RUSH: Last night on MSNBC Barney Frank said that I ‘launched a vicious, homophobic attack against him.’ Yeah, grab audio sound bite number three and keep number four standing by. This happened last night on Lawrence O’Donnell’s new time period, shift, whatever. He said to Barney Frank, ‘You’ve been targeted by national Republican attackers from Rush Limbaugh on down, that food chain, and you’re in a reelection race this year that has more action than you’re usually accustomed to. Do you feel that energy and that funding coming in from out of state, or is this a local uprising?’
FRANK: I would just make one correction, Lawrence, when you said this is from Rush Limbaugh on down. I think it’s from Rush Limbaugh on up by any valid measure. He just launched this really, umm, even for him vicious, umm, homophobic attack. My opponent, who’s running against me, uh, told the Wall Street Journal that, uhh, uhh, uhh, he’s raised a lot of money from out of state. He was very explicit earlier this year. He said, ‘If I don’t get help from out of state I can’t win this thing.’ Uh, he’s helped by the right-wing media, by Hannity and Limbaugh, by Fox News.
RUSH: Yeah? I’m trying to figure out what homophobic attack did we launch on him? We’ve never launched a homophobic attack on anybody. I never launched a ‘homophobic attack’ on anybody! I mean, we played this song — Banking Queen.
(playing of Banking Queen parody song)
RUSH: You think it’s My Boy Lollipop? We’ve only doing that since the earlier nineties. All right, that’s enough of Banking Queen right now. I’m trying to figure out what the ‘homophobic attack’ was. Well, grab My Boy Lollipop. Maybe it’s this, if you have this handy. I didn’t ask for it in advance. Maybe it will take a while to put that in there.
(playing of My Boy Lollipop)
RUSH: Now, we’ve been doing this for years. Including the sound effects.
(playing of My Boy Lollipop)
RUSH: You know, we’ve been doing that since, my gosh, I mean the early 1990s. That was the original (and still is) the Barney Frank update theme: My Boy Lollipop by Millie Small. Seriously, I have not launched a homophobic attack on Barney Frank. By the way, that’s Dave ‘Baby’ Cortez, the title of that tune is Rinky Dink. Dave ‘Baby’ Cortez also had a song we could have used. We could have probably used this at one time for a Barney Frank update. His song preceding Rinky Dink was called The Happy Organ.
RUSH: What do we have here? Dave ‘Baby’ Cortez and The Happy Organ. Just think Barney Frank listening to this. Eliot Spitzer works in this song, too, a happy organ. There’s a harmonica in My Boy Lollipop, called a mouth organ, by the way. Dave ‘Baby’ Cortez. This is ancient for some of you. This is from 1958, The Happy Organ. I’ve been waiting my whole life for Jay-Z or P. Diddy to do a cover, The Happy Organ.
RUSH: Let’s go back, number four, Barney Frank. We played the sound bite earlier where he said last night that I launched a vicious homophobic attack. We honestly cannot think of when we did that ’cause we didn’t do that. But last night on MSNBC’s The Last Word, Barney Frank continues about the financial crisis and the Republican Party.
FRANK: They are blaming us, me as chairman of the committee for their own errors. The Republicans were the ones who, for example, resisted any effort to curtail predatory lending. We started in 2004, Democrats on the committee that I serve on, to get legislation adopted to stop predatory loans. The Republicans said we were interfering with the market. Now they’re blaming us for the loans that we tried to stop. Fannie Mae, Freddie Mac, that’s one of the ones they’ve thrown at me. The Republicans controlled the Congress from 1995 to 2006, did nothing. The House tried to do it and couldn’t get it done.
RUSH: This is absurd. So I guess now it’s not homophobia that’s doing him in, it’s these rascally Republicans out there accusing him of being to blame for the subprime mortgage business. Now, the Republicans controlled the House from 1995 to 2006, and the Democrats cowed them at every turn practically, particularly as they got closer and closer to 2006. I remember seeing the regulators that were brought in to testify about what was wrong at Fannie Mae, Freddie Mac, what was wrong with the subprime crisis, what was going to happen, what it was leading to, and the Democrats, Maxine Waters and Barney Frank lashing out at these regulators and demanding that they shut up and it was pure intimidation. The Republicans did try to stop it. They just didn’t have the guts to keep going after the Democrats got their hackles up on it. Let’s go back, September 10th, 2003, in Washington. This is on Capitol Hill during a House Financial Services Committee hearing into the oversight of Fannie Mae and Freddie Mac. Barney Frank, this is what he said.
FRANK: I do not think we are facing any kind of a crisis, that is in my view the two government sponsored enterprise we’re talking about here, Fannie Mae and Freddie Mac, are not in a crisis. I do not think at this point there is a problem with a threat to the Treasury. The more people in my judgment exaggerate a threat of safety and soundness the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn’t bail ’em out but the more pressure there is there then the less, I think, we see in terms of affordable housing.
