Posted on 01/03/2010 7:45:32 PM PST by FromLori
Behind the Christmas Eve taxpayer massacre at Fannie and Freddie.
Happy New Year, readers, but before we get on with the debates of 2010, there's still some ugly 2009 business to report: To wit, the Treasury's Christmas Eve taxpayer massacre lifting the $400 billion cap on potential losses for Fannie Mae and Freddie Mac as well as the limits on what the failed companies can borrow.
The Treasury is hoping no one notices, and no wonder. Taxpayers are continuing to buy senior preferred stock in the two firms to cover their growing losses—a combined $111 billion so far. When Treasury first bailed them out in September 2008, Congress put a $200 billion limit ($100 billion each) on federal assistance. Last year, the Treasury raised the potential commitment to $400 billion. Now the limit on taxpayer exposure is, well, who knows?
(Excerpt) Read more at online.wsj.com ...
The zero’s plan is to hyperinflate the dollar to destroy any wealth the middle class may have accumulated and also to allow those who bought houses they couldn’t afford to “pay them off” with worthless dollars.
Fannie Mae and Freddie Mac are the two largest criminal enterprises in history.
I have to think Zero is a puppet. Sure he’s got his agenda, but he ain’t that bright. I say there are big, bad forces pulling his strings.
EXACTLY! Obomba is Soros and maybe others puppet....he was groomed for the role.
For sure did you read the ZH article posted earlier today? Your money would be safer in your mattress when this happens.
George Soros is Hussein Obama’s master.
Build more and mmore, even hthough we don;t eed it, and sell mmore and more to those who truly cannot afford it. The tapayer subsidizes it. Its welfare but we cannot call it that.The left have succeeded in redistributing wealth.
Tax the wealthy and lend to the "poh".
We are back at the place that caused the recession and nothing has changed.
Thats what happens when the government uses its agencies like Fannie and Freddie to dictate to banks that they must impliment social welfare lending policy OR ELSE!
So much for free market economy. Its dead.
“Its welfare but we cannot call it that.The left have succeeded in redistributing wealth.”
Did anyone else notice that they stopped building “public housing” a little over 15 years ago?
I agree. It’s all part of the Leftist scheme to tear America down to Third World status.
The goal of the Left is to completely destroy the infrastructure that is the America you and I know, the infrastructure that we all participated in creating, and once destroyed they intend to reconstruct not a new Nation to replace what was, but a State as part of a New World Order under the control of a single centralized Socialist Government entity.
This is the answer in my perspective of the un-American actions they have taken since they became the majority in our Government.
Much has been written over the years whether we believed it, thought it possible or not, but it is here now.
We have to win in November.
Thats right. The welfare promoting left has infitrated fannie and freddie and our banking system, compromising the
engines of capitalism.
bttt!
“The left have succeeded in redistributing wealth.”
It seemed obvious from day one that no matter what the issue - healthcare, housing, auto-industry, banking etc., all of the past year’s White House initiatives have a common factor of wealth redistribution.
We’re in a repeating, historical downhill rut. It’s a long one, because we don’t have the manufacturing base to simply work ourselves out of it. There are two obvious ways to go. Initiate the defaults sooner by raising rates. Maybe that would be the way to a less severe crash (except for the lack of domestic production). Or try to put the defaults off until later in hopes that we’ll never get to a crash (which I think will come anyway, and more severely so). The economic wizards are trying to keep the rut smooth for now.
Two things are for sure, IMO. The heavy spending is bad for us all, and too many constituents in both political parties derive their support from the government. They don’t want their jobs/revenues to end, so they only allow the big spenders to be candidates for each of the political parties.
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