Posted on 09/08/2008 2:22:19 PM PDT by Rennes Templar
Absolutely. Fannie and Freddie have always been a recipe for disaster - socialized risk with capitalist reward. How could we expect companies that would bare no risk if they failed and all of the gain if they succeeded to NOT cost taxpayers like us billion and trillions.
Poor Col. MacCormack.
I guess that is my point. I kind of am tired of all the BS.
We have less than 60 days left. It is going to be a rough road. Don’t buy all that we hear.
Kind of like, ignore them.
Gov. Palin is right: “Fannie Mae” and “Freddie Mac” have grown so vast in size with federal credit guarantees and an estimated $10 billion/yr in hidden subsidies such as permanent tax holidays. Most significantly, b/c the political class of both parties has allowed them to be quasi-public with guarantees (”capitalism in good times and socialist in bad times”) the taxpayers are on the hook for countless tens or hundreds of billions of dollars. No matter what happens now they are “Too expensive to taxpayers” because we are all on the hook together for countless billions of $$$.
We are now in a lose-lose situation where any option is going to be extremely costly, and some are hoping that the federal takeover with “only” cost maybe $50 billion or (they hope) under $100 billion, whereas if the two companies were allowed to continue to blunder toward collapse it could end up costing the taxpayers hundreds of billions????
So Gov. Palin is exactly right that this farcical situation has been allowed to go on for far too many years, to the point that taxpayers get screwed either way.
btw, I knew Dean Baker (one of the so-called “economists” quoted) in another time and place, and he is a nasty vicious POS. He is one of the people who years ago made me come to despise leftists with a personal intensity..... he was DailyKos or DU long before the web existed, though of course he tries to pretend to a lofty objectivity when he is babbling in public.
2 of the 3 “economists” quoted are socialist fools associated with “Center for American Progress” and the socialist rag “American Prospect”
That means they don’t know anything much about economics, no matter what degrees they may have obtained.
The 3rd is from CATO and makes a reasonable point that is consistent with what Gov. Palin is saying.
Another “non-Gaffe” from the lying MSM. I’m sure they are being spoon-fed by the likes of Media Matters and HuffPo, et al.
I know. See #34.
The writer is merely regurgitating “sources” from Center from American Progress and American Prospect. This is a left-wing hit piece, period.
Please see #144
I agree with you 100%.
Actions have consequences.
I’m sure the media will spend just as much time reporting Obama’s “my Muslim faith” comment...
*crickets*
Don’t they help with mortgages in all 57 of our States?
But, Obama is the first black candidate for the Presidency.
His tepid experience in governance, lack of command of salient, critical facts, and anecdotal evididence of his lack of love of this nation matters not in this election.
Simply, he’s black and should be elected.
If I’m banned, I’ll enjoy lurking, I have no apology for this post.
It’s a nothing ‘gaffe’. The vast majority of Americans have no idea what exactly Fannie Mae and Freddie Mac are, or have to do with the economy. Now, if she were to say something at odds with what every normal American knows to be true, then she might have a problem. But this is only an issue to the ‘gotcha’ elite waiting for her to stumble.
It’s possible... JUST POSSIBLE... that she isn’t practically perfect in every way...
***Well, she does remind me of Mary Poppins. Palin is the spoonful of sugar that makes the McCain “medicine” go down.
Indeed - as events have shown, she was right on the money.
Liberals fumble with the truth.
Good one...!
>> They are too expensive for the taxpayers.
Whereas Palin said “to” and not “for”.
Palin: “they’ve gotten too big and too expensive TO the taxpayers.”
The remarks, in reference to certain lending agencies SPONSORED by the gov’t, speaks to among other things the bureaucratic COST burden TO the TAXPAYER.
Sarah is right on. These are qasi governmental companies that are now completely under the governments control. Taxpayers are picking up the check for private investors thats what this is all about.
I'm an expert investor and until 5 years ago, I did not completely understand what fannie and freddie did. Furthermore, a lot of bankers did not know if fannie's and freddie's bonds were guaranteed or not by the US govt. (they were implicitly, but not explicitly guaranteed and now are explicitly guaranteed, confusing isn't it).
But the truth is, Sarah did make an undeniable mistake.
Well, the bailout did get too expensive for the taxpayers.
What gaffe? Everyone in the banking industry knows that Fannie and Freddie are government-backed cronies. These two institutions had given significant campaign contributions to both parties over the years.
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