RUSH: Well, that’s genuine mumbo jumbo. I mean that’s genuine mumbling. Here’s Barney last night saying, (imitating Frank) ‘They’re blaming us, they’re blaming us for the problems of Fannie Mae and Freddie Mac, but it was the Republicans that caused the problems, the Republicans, it was the Republicans.’ And now back in 2003, Barney: ‘There weren’t any problems.’ Fannie Mae and Freddie Mac were hunky-dory, everything was just fine. There wasn’t any kind of crisis. To say so is to speak against affordable housing. To say that there are problems with subprimes, to say there’s a problem with Fannie Mae and Freddie Mac was to say there was a problem with affordable housing. Mr. Inconsistent here. Last night, (imitating Frank) ‘It’s the Republicans, they were the ones that were blaming me when it was their fault. They were the ones that were in charge and we couldn’t stop them, we tried to stop them.’ Now in 2003 there wasn’t anything wrong, in 2006 there wasn’t anything wrong. No, no, no, everything was hunky-dory. And if you stood against any of this you were against affordable housing, Barney Frank. Let’s go back to 1998, if you want to get to the root of all this. This is the department of Housing and Urban Development. The Secretary Andrew the Como held a press conference about discrimination in public housing.
CUOMO: Discrimination isn’t always that obvious. Sometimes more subtle, but in many ways more insidious, and institutionalized discrimination that’s hidden behind a smiling face. Housing agents who say, ‘Well, there are no vacancies right now,’ that you just didn’t qualify for the mortgage because your financial credit history wasn’t good enough. About 15,000 families we estimate will get mortgages who would not have gotten mortgages otherwise. But aggressively to take a greater risk on these mortgages, yes. To give families mortgages who they would not have given otherwise? Yes.
RUSH: All right, so here’s Andrew the Como running HUD, running the program for Clinton. This is the subprime mortgage crisis, the subprime mortgage policy that he’s talking about. We should point out for Barney Frank, Andrew the Como actually did run a homophobic campaign for his dad against Ed Koch. But that’s another story. Here you have Andrew Cuomo explaining how it was gonna work. (imitating Cuomo) ‘We’re going to put people in mortgages that couldn’t afford mortgages, otherwise it’s affordable housing. We’re going to be fair about it.’ April 3rd, 1998, Department of Housing and Urban Development, question and answer. A reporter said to Andrew the Como, ‘Minorities are represented in that low and moderate income group? Is that what you’re saying?’
CUOMO: It is by income and it is also by minorities? Yes. With a $2.1 billion lending that amount in mortgages, which will be a higher risk, and I’m sure there will be a higher default rate on those mortgages than on the rest of the portfolio, that is the remedy that we sought and the remedy that I would prefer, 15,000 families. This is of a scope so beyond anything that we’ve really done in the past.
RUSH: Yeah. So he’s admitting that they’re high risk; he’s admitting there’s going to be defaults; he’s admitting this thing is full of holes, ‘by a scope we’ve never done in the past,’ but we have to do it anyway because it’s affordable housing. In other words, it simply isn’t fair to say that just because you can’t afford a house you shouldn’t own one. I mean what’s fair about that? It’s not fair. You should be able to own a house even if you can’t afford it, because other people who can’t afford it own a house, it’s not fair that you can’t and so we, Bill Clinton and the Democrats, Barney Frank, Andrew the Como and everybody else, we’re going to see to it, we’re gonna pressure the banks to make these loans for these mortgages. And this is just the first 15,000 families. If it had been held at 15,000 families we wouldn’t be in the trouble we’re in now, wouldn’t have a crisis. But it ballooned way beyond 15,000 families.
RUSH: (song playing) Yes, I wanted to hear it again. The Happy Organ, Dave ‘Baby’ Cortez. (song playing) 1958, I believe. It might have been 1960, whatever. I am seven, eight, nine years old (singing) and I am listening to KXOK St. Louis — the Radio Park in St. Louis, 630 on the dial — wanting to be on the radio playing the song (song playing) when I was seven years old, eight, nine years old. (song playing) That is why this song is in the bumper rotation. (interruption) Did I ever do deejay music at parties? No. I never did that, never wanted to do that. I wanted to be a deejay on the radio, not at the parties. No, no, no, no, no. That wasn’t even invented yet anyway. I mean, deejaying at parties? Who wanted to work at parties? (song playing) (sigh) I did do the announcements at school once. Yeah, I did the homeroom announcements. I did. Once. (laughing) I did. (interruption) No, I didn’t do skater rinks. But I remember that song. I wanted to be on the radio playing that song. Seven years old, folks. I was seven or eight, nine, whatever it was, whatever year that song was. I knew then that’s what I wanted to do.