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Shawn Chittle
F L I N T O I D
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So your conservatives out there, what do you have to say for yourself? And your "leave the government out of business" garbage?
1. Government bails out Fannie Mae
2. Government bails out Freddie Mac
3. Government bails out Bear Sterns
4. AND NOW THE GOVERNMENT IS BAILING OUT A PRIVATE INSURANCE COMPANY, AIG, WITH $85,000,000,000 OF OUR TAX DOLLARS! THAT'S OUR MONEY! YOURS AND MINE!
George Bush: Socialist!
Federal Reserve Bank: Socialist!
Bernard Bernanke: Socialist!
Hank Paulson: Socialist!
The only reason Paulson won't bail out Lehman Brothers is because HIS F***** BROTHER WORKS THERE!
I never, EVER want to hear a damn negative word or complaint from you conservatives regarding affirmative action, favoritism, government benefits, preferential treatment, government loans, or anything like that!
Because as of today, it's all over. America is now socialist. When we're bailing out private companies because they are run by f****** incompetent morons who knew better in the first damn place, and now CRY AND WHINE TO THE FED.
"Oh please, we don't know what to do, we still want our $15m salary and our private jets, but please please save us from our own stupidity Mr. Big Government! We know you know best! We promise it will never happen again! Until the next time we've COMPLETELY LOST OUR F***** MINDS!" |
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Wed Sep 17, 2008 9:53 am |
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Shawn Chittle
F L I N T O I D
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Wed Sep 17, 2008 10:11 am |
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andi03
F L I N T O I D
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I don't think that this is going well at all, ya think?
I wonder what kind of stipulations are going to go along with the loans. Any time you borrow moola this equals strings attached. Will they want to see my credit?
the government that is. I just bought a new computer and I can't type for beans, this message has taken too long to type, you get my drift...)(*^*^&%. |
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Build a bridge and get over it! |
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Wed Sep 17, 2008 10:59 am |
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andi03
F L I N T O I D
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I don't think that this is going well at all, ya think?
I wonder what kind of stipulations are going to go along with the loans. Any time you borrow moola this equals strings attached. Will they want to see my credit?
the government that is. I just bought a new computer and I can't type for beans, this message has taken too long to type, you get my drift...)(*^*^&%. |
_________________
Build a bridge and get over it! |
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Wed Sep 17, 2008 11:00 am |
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Dave Starr
F L I N T O I D
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quote:
andi03 schreef:
I don't think that this is going well at all, ya think?
I wonder what kind of stipulations are going to go along with the loans. Any time you borrow moola this equals strings attached. Will they want to see my credit?
the government that is. I just bought a new computer and I can't type for beans, this message has taken too long to type, you get my drift...)(*^*^&%.
I know what you mean about the new computer. I switch from laptop to desktop & it's like someone rearranged the keyboard. |
_________________
I used to care, but I take a pill for that now.
Pushing buttons sure can be fun.
When a lion wants to go somewhere, he doesn’t worry about how many hyenas are in the way.
Paddle faster, I hear banjos. |
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Wed Sep 17, 2008 11:34 am |
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Dave Starr
F L I N T O I D
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quote:
Shawn Chittle schreef:
So your conservatives out there, what do you have to say for yourself? And your "leave the government out of business" garbage?
1. Government bails out Fannie Mae
2. Government bails out Freddie Mac
3. Government bails out Bear Sterns
4. AND NOW THE GOVERNMENT IS BAILING OUT A PRIVATE INSURANCE COMPANY, AIG, WITH $85,000,000,000 OF OUR TAX DOLLARS! THAT'S OUR MONEY! YOURS AND MINE!
George Bush: Socialist!
Federal Reserve Bank: Socialist!
Bernard Bernanke: Socialist!
Hank Paulson: Socialist!
The only reason Paulson won't bail out Lehman Brothers is because HIS F***** BROTHER WORKS THERE!
I never, EVER want to hear a damn negative word or complaint from you conservatives regarding affirmative action, favoritism, government benefits, preferential treatment, government loans, or anything like that!
Because as of today, it's all over. America is now socialist. When we're bailing out private companies because they are run by f****** incompetent morons who knew better in the first damn place, and now CRY AND WHINE TO THE FED.
"Oh please, we don't know what to do, we still want our $15m salary and our private jets, but please please save us from our own stupidity Mr. Big Government! We know you know best! We promise it will never happen again! Until the next time we've COMPLETELY LOST OUR F***** MINDS!"
Just saving the Dems the trouble of socializing everything when they take over. |
_________________
I used to care, but I take a pill for that now.
Pushing buttons sure can be fun.
When a lion wants to go somewhere, he doesn’t worry about how many hyenas are in the way.
Paddle faster, I hear banjos. |
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Wed Sep 17, 2008 11:36 am |
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twotap
F L I N T O I D
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Your right Shawn lets hope the next time the Government comes up with such a feel good lame brained idea like letting folks who have little or no income buy a home they will remember and learn from this.
Friday, 12 September 2008
Whose fault is it that Freddie and Fannie are on the ropes?
