Posted on 07/22/2008 8:23:10 PM PDT by Sub-Driver
Lawmakers Reach Deal On Big Housing Package Bill Includes Relief For Fannie, Freddie; Tense Negotiations By MICHAEL R. CRITTENDEN and DAMIAN PALETTA July 23, 2008
WASHINGTON -- House and Senate leaders have largely hammered out a compromise deal on a mammoth housing package that would permit the government to bolster Fannie Mae and Freddie Mac in an emergency, overhaul supervision of the housing-finance giants and allow the government to insure up to $300 billion in refinanced mortgages.
The deal comes after tense negotiations and is likely to remain a source of contention when the House of Representatives votes Wednesday. The nonpartisan Congressional Budget Office said Tuesday that a temporary measure to prop up Fannie Mae and Freddie Mac could cost the government as much as $25 billion. And despite repeated White House veto threats, lawmakers plan to include a $4 billion program that would allow local governments to buy and rehabilitate foreclosed properties.
(Excerpt) Read more at online.wsj.com ...
With the billions and billions spent in bail outs one
thing is certain ... there’s waaayyyyyy too much tax
money lying around for the Government to misuse.
The evidence suggests to me that how much the government spends has almost nor relationship to how much it can afford to spend.
Moral hazard? - what moral hazard?.......
Call or write to your Congress critters and ask them to vote NO on this!!! Or at least table it for further discussion while the ramifications are determined!
This is being crammed down our throats quickly (particularly the Freddie/Fannie provisions, which as I understand it raise the debt limit for the Fed Gov and then hand Paulson a blank check to bail out the GSEs with).
If this passes there are going to be a LOT of unintended consequences such as a bond market collapse, higher inflation, a weaker dollar possibly leading to a dollar criss, higher interest rates, and that much more debt piled on what is already too much.
There are other options to deal with the GSE problem such as putting them into run-off but no one is looking at those, they are just throwing money at the Treasury.
Call/write/fax your reps about this!
LQ
Freddie Mae and Freddie Mac PAC’s are giving out thousands and thousands of dollars of PAC money to Dems. Guess they are getting their money’s worth.
Never believed in CFR until the research I am doing for http://www.LetsGetItRight.com. After I see company PACs giving to the Dems across the board, I am changing my mind. It is like a shakedown is going on with company PACs and the Dems.
Even when the Dems controlled Congress in the 80’s/90’s defense PACs gave to the GOP. This time they are giving to Dems almost across the board. Have a lot more research but the sampling I have done so far smells. PAC donation for Dem candidates are running 5-1 over Republicans. Healthcare, Insurance, Transportion including Airline Pilots and Owners, Defense, Communications, Insurance, Federal Employees Unions (no surprise), Mortgage Companies, Bankers, Brokerage Houses make up a large share of Dem PACs.
Would would association of Radiology, Podiatry, Optometric, etc. give to the Dems when they want socialized medicine? What am I missing?
If ever a veto was called for this is it!
Every one of these idiots should be kicked out in the street!
The banks/mortgage companies should go under also.
Profits are privatized and risks are socialized. Welcome to the NWO.
You’re right. This is ridiculous!
I am pleading with everyone to call their Senators and Representatives and TELL them to vote against this. They are ramming it down our throats with no discussion no debate no amendments. It will prove to be the worst piece of legislation in our Nations history.
CALL THEM FIRST THING TOMMORROW MORNING they are trying to vote tommorrow and finish it this week. It is unconscionable.
Your taxes and interest rates will go to the moon to bail out fraudulent bankers not homeowners, its a sham!
rs
The use of taxpayer funds to bailout Fannie Mae and Freddie Mac will put in jeopardy the US Credit Rating and the dollar’s status as reserve currency. This in fact, puts the US Government at risk.
The sheer size of the bailout has finally provoked the anger of the majority of taxpayers who had nothing to do with causing the problem but now find themselves being asked to pay for it.
Luckily, they now have an advocate that is ready to help them let congress know how they feel. With one click here: http://www.FedUpUsa.org , taxpayers can educate themselves and do something about it. They can watch a short video, read two letters from knowledgeable, responsible taxpayers to congress, participate in a protest in Wash DC and sign a petition endorsing the recommendations advocated in the two letters to stop bailouts and reverse the disastrous policies that have taken the US to the brink of a meltdown of its financial system.
The ramifications of a bailout of this size, especially without debate, demands that all media step up to bat and help get the word out to taxpayers.....after all, the Fed doesn’t have its own money.....it is using taxpayer money without their approval. The future of our country is at s
The use of taxpayer funds to bailout Fannie Mae and Freddie Mac will put in jeopardy the US Credit Rating and the dollar’s status as reserve currency. This in fact, puts the US Government at risk.
The sheer size of the bailout has finally provoked the anger of the majority of taxpayers who had nothing to do with causing the problem but now find themselves being asked to pay for it.
Luckily, they now have an advocate that is ready to help them let congress know how they feel. With one click here: http://www.FedUpUsa.org , taxpayers can educate themselves and do something about it. They can watch a short video, read two letters from knowledgeable, responsible taxpayers to congress, participate in a protest in Wash DC and sign a petition endorsing the recommendations advocated in the two letters to stop bailouts and reverse the disastrous policies that have taken the US to the brink of a meltdown of its financial system.
The ramifications of a bailout of this size, especially without debate, demands that all media step up to bat and help get the word out to taxpayers.....after all, the Fed doesn’t have its own money.....it is using taxpayer money without their approval. The future of our country is at s
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