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U.S. rescues Fannie, Freddie
marketwatch.com ^ | 7/13/08

Posted on 07/13/2008 3:31:33 PM PDT by Sleeping Freeper

U.S. rescues Fannie, Freddie Treasury Department raises credit line, has power to buy companies' stock. Fed will open discount-lending to two government-sponsored mortgage lenders. Paulson calls for new regulatory controls.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Breaking News; Business/Economy
KEYWORDS: banking; bernanke; bush; fanniemae; fed; freddiemac; gorelick; govwatch; jamiegorelick; nau; paulson; printmoney
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All over AP or Bloomberg, WSJ.... with more details.
1 posted on 07/13/2008 3:31:33 PM PDT by Sleeping Freeper
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To: Sleeping Freeper

I predict oil will fall due to the 2 Iran hoaxes being debunked...

and this move will cause the markets to rise.


2 posted on 07/13/2008 3:32:48 PM PDT by BurbankKarl
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To: All

More detail here:

http://money.cnn.com/2008/07/13/news/economy/fannie_freddie_sunday/index.htm?postversion=2008071318


3 posted on 07/13/2008 3:33:07 PM PDT by Sleeping Freeper
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To: BurbankKarl

Futures shot UP on the news. It baffles me.


4 posted on 07/13/2008 3:33:49 PM PDT by Sleeping Freeper
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To: Sleeping Freeper

They are too big to fail. Any Fed who would let them fail ought to be shot.


5 posted on 07/13/2008 3:36:04 PM PDT by Petronski (Scripture & Tradition must be accepted & honored w/equal sentiments of devotion & reverence. CCC 82)
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To: Sleeping Freeper

I wonder if there is anything they can do for Bernie. He has brought down the wrath of the Messiah on himself.


6 posted on 07/13/2008 3:36:26 PM PDT by FlingWingFlyer (The U.S. Constitution was not written to protect those who want to destroy America.)
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To: Sleeping Freeper

And the destruction of the American dollar continues....


7 posted on 07/13/2008 3:36:36 PM PDT by TruthConquers (Delendae sunt publici scholae)
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To: BurbankKarl

Can you imagine what the oil speculators had to pay to get the Iranian military to pull of that stunt?


8 posted on 07/13/2008 3:38:27 PM PDT by muawiyah (We need a "Gastank For America" to win back Congress)
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To: Sleeping Freeper

I don’t get it... the price of gold hasn’t gone anywhere according to kitco.com... I sort of expected a rise in gold when the Feds bail out Freddie Mac and Fannie Mae...


9 posted on 07/13/2008 3:40:57 PM PDT by John123 (Obambi said that he has been in 57 states. I will now light myself on fire...)
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To: Sleeping Freeper

It’s only money.


10 posted on 07/13/2008 3:41:11 PM PDT by Glenn (Free Venezuela!)
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To: Sleeping Freeper

They are probably sticking it to the short sellers.


11 posted on 07/13/2008 3:42:38 PM PDT by BurbankKarl
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To: muawiyah

The fake missile launch or the fake news of IDF staged at US bases in Iraq?


12 posted on 07/13/2008 3:44:51 PM PDT by BurbankKarl
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To: BurbankKarl

RE OIL PRICE:

tropical system getting organized in the mid Atlantic, conditions very favorable for development..some long range models and current upper air pattern suggest that it will move into the carribean then maybe the into the gulf


13 posted on 07/13/2008 3:51:54 PM PDT by janetjanet998
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To: Sleeping Freeper

They have a great gig, their profit is privatized but their risk is socialized. Beautiful for all except the taxpayers.


14 posted on 07/13/2008 3:52:58 PM PDT by Jacquerie (Barack Obama - A god for the Godless.)
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To: Petronski
Any Fed who would let them fail ought to be shot.



"Yo, I still say lettum' fail, hommie."

15 posted on 07/13/2008 3:57:20 PM PDT by library user (There's no sandwich like prawn sandwich.)
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To: Sleeping Freeper

If we’re going to rescue Fannie and Freddie, then we need a **PUBLIC** audit of their books.

The bonuses that they have paid out to Democratic Party political hacks need to highlighted, too.


16 posted on 07/13/2008 4:00:17 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Sleeping Freeper

They should bail them out, only if Franklin Raines and Jamie Gorelick are forced to return the money they essentially stole from the shareholders.


17 posted on 07/13/2008 4:00:39 PM PDT by ikka
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To: Sleeping Freeper

Is this good or bad???