An obvious question given the mess that Fannie Mae and Freddie Mac are now in is, Whose fault is it that Freddie and Fannie are on the ropes? At Cafe Hayek Russ Roberts's answer to the question is
I actually think this is an emergent mess that evolved out of no one's design. An alliance of bootleggers and baptists that created something that was no one's intention but that served many people well until it fell apart. It's a study in flawed incentives and institutional design. The lesson is that government agencies work best when we know what they're doing and there is some measure of accountability, even if it's only political.
Roberts then offers a little fable on the subject,
Once upon a time, Fannie and Freddie were partners in a business. Well, it wasn’t exactly a business. It was almost a charity. Not quite. It was sort of a government agency. Or maybe it was all three together. When Fannie and Freddie talked to investors, they acted like a business. When they talked to the government regulators, they acted like a government agency.
And when they talked to the American people, they acted like a charity. A charity whose goal was to help more people own a home.
Who could be against that?
But it’s hard to be three things all at the same time. So maybe it’s not surprising that Fannie and Freddie ultimately ended up suffering from multiple personality disorder. Which were they? A business? A charity? A part of the government? No wonder people were confused.
One day, Henry, who worked for Uncle Sam, woke up and discovered that Fannie and Freddie didn’t have enough money to keep the promises they had made. Henry was one of the last ones to find out. A lot of people had been saying for years that Fannie and Freddie were living beyond their means. Now the bills had finally come due. Who was going to get stuck with the bill?
Everybody wanted to blame someone else. Some blamed Fannie and Freddie. But it wasn’t really their fault, they explained. Uncle Sam told us to act like a charity. So we helped a lot of people get houses who wouldn’t have had them otherwise. And our investors told us to make money. We tried to do both. And we’ve succeeded. Unfortunately, our books don’t balance.
When Uncle Sam got mad at Freddie and Fannie for making promises they couldn’t keep, Freddie and Fannie just shrugged. Hey, they said. You said you’d always take care of us. I know you winked when you said it. But can you really blame us for living large? When you have a rich uncle, nephews and nieces with credit cards are known to have a spending problem.
The lesson is clear for Uncle Sam. Fannie and Freddie need new rules, rules so different that we may as well change their names and call them Florence and Floyd.
We also should remember, there really isn’t a rich uncle. There’s just you and me. If we’re going to pay for the misdeeds of Florence and Floyd, let’s make them government agencies with accountability. Or disband Freddie and Fannie and let the people who take the risks risk their own money instead of yours and mine.
Eamonn Butler at the Adam Smith Institute blog offers his answer,
Not 'markets' but US government financial regulations were the principal cause of the credit crisis. I've written here before about the 'anti-redlining' laws: regulations to stop lenders refusing loans to people who happened to live in a poor part of town. That gave millions of poor people access to home loans – but at the expense of the institutions taking on riskier customers.
Now the loans have gone bad, the housing market is ailing, and the institutions are in pain. So the government steps in and takes over control of the mortgage lenders Fannie Mae and Freddie Mac.
Once Freddie and Fannie had about three-quarters of the mortgage market. But then the Fed decided that they should be classified more like hedge funds. But of course they then didn't meet the hedge fund accounting regulations... Put into the penalty box, they lost their top management and weren't able to ply their trade – just at the time when, thanks to plummeting interest rates, everyone else was re-financing their book to advantage.
All sorts of new products popped up on lenders' balance sheets – derivatives and other instruments with high yields, large leverage and riskier, narrower spreads. A mix of assets that the rating agencies didn't know how to rate. So trouble was stacking up but few people quite realized it. Fannie and Freddie were eclipsed, their mortgage share slid drastically.
On the 'anti-redlining' laws Butler has previously pointed out that for all the discussion there has been about the sub-prime mortgage market, few people have noted the simple fact that the US government actually compels banks to make loans to poor people in poor neighbourhoods – regardless of whether those loans are prudent and are ever likely to be repaid. Butler goes on to explain
It started with the Community Reinvestment Act of 1977, which aimed to support community groups, but in 1995 the Act was extended and beefed up, giving regulators far more powers to punish banks who refused to lend to people in poor urban neighbourhoods – so-called ‘redlining’ – because they considered the risks too high in those particular areas.
Congress's idea, obviously, was to extend to poorer people the same rights and enjoyment of home ownership that the middle-class majority possessed. But in fact it precipitated the banks into giving loans to some rather shaky people. Quite simply, they feared retribution by the regulators if they did not.
As a result, sub-prime loans mushroomed in the late 1990s. Not too bad for as long as the US economy was booming. But booms inevitably burn out and then the banks started to realize the magnitude of their dodgy contracts. And now, the whole world is being sucked into this crisis, and ordinary, prudent bank customers find themselves and their money frighteningly exposed.
