Posted on 09/02/2011 7:17:45 PM PDT by Blood of Tyrants
Edited on 09/02/2011 7:32:11 PM PDT by Admin Moderator. [history]
In a sweeping move that opens a new front on the housing crisis, the U.S. government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed.
(Excerpt) Read more at foxnews.com ...
It is amazing that Wells Fargo was not on the list of banks subject to this action.
Or maybe not, when one considers this 8/16/2011 headline from Bloomberg: “Buffett Increases Wells Fargo Stake, Buys Stocks ‘On Sale’”.
You be the judge.
Wells Fargo.
“Buffett Increases Wells Fargo Stake, Buys Stocks ‘On Sale’”
8/16/2011
Don’t forget that Democrat crony capitalist weasel Franklin Raines.
Bizzarrroooo
If you have a quiet moment sometime, you should ask yourself how and why they get away with it.
“Banks have a great defense. There were cajoled, coerced and threatened into making those loans by the likes of Barney Frank and Chris Dodd.”
While that is true, they didn’t have to do it! The fact is that the large banks are a bunch of greedy bastards who knew exactly what they were doing and what the end result would be. But what the hell, they had a couple of years of gravy with which to send their spawn to those prep schools on Long Island. As far as I am concerned, they are as rotten as the Feds. The other truth is that GWB and the Republicans knew what was happening on their watch and really didn’t do much to try and stop it when they had the legislative muscle to do it.
I think the thread deserves a reward for some of the most ill informed statements I have ever read. The banks spend millions and millions, millions, advertising loans, and refinancing products, now you think they can go into court and say they forced us. Are you people from a different planet.
Interesting. Thanks for posting.
Please alert all your friends as this is a step towards redistribution of wealth, stockholder equity in this case, and nationalization of the banking industry. For years our politicians have forced banks to make bad loans and cut margins on good loans, then played the public against them when fee income had to be increased to cover the bad loans. Banks are the most heavily regulated industry and what good has that done? And yet the government would have us believe they can do it better? This is just another step for controlling what should be a scarce asset (money) and giving the government a means of introducing more (and increasingly more worthless) money into the system. For those of you who see precious metals as the offset to this risk, beware. Roosevelt used the Gold Act of 1934 to rob citizens and prohibit gold ownership. I’m betting a similar act is in the works, especially with all the tax revenue the government has missed in recent years of trading. I firmly believe if conservatives lose the 2012 elections that America, as we remember it, is lost forever.
Franklin Raines.. you are right. That’s the name I was trying to remember.
Certainly the most noticeable of the domestics. But remember Buffett just bought about $5 billion in BofA. So I don’t think that’s going to be a determining element.
Yes, there is always the possibility that Obastard and a Rat Congress would make ownership of gold coins and bullion and maybe even more than a small amount of gold jewelry illegal.
Although this was known several days in advance and all over the internet, the Feds waited for Friday to avoid publicity and let the matter sink out of sight over the weekend.
Bound to affect the value of the sinking dollar one way or another next week.
The electorate has been sufficiently dumbed down in our public schools to the point they cannot identify tyranny in any form, I mean, unless you drive a muscle car, carry a gun, or seek to minimize the number of abortions.
Oh yes, they have been educated to recognize THOSE maniacs.
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