18 posted on 07/13/2008 4:03:23 PM PDT by pgkdan (Tolerance is the virtue of the man without convictions - G.K. Chesterton)
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To: Jacquerie

There’s always someone looking to dump some bad debt caused by poor decisions on the US taxpayers. God forbid they’d actually have to be RESPONSIBLE for themselves for a change.


19 posted on 07/13/2008 4:15:23 PM PDT by RasterMaster (Rudy McRomneyson = KENNEDY wing of the Republican Party)
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To: janetjanet998

I saw an expert on Cavuto a while back say one storm in the Gulf and you’ll see gas at $10 a gallon. I wonder what the price has to be for minimum wage workers to say, “That’s it. I can’t afford to go to work”.


20 posted on 07/13/2008 4:15:31 PM PDT by Terry Mross
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To: Southack
we need a **PUBLIC** audit of their books.

Why not use the audited financials in their 10-K? That's a public document, right on the web. For free.


21 posted on 07/13/2008 4:16:20 PM PDT by Nick Danger (www.swiftvets.com)
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To: pgkdan
Is this good or bad???

It's bad. This morning the news was that Treasury would explain that everything was okay and there was no need to panic. Now they've moved on to needing to "do" something to prevent the panic. 3 billion in short term bonds goes on sale tomorrow, as scheduled, and if there are no buyers, then there is a significant problem.

Not to worry, though. These corporations are backed by the earning power of the US taxpayers.

22 posted on 07/13/2008 4:24:50 PM PDT by Glenn (Free Venezuela!)
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To: Nick Danger

Because I don’t trust what’s been put together in private.

Fannie and Freddie need new audits, done in full public view.

That’s not a lot to ask.


23 posted on 07/13/2008 4:26:55 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: TruthConquers

And the taxpayer(s-) get the shaft again, and again......


24 posted on 07/13/2008 4:42:38 PM PDT by mulligan (A)
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To: Sleeping Freeper
A big bailout is better than a huge default.

GM and Ford are next. Both are near death at this moment, with their bonds trading like junk and their stocks nearly worthless.

25 posted on 07/13/2008 4:42:39 PM PDT by JasonC
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To: mulligan
Find me a taxpayer who was going to be wealthier if the financial system imploded at the opening on Monday.
26 posted on 07/13/2008 4:43:39 PM PDT by JasonC
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To: Southack
Got time to read through 20 million mortgage documents? Say, by noon Tuesday, no rush...
27 posted on 07/13/2008 4:45:22 PM PDT by JasonC
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To: Terry Mross

I already have people turning down jobs 15 miles from home that pay $15 because, after gas, they don’t think it’s worth it.


28 posted on 07/13/2008 4:49:08 PM PDT by SlapHappyPappy
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To: Sleeping Freeper

“New regulatory controls” always scare me. Could someone explain to me just how much the Federal Reserve is a government agency, and how much it is a private company? Because I especially don’t like a private company being in charge of regulation.


29 posted on 07/13/2008 4:50:33 PM PDT by kc8ukw
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To: Petronski
They are too big to fail. Any Fed who would let them fail ought to be shot.

Sadly enough you are right since it was the Federal Government helping promote this issue with inane laws dictating that loans need to be given even to those not capable of personally handling the loans that they WANT.

30 posted on 07/13/2008 4:52:42 PM PDT by EGPWS (Trust in God, question everyone else)
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To: mulligan
And the taxpayer(s-) get the shaft again, and again......

Hundredth verse, same as the first.

31 posted on 07/13/2008 4:55:27 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Sleeping Freeper

I can’t figure out anymore why futures keep going up. Futures go up because of tensions with Iran, futures go up when we discover Iran is bluffing in the stupidest way. I don’t think there is rhyme or reason to it anymore.


32 posted on 07/13/2008 4:55:37 PM PDT by autumnraine
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To: FlingWingFlyer

HA!


33 posted on 07/13/2008 4:56:01 PM PDT by autumnraine
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To: Glenn
It’s only money.

Soon to be worth much less....

34 posted on 07/13/2008 4:57:52 PM PDT by EGPWS (Trust in God, question everyone else)
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To: SlapHappyPappy
I know the temp. agency I do extra work for is having trouble finding merchandisers. All the jobs require travel, they have been offering ‘extra’ pay for travel on top of their standard mileage reimbursement.
35 posted on 07/13/2008 4:58:06 PM PDT by EBH ( ... the riotousness of the crowd is always very close to madness. --Alculin c.735-804)
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To: RasterMaster

Between the borrowers and lenders, everyone else lived the high life while you and I stayed in our modest, affordable homes and now we get to bail them out. Yay us.

I don’t think we should help the foreclosure problem or the banks that got in this mess.


