about hope and change to rain Washington and I couldn't affect them because of the people in congress so.
I think congressional Democrats looking for a hand up from President Obama are not likely to get -- he could actually have reverse coattails.
We have less than a minute Charles Democrats need today as as Mara pointed out a net gain of 25 seats next November to -- gain.
Control of the house.
-- they get paired that they gained c.'s -- lose seats obviously right.
I'm venture of those gain any that they're certainly not gonna get control of the house.
On the other hand I said I -- it had no chance of coming.
Actually take that we -- with a grain of a self flagellation -- -- asked to stop you know it's rare and hurt so I don't government.
But but don't rely on me look at frank here's a guy whose whole life is to be -- congressman.
And he decides he's not gonna run YA he might lose because he has a lot more conservative.
People in this district would be.
He knows in his heart that he's not gonna have control and if you are in the minority in the house there are few jobs in Washington -- important.