Posted on 10/13/2010 6:42:30 PM PDT by Kaslin
Well, the people are going to get a chance to implement the (FART) act in November...
The Former Arrogant Representative Traitors Act will be the answer to a culmination of higher taxes, out-of-control spending, and inept challenges to the destructive practices by Congress, resulting in a transformation to a more fiscally conservative electorate, more capable of standing up to the progressive liberal policies of an aborant political philosophy...
This is from the Fannie Mae web site:
http://www.fanniemae.com/kb/index?page=home&c=aboutus
“Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability and affordability to the U.S. housing and mortgage markets.”
“In September 2008, we also entered into an agreement with the U.S. Department of Treasury that was most recently amended in December 2009. Under the agreement, Treasury will provide us with capital as needed to correct any net worth deficiencies that we record in any quarter through 2012.”
I am not an expert but it sounds like the taxpayer is on the hook for their failures to me.
Yep, ol’ Tip O’Neal took care of many things Reagan proposed. He did manage to deregulate a few things though!
I say use the the Constitution as the template, if it’s not a power specifically granted to the Federal Gov.,nor denied to the states, then it’s a choice for states and states only. In other words, end the fed versions and give the option to states only, along with the bills.That way conservative states can all abolish moocher programs and liberal states can practice what they preach, there by inheriting the moocher class they’ve created as they flock to the remaining feeding troughs./p>
“I am not an expert but it sounds like the taxpayer is on the hook for their failures to me.”
We are now but we weren’t before September 2008.
Fannie and Freddy were created as GSEs but were sold off to the public as stockholder owned corporations around 1970. There was no legal obligation for us to save these two firms from bankruptcy in 2008. That was entirely a decision of Bush and his advisors.
So, is the taxpayer on the hook for the losses?
We are now unless Our Rulers decide to let the firms fail.
I hope they are allowed to fail. If I remember correctly Fannie Mae was the organization where Democrats like Rahm Emmanuel and Gorelick went to make millions as executives while they were out of power. It needs to go away.
“If I remember correctly Fannie Mae was the organization where Democrats like Rahm Emmanuel and Gorelick went to make millions as executives while they were out of power. “
It was Fannie Mae and Franklin Raines was the main culprit.
Most federal spending is just wealth transfers from politically disfavored constituencies to politically favored constituencies.
It wasn’t just Raines. Fannie Mae and Freddie Mac were Basically ‘Rat cookie jars.
Gorelick made over $26 Million at Fannie Mae:
http://virginiavirtucon.wordpress.com/2008/09/16/investigate-jamie-gorelick-now-urge-obama-to-return-fannie-mae-donation/
Rahm was director fo Freddie Mac:
http://newsbusters.org/blogs/jeff-poor/2008/11/06/emanuel-freddie-mac-connection-will-media-report-it
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.