Would cost 1 trillion to "fix" them...
Posted by CashCowMoo on :
Why do the dems love freddie and fannie so much?
Posted by The Bigfoot on :
It ain't love cow. Viable alternatives would be welcome to this Foot.
Posted by T e x on :
Thread title is wrong; they'll trade OTCBB.
Posted by glassman on :
a better question is why anybody would "hate" them. the only people that lose because of fannie and freddie are landlords and sleazy bankers.
the sleazy bankers figgered out how to operate with them anyway...
they changed the availability of homownership to all Americans not just he poor. they were around for a long time before the mortgage crisis and everybody you know that owns a home benefited from it.
traditiaonlly peopoe got balloon notes to by homes and had to refi every five years or pay off th loan... they made homeownership possible for ht eaverga midlle class person. it was only in th elast ten years that the "scheme" to get poor peopl into homownership to stimulate teh economy was cooked up, and it was not "democrat" or a GOP plan in specific caow, it was one of Bush's centerpeices of his economic stimulus plan...
Posted by T e x on :
dang Tex, i wonder if they get to take tax writeoff ont he supposed loss too? is the FDIC patment considered compsenatory for damages or is it income?
i bet that if we dig deep we'll find there's also a tax break....
Posted by T e x on :
Prolly a tax credit, for buying the bank...
Posted by jordanreed on :
wow!
Posted by CashCowMoo on :
Does anyone here believe Barney Frank knows what he is doing, and is working on the best interests of the American people and not his sleezy backroom deals?
Posted by jordanreed on :
sleazy business as usual...
Posted by CashCowMoo on :
How much bailout money did freddy and fannie get?
Posted by glassman on :
quote:Originally posted by CashCowMoo: How much bailout money did freddy and fannie get?
cash, i know you like things to be cut and dried, but they just are not...
Fannie was pressured by both sides to reduce their credit requirements.
this is not a GOP/Dems issue. i actually listen to and often agree with Dave Ramsey who was thefirst of the real conservatives to change his mind (yes change his mind) about bailouts...
i was actually listening to his show the first day he announced he was changing his mind, and lot of people calling were freaking out..
he still admits he was for them before he was against them..
if you think it would be nice for China to own most of our country than you are against bailouts, Paulson had already gone to China and asked them to specifically increase the mortgage protfolio and China refused. That was the beginning of the end.
The subprimes were only the first to fail, and the people who created all the teaser loans and neg. amitorization loans were making way more profits than the standard loan makers and the DEMAND for more profits and easier loans made ti all to easy for the whole market to fold under it's own weight.
there's no place to lay all of th eblame, it goes all teh way back to Clitnon, and was ctually increased under Bush, but Clinton was helped by the GOP Congrees. Remembr that Bawney Fwank was not in the Majority side of the aisle until 2006, prior to that it was Oxley:
House Financial Services Committee Chairman Oxley Announces Retirement
House Financial Services Committee Chairman Mike Oxley (R-Ohio) announced his retirement last week. GOP committee term limits will force Oxley to give up his chairmanship of the House Financial Services Committee at the end of 2006, and the 61-year-old said that was a leading factor in his decision to leave Congress when his current term expires in January 2007.
First elected in 1981, Oxley is currently serving his 12th term in the House. He has been at the forefront of many important pieces of insurance and financial services legislation over the years, including the Gramm-Leach-Bliley Act, the Sarbanes-Oxley Act and the Terrorism Risk Insurance Act (TRIA).
More recently, Oxley and his colleague, Capital Markets Subcommittee Chairman Richard Baker (R-Louisiana), have been spearheading a wide-ranging insurance reform proposal, the State Modernization and Regulatory Transparency (SMART) Act.
“It has been an extraordinary privilege to serve the people of the Fourth District in Washington. From President Reagan to George W. Bush, my goal has been to represent my constituents and my district’s conservative viewpoint,” Oxley said. http://www.pianet.com/NewsCenter/BizPolitics/11-8-05-5.htm
the market didn't fail because of what happened in just 16 months, it failed after about 10 years of really bad management, from the top to the bottom, borrowers and lenders, presidents and poor people...
Posted by glassman on :
Oxley is now a friggin lobbyist for the NASDAQ and yeah his name sounds familiar cuz of the Sarbanes Oxley act.... talk about foxes and henhouses? he was in the FBI at one time early in his career..
Posted by Pagan on :
quote:Originally posted by glassman: Oxley is now a friggin lobbyist for the NASDAQ and yeah his name sounds familiar cuz of the Sarbanes Oxley act.... talk about foxes and henhouses? he was in the FBI at one time early in his career..
And you were in the military(Navy) at one point(as was I). So what's your point?
Posted by glassman on :
he's now getting his paycheck from the very people he was charged with regulating?
Posted by CashCowMoo on :
Funny how the "big bad republicans" pointed out this crap years before it crashed. As we have known for some time...dems blocked any changes to them because they didnt want to offend their sub prime voting base.
barney's defense is the "big right wing attack on liberals" side show frank!
Posted by glassman on :
dems blocked any changes to them because they didnt want to offend their sub prime voting base.
you been listening to too much limbugger cash. this kind of excuse making is why the country is int he crapper. what you are doing is making excuses, when in fact the GOP was in control and went right along with it. I was saying the same thing five years ago too. I even got into heated argument here about whether RE could ever "go down" in value and was the only person saying it and being shouted down by many other very vocal posters...
the excuses are just plain sad, the facts are that a few financial institutions have owned the the GOP and the Dems for decades now and have raped the country.
the so-called conservatives finally turned on their very own product when Bush had no choice but to create the bailout fund or face worldwide depression of greater proportion than the last one. To even try to blame the whole thing on poor people is ludcirous and beyond reason. The real blame ALWAYS lays on the hands of the guys making the most mony, isn't that why they make all the money to begin with? Just follow the money.
Bawney Frank is a joke as far as i'm concerned, but the problems we have won't be fixed by blaming his lispy butt. They are only going to be fixed by facing facts... The failure was on the GOP watch thru and thru.. I voted for them during that period too.
Posted by CashCowMoo on :
I dont listen to Rush
Posted by glassman on :
quote:Originally posted by CashCowMoo: I dont listen to Rush
maybe not, but somebody is readin you his playbook and it's coming out word for word, my only point is that limbugger is half of what's wrong with our country, only half, but when you go about making real change? it can only be done from th einside.
know why i ignore most leftwing ideology that i don't agree with? cuz it doesn't really matter to me. it the right wingers that have gone insane that matter to me and yes i see much of this as real insanity. it really is crazy to blame poor peopl for the economic collapse. heck, they're poor, they are poor for a reason, and they don't vote, they aren't evenregistered...
i saw Beck yesterday balming the proliferation of socialism on one of the richest men in the world... that's what we used to call pretzel logic cash, th erichest people in th eworld played th ecapitalist game perfectly. they don't wnat to change it... they are just messing around for personal fun...
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and yeah his name sounds familiar cuz of the Sarbanes Oxley act....