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Sep 7, 2008, 2:39 GMT
US government to take over Fannie Mae, Freddie Mac (Roundup)
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Older Talkback
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Their stock market SUCKS
Their real estate market IS FILLED WITH GREEDY PEEPS
Their airline industry needs a BAILOUT
Their auto industry is begging for FEDERAL HELP
And Fanny and Freddy are going TO BE POO PEE
So there is a profound financial crisis involving the mortgage instituyions that has been going on unnoticed by your neocons (remember SP4 saying time upon time 'our economy is going through the roof '?)
When the truth is finally hitting you in the eye ,some other neocons start a digression on Islam ,carefully trying to take the fuse out of the situation and involving islam into this hotchpotch .
I thought that Freddie Mac functioned exactly as it was meant ,as a guarantee to private banks tha outstanding debts made by private contractors to the banks would be paid by your government .It was created for exactly that purpose .Now that the banks are facing a lot of unpaid mortgages and the market does not allow them to make enough money out of repossessing those houses because real estate property has collapsed in value ,they want this guarantees given by the US gvernment to function for them .You can hardly blame the administrators of Freddie Mac as SP4 does for that .They are not responsible for the crisi o course .But then who is ?Who hands out these risky credits to potential owners and promi sses them more and more credit based on the rising value of real estate during all the previous years ?Right ,you guessed it ,the very same banks that now are profiting from the measures taken by your government .What is now happening is that all the profits of previous decades are staying with the banks and now that the situation has gotten critical you folks are left to pay the losses .THis the capitalist version nationalization:as long as profits can be obtained,go for it,if the system overheats and explodes,give the bill to the taxpayer .And of the course the banks are laughing,and of course simpletons like SP4 will find a scapegoat for it.
'I thought that Freddie Mac functioned exactly as it was meant ,as a guarantee to private banks tha outstanding debts made by private contractors to the banks would be paid by your government'
You are probably thinking of the 'Federal Reserve Banks' or perhaps the FDIC. Freddie Mac is NOT an insurance agency.
Freddie Mac (is suppose to) buy conforming loans from other banks and hold those loans in a very secure setting.
The key is: 'conforming loans', which means loans with known collateral and a sound ratio of assets to debt. The Federal government regulated Freddie Mac, like a utility company, to make sure that happened.
The problem arose when the Federal government itself started making bad financial decisions and allowed others to do so to. They have been doing it for years, essentially to 'look good'. It is a form of 'pyramid game', directed by Bush and his policies. It can all be traced to Bush who changed a government from a secular, scientific one to a religious, mythical one where money could come from nowhere, or as the saying goes: from trees.
Everyone jumped on the bandwagon of getting money from trees (borrowing against non-existing equity and assets), following the direction and tone of Bush, and here we are.
Bush did so out of greed of the 'aflactic mobidopies'. He wanted to be right at any cost and did not want to compromise his point of view by lack of money.
People that suffer from great financial problems, such as huge debt, are often mentally ill and out of touch with reality.
Better go read the charter Tonny. The Fannies were set up to buy mortgages and provide a sound mortgage trading base, self-sustaining, not to overstack their portfolios with bad loans and then run to the US general fund every ten years.
The officers lobbying to this Libnazi controlled congress only made things worse, with the Countrywides stuffing their bad loans into Fannie like a f--king pie eating contest, facilitated by the Obamas, and the Dodds of Congress who got below-rate 'personal' loans. Fannie could have aid no, but, after all, the Dodds, and the waxmans and the Obama's delivered...right?
Golly, what a surprise.
The others followed and Fannie overstated it's portfolio's strength, a move that, if they were simply a publicly held company, they'd be in the slammer right now.
I guess you've never heard of Enron...how about sarbanes-Oxley? Go study them Tonny and get back to us, would you? Pity Congress does not live under the laws they pass for the rest of us.
Now, the feds cough up $300,000,000,000 and Bush signs the f--ker. God, this man has no fear of that f--king pen, but I wish he'd lock that thing up for a few days at a time. Nonetheless, what's he going to do?...markets are already up over this, seeing this as good news.
Golly, do I ever feel better. This, and a $300 billion unfunded farm bill a $35 billion health insurance giveaway...all unfunded....what a stellar record of Pay-go for the dems!
This is indicative of the failing system in the good 'ol US of A. It may have worked for a few decades but in the 21st century it obviously no longer does.
Hence, the socialist actions by the Bush regime to 'bail out' a failing Freddie Mac and Fannie Mae. Now they are pondering in the US congress whether to nationalize Freddie and Fannie.
And the American press as mouth piece of the evil empire asserted that countries such as Venezuela, Ecuador, Bolivia, and Russia were nationalizing companies as populist and socialist actions by 'authoritarian' governments.
Seems that America itself is following in those countries their footsteps.
That's right GWB....LONG LIVE SOCIALISM!!!!!!!!
..it'd work just fine, if congress had done it's job on oversight, instead of speding their time spanking Roove and Gonzales, and each preceding president had not ignored it to.
Once again, here is a plate of sh-t handed to Bush, who correctly, koterized the situation before it cascaded into something even larger, if thats even possible.
Bush, pilloried for every corporation has has come in contact with, bails out silently, a real corporate scandal, gagged by the press with no accountability from it's creditors (us..) after their political allies reap huge rewards in below-rate loans, like Frank, Obama, Dodd, etc. Don't get me wrong, the gop is responsible for some of this too.
So go back, pour yourself a drink and get out the KY because you are about to get sodomized.
to not engage in lending schemes - that was why he tore up the temple - but where are all the so called christians when it comes to the evils of lending and investing?
They are 2 of the most anti-christian activities one can engage in.
what's more, we now have 8 years with the stock market now at 1999 levels, 11,270 plus or minus, and yet we had eights years of record profits.
And now Freddie and Fannie we find out are big contributors to Obama. They want taxpayers to pay for a bailout of homeowners who overbought and even foreign investors, on our backs and the back of our children and grandchildre.
Both parties have their hands dirty though. No one will tax the very few people who can afford to pay taxes. Neither party is out there saying we need to bring back the property tax and this time do it for second and third homes.
Can you see either party even suggesting that those with the msot property should be in the highest property tax bracket?
The whole thing is totally corrupt.
and see who will pay the bill. It won't be the top 5% and it won't be the lower class. It will be the upper middle class and the lower upper class, neither of whom have enough money for their own expenses these days. For God's sake even the doctors and lawyers and just making enough to pay their bills.
another Bush class act?
It's already DEAD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SP4 why do you even bother commenting on things you don't understand at all ? Why the hell should the executives of those companies be put in jail for doing exactly what they have been paid for .By the way this whole unhealthy situation is in no wayto be blames on Bush alone .The basis was set by Reagan when he took all barriers away in the financial markets to allow the banks to make more profit .It is only simpletons like SP4that try to put the blame on the poor people unable to pay thei debts to the banks .Reality has it that the banks lobbied your republican consecutive governments to release all the barriers that prevented most people from overspending .As long as the banks ot richer and richer they opposed every form of control.Now that the whole thing has collapsed and they are unable to collect,they just turn to the tax payer and collect .
It takes in simpleton like SP4 to understand nothing from reality .Wasn't he the one claiming that 'the US economy was going throuhg the roofs ' after all ?Not exactly a person I would think as being in touch with reality .The whole 'hurray,we win' he derives from the Iraqi war might serve as an example :attack a country that has nothing to do with your september 11 attack,introduce Al Quaida where it never was,and finally when you drag yourself of your self created misery,climb on the dung hep and crow victory ,that is what he is doing .Who is brainwashed ?
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