Posted by Paul Walker at 7:31 AM |
_________________
"If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times. |
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Wed Sep 17, 2008 11:46 am |
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Adam
F L I N T O I D
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quote:
Shawn Chittle schreef:
1. Government bails out Fannie Mae
2. Government bails out Freddie Mac
3. Government bails out Bear Sterns
4. AND NOW THE GOVERNMENT IS BAILING OUT A PRIVATE INSURANCE COMPANY, AIG, WITH $85,000,000,000 OF OUR TAX DOLLARS! THAT'S OUR MONEY! YOURS AND MINE!
George Bush: Socialist!
Federal Reserve Bank: Socialist!
Bernard Bernanke: Socialist!
Hank Paulson: Socialist!
Wow you finally figured this out? Where were you all those times Bush was working with liberal dems to help increase the size of government?
Conservatives aren't supposed to support taxes either. The Federal Reserve inflation tax is a pseudo tax.
Bush pretty much lied like his father and then conservatives had to vote for him again to keep out the dem. |
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Wed Sep 17, 2008 11:55 am |
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Kevin McKague
F L I N T O I D
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Wed Sep 17, 2008 12:01 pm |
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Marko Rollo
F L I N T O I D
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quote:
twotap schreef:
...It started with the Community Reinvestment Act of 1977, which aimed to support community groups, but in 1995 the Act was extended...
It's all Jimmy Carter and Bill Clinton's fault.
Brilliant.
I wondered how long it would take for this logic to show up. |
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Wed Sep 17, 2008 12:05 pm |
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Adam
F L I N T O I D
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Wed Sep 17, 2008 12:17 pm |
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Adam
F L I N T O I D
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Wed Sep 17, 2008 12:28 pm |
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Kevin McKague
F L I N T O I D
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quote:
Marko Rollo schreef:
quote:
twotap schreef:
...It started with the Community Reinvestment Act of 1977, which aimed to support community groups, but in 1995 the Act was extended...
It's all Jimmy Carter and Bill Clinton's fault.
Brilliant.
I wondered how long it would take for this logic to show up.
There is plenty of blame to go around, according to Michael Greenberger. Here is another interview with him on NPR, from April: http://www.npr.org/templates/story/story.php?storyId=89338743 |
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Wed Sep 17, 2008 12:38 pm |
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twotap
F L I N T O I D
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Its a good thing that Obama the squeaky clean no more business as usual candidate has never buddied up with anyone involved in such a fiasco. Well maybe just this once.
James A. Johnson (businessman)
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James A. Johnson is a United States Democratic Party political figure. He was the campaign manager for Walter Mondale's failed 1984 presidential bid and chaired the vice presidential selection process for the presidential campaign of John Kerry. In the 2008 election, he is a member of the vice-presidential selection process for the presumptive Democratic nominee, Senator Barack Obama.
Johnson attended the University of Minnesota, and later received a Master of Public Policy degree from the Woodrow Wilson School at Princeton University. He has been awarded honorary degrees from Howard University, Skidmore College, Augsburg College and the University of Minnesota.
Johnson has long been one of Washington's most prominent leaders, holding leadership positions in business, the arts, and politics.
Johnson began his career as a faculty member at Princeton University, later moving on to the United States Senate as a staff member and to the Dayton-Hudson Corporation (now Target Corp.) as director of public affairs. He was executive assistant to Vice President Walter Mondale during the entire Carter Administration (1977-1981). Later, he founded and headed Public Strategies, a private consulting firm, from 1981 to 1985 before leaving for Lehman Brothers.
From 1991 to 1998, he served as chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae), the quasi-public organization that guarantees mortgages for millions of American homeowners. Previously, he was vice chairman of Fannie Mae (1990-1991) and a managing director with Lehman Brothers (1985-1990).
As of 2006, he is a vice chairman of the private banking firm Perseus LLC, a position he has held since 2001. He is also a board member at Goldman Sachs, Gannett Company, Inc., a media holding group, KB Home, a home construction firm, Target Corporation, Temple-Inland, and UnitedHealth Group.
Johnson has also served as chairman of both the Kennedy Center for the Arts (1996-2004) and the Brookings Institution (1994-2003). He is also a member of the American Academy of Arts and Sciences, the American Friends of Bilderberg, the Council on Foreign Relations, and the Trilateral Commission.
On May 22, 2008, Democratic Party officials confidentially divulged that Obama had asked Johnson "to lead the process" for selecting Obama's running mate.[1] On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson.[2] However, Johnson soon became a source of controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage lending crisis.[3] Although he was not accused of any wrongdoing and was initially defended by Obama on the grounds that he was simply an unpaid volunteer, Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama's campaign. |
_________________
"If you like your current healthcare you can keep it, Period"!!
Barack Hussein Obama--- multiple times. |
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Wed Sep 17, 2008 12:48 pm |
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Kevin McKague
F L I N T O I D
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quote:
twotap schreef:
Its a good thing that Obama the squeaky clean no more business as usual candidate has never buddied up with anyone involved in such a fiasco. Well maybe just this once.
James A. Johnson (businessman)....(blah, blah, blah.....)
This is relevant, how? |
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Wed Sep 17, 2008 12:53 pm |
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