36 posted on 07/13/2008 4:58:58 PM PDT by autumnraine
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To: autumnraine

Perhaps inflation is thought to be even more important than the Iranian situation?


37 posted on 07/13/2008 4:59:59 PM PDT by kc8ukw
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To: Southack

Audits are done by public accountants who are certified to perform them. What other audit do you propose?


38 posted on 07/13/2008 5:25:22 PM PDT by Raycpa
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To: Terry Mross

You bring too light a very dangerous fiscal disaster on the horizon. Welfare rolls are cheaper than “pay-roll’s” for the low income sorts that “WERE” working for their role in the economy.


39 posted on 07/13/2008 5:27:21 PM PDT by Squantos (Be polite. Be professional. But, have a plan to kill everyone you meet)
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To: BurbankKarl
They are probably sticking it to the short sellers.

Works for me; take away all their money too;

40 posted on 07/13/2008 5:28:32 PM PDT by af_vet_1981 (Waiting for Samson)
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To: JasonC

And find a taxpayer who, in the long run, is going to be better off because of the continued government bailouts of poorly run and managed companies.


41 posted on 07/13/2008 5:29:32 PM PDT by mulligan (A)
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To: Sleeping Freeper

“Treasury, Fed move to rescue Fannie and Freddie”

Obama isn’t going to bring us Socialism. It’s already here IN FREAKIN’ SPADES!


42 posted on 07/13/2008 5:40:01 PM PDT by Grunthor (Whatever causes you to forget God, becomes the god of your life.)
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To: Sleeping Freeper

With the stimulus package and recent string of bailouts I’d swear we are in the midst of a second “New Deal.” I wonder if that is such a bad thing considering that there is so much uncertainty in virtually every sector of the economy. Let the executive and legislative branches kick a little ass and protect American interests through strategic initiatives that helps US in the short and long term.


43 posted on 07/13/2008 5:46:38 PM PDT by rushed
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To: mulligan
That'd be all of them. Not hard.

People practice one entry accounting. They pretend every raise they ever got was merited as a real increase, but the nasty financiers and gubmint went and mucked everything up and took half of it back through inflation and what-not. Nobody ever thinks the first part was about as much due to more money sloshing around as to anything they did themselves.

44 posted on 07/13/2008 5:51:38 PM PDT by JasonC
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To: Glenn

Its only paper, print more and bail everything out.lets send everyone a check for $1,000,000 and end the recession right now!

/s


45 posted on 07/13/2008 5:55:15 PM PDT by omega4179 (B.Hussein Keep the change!)
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To: kc8ukw
Since the Iranian situation is what is sending oil into orbit, and oil in orbit is bankrupting GM and Ford as well as triggering general inflation, that distinction doesn't go through.

Everyone is still trying to pretend we can just wish it all away and ignore it and do whatever we like. But meanwhile, at present prices the proven oil reserves of just the countries on the southern side of the Persian gulf, are worth more than all the world's stock markets, combined. A few hundred Arab princes can buy our entire financial system tomorrow for a song, if they decide they want to.

Ignoring it just means surrendering and losing, it won't make any of it go away.

46 posted on 07/13/2008 5:55:47 PM PDT by JasonC
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To: kc8ukw
Since all its profits every year go to the US treasury, and its board is appointed by the president and confirmed by the senate, I'd say it is to all intents and purposes a government agency. Nominally it is a whole conglomerate and the US treasury is its controlling owner, but that is a relic of how it was created, and its only practical consequence is that nationally chartered banks have contractual access to the discount window (ability to borrow) - but at rates and terms set by the Fed, up to limits it sets, subject to its regulatory approval, etc
47 posted on 07/13/2008 6:05:09 PM PDT by JasonC
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To: Petronski

The Treasury may not let them fail, but in doing so I hope the equity is wiped out or minimized to $1.00.


48 posted on 07/13/2008 6:05:25 PM PDT by cowtowney
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To: muawiyah

It is not oil speculators. It was Putin, Chavez, and the Ayatollah who liked the dog and pony show.


49 posted on 07/13/2008 6:06:29 PM PDT by Thunder90
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To: autumnraine
Futures will go up until Iran's nuclear program is a smoking ruin and oil is flowing freely through the strait of Hormuz despite any resulting fracas that results.

If nobody attacks Iran's nuclear program, Iran will get nukes and use them - and oil will be going up like a rocket the entire time. Along the way, Arab oil money will buy the entire modern west and we will all have the choice of working for them forever, or trashing capitalism to take it back.

50 posted on 07/13/2008 6:07:43 PM PDT by JasonC
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