UM helllllllllllfuckinglooooooooooo
Update: Question? So since the taxpayers are eating the loss, when they turn a profit in a few years, do we get the “windfall profits”.
Does anyone out there even realize just HOW SERIOUS it is that over 1.3 TRILLION dollars worth of mortgages have now been taken over by the FEDERAL GOVERNMENT?
Anyone? Sure, let’s argue about some lady from Alaska with a funny accent and looks like a librarian. Let’s not bother ourself with the details that our banking system, this countries BACKBONE has essentially just failed and the government had to take it over to avoid a MAJOR, MAJOR ECONOMIC COLLAPSE WORSE THAN THE DEPRESSION.
HELLLLLLOOOOOOO??????? ANYONE?
Nope, of course not. I forgot we are busy arguing about a maverick and an Alaskan capable of running the country to worry about our economic well being…
You people are so pathetic. Left and Right. wake the fuck up will ya.
How is it that a guy that finished at the bottom. LITERALLY the bottom of his class and a woman that needed 4 colleges in 6 years to get her Bachelors are even a thought to run this country with this going on? HUH. You mean at this time we are so bad off economically that anyone is going to vote for someone that said the economy isn’t his strong suit is suicide.
The Chinese bankers that Bush put in charge of our economy will make everything better.
I was hoping it would be our 9/11 buddies in Saudi Arabia
Ah, you’re awake. So good of you to join us.
Coffee? There’s a lot to catch up on, now isn’t there?
All kidding aside this has been brewing for a very long time.
Light play in media so now we get slammed with the results (remember Monty Python’s fish slapping episode?) of our inattention.
Have you begun your Rosetta Stone Chinese Language Lessons yet?
DV. I realize you are sexy beyond measure, underrated, and terribly misunderstood. However this ain’t about you.
Some of us are awake. Come and join us. The coffee is fairly strong and danish are not bad.
So…anything interesting happening tomorrow?
You have to admit, Palin is hot. 🙂
One Corporate Party, Democrats and Republican! Our democracy is at risk. The risk of election fraud and other irregularities is at stake.
The Corporations through the 2 party system lobby both parties. Electeds are in bed with these corporations, they are not working for the benefit of the American people.
Corporations crowd out citizen voices and big business gets its way.
Fannie Mae and Freddie Mac were both pyramid scheme operations. Both parties permitted this abuse.
The amount spent on lobbying in DC, is $2.8 Billion and the Chamber of Commerce were their largest contributors.
Both parties are lobbyied to death, they “dance to the tune of the one that brung em’.”
Vote for candidates who still believe in the Constitution, and dump the rest.
Interesting. Conservatives were worried in 2006 about this.
Check out the report in May ’06 Here
Summary here.
But the media was more interesting in covering ENRON, rather than Senator Sununu’s attempts to create a regulatory body specifically for Fannie and Freddie so they could not engage in risky, but profitable, behavior at no benefit to the homeowner, but great benefit to Earnings per Share bonuses to Fannie’s senior management.
Why was this ignored?
Because from ’98-’04 Fannie was headed by former Clinton budget director Franklin Raines and included one Jamie Gorelick, former Clinton DOJ official.
That’s right folks, Fannie is risky because of actions taken by people with (D)’s by their name and obstruction to regulation that would have avoided this by people with (D)’s by their name. The kind of excessive EPS bonuses that you rail against fat cat Exxon execs for getting – Raines and Gorelick cleaned up on when you weren’t looking.
In fact, in 2006 Freddie Mac paid a $3.8 million civil penalty to the Federal Election Commission to settle charges that it had used corporate resources to stage 85 fundraising dinners that raised $1.7 million for candidates for federal office.
It just happens that an (R) is in office now and has to – let me repeat – HAS TO – abide by the charter and make the implied government backing an actual one – just like the charter says.
Let’s not forget that a (D), FDR, established these entities in a time of crisis, and a (D),LBJ, was in office was responsible for rechartering it in 1968 with the implicit guarantee of the U.S. Government.
It’s too late for finger pointing, the bailout happened, it’s a done deal.
I’m mad as anything that there are people who have defaulted on their mortgages that are going to get fixed refi’s backed by the FDIC at 3%, while, like a sap, I’m at a fixed 6.09% and have never defaulted on anything in my life.
I think , however, now is a very good time to break Fannie and Freddie up into little non-government backed entities.
I think no one has the nerve to do it.
I say throw everyone on both sides of the aisle out who were bought by Fannie and Freddie.
The distraction is why they didn’t wait until after the election.
I ‘m furious that Lobbyists made billions on this quasi/private ponzi scheme (both parties were supporting), and sent the bill to the american people.
Check out Banks in London, there depression hit months ago, and they blame New York Bankster, Gangsters lobbyists, its an international banking/loan problem.
MissAO obviously has no clue as to how Fannie Mae/Freddie Mac work. The collapse of these institutions have zip to do with executive salaries.
It has to do with deregulation of the mortgage industry–by the GOP.
I just want to know when/if Fannie and Freddie turn a profit if I get my part of the earnings and not just suck up the loss?
Sorry, DMUW, it doesn’t work that way. Repeat after me, “privatized profits, socialized loss.”
Obviously, Jadegold did not follow my links:
I don’t think you understand how different Fannie/Freddie are from just any mortgage provider.
Let me quote from the report:
A large number of Fannie Mae’s accounting policies and practices did not comply with Generally Accepted Accounting Principles (GAAP). The Enterprise also had serious problems of internal control, financial reporting, and corporate governance. Those errors resulted in Fannie Mae overstating reported income and capital by a currently estimated $10.6 billion.
During the period covered by this report—1998 to mid-2004—Fannie Mae reported extremely smooth profit growth and hit announced targets for earnings per share precisely each quarter. Those achievements were illusions deliberately and systematically created by the Enterprise’s senior management with the aid of inappropriate accounting and improper earnings management
By deliberately and intentionally manipulating accounting to hit earnings targets, senior management maximized the bonuses and other executive compensation they received, at the expense of shareholders. Earnings management made a significant contribution to the compensation of Fannie Mae Chairman and CEO Franklin Raines, which totaled over $90 million from 1998 through 2003. Of that total, over $52 million was directly tied to achieving earnings per share targets.
Fannie Mae senior management sought to interfere with OFHEO’s special examination by directing the Enterprise’s lobbyists to use their ties to Congressional staff to improperly generate a Congressional request for the Inspector General of the Department of Housing and Urban Development (HUD) to investigate OFHEO’s conduct of that examination and to insert into an appropriations bill language that would punish the agency by reducing its appropriations until the Director of OFHEO was replaced
If Fannie/Freddie took higher risks with the mortgages they had – uncalled for risks for a government backed organization – in order to get a higher EPS – Yes, the collapse has a lot to do with executive salaries.
Yawn, can we talk about Palin now?……
I’ve been talking issues all day… I need some fluff… She do anything “hot”?
🙂
ao,
read my lips “deregeluation, free market”
I realize that economics may be a subject over your head