Fannie and Fred: Latest Gubmint Acquisition

[fatherofcaitlyn]

http://news.yahoo.com/s/csm/20080908/ts_csm/afanfred

So, the government now owns your mortgage. I'm sure that'll work out well.

Anybody have any thoughts?

[SpazX]

Republicans, small government, no bailouts, blah blah blah

[thrustbucket]

Scary. Not that we didn't see it coming. But this doesn't bode well for the future.

I don't think most people realize how this so-called economic crisis (that we are suppose to believe is accidental, or even naturally cyclic) has and will give the government far more power than the patriot act and all the scary Bush-era privacy changes combined.

[BillyBob29]

LOL.

While everyone knew this was coming, and that it probably should have been done sooner, I just find it very funny that the media is now moving on to "who will the government bail out next, the airlines or the automakers?"

With all this debt we are building up, I think we are going to have the change the name of the country pretty soon. Instead of United States of America we will be "China Presents: The United States of America."

[JolietJake]

Nah, we'll sell the name and let some huge corporation buy it. We'll be the United States of Pepsi or something.

[fatherofcaitlyn]

Pespi States of America.

[RAMSTORIA]

all according to plan for the fed

[JolietJake]

Pespi States of America.
The The United Pepsi States of Budweiser.

[fatherofcaitlyn]

The State of the Union Address is brought by Staples. "That WAS easy."

[JolietJake]

Instead of flag lapels the politicians wear company logo pins. Your congressman, brought to you by Verizon.

[fatherofcaitlyn]

Palin is psychic. She claimed Fannie and Freddie are too expensive for taxpayers.

They weren't, but they sure will be.

[mykevermin]

Palin is psychic. She claimed Fannie and Freddie are too expensive for taxpayers.

They weren't, but they sure will be.

Why must you be so sexist!?!?!?!?!?!?!?!

Personally, I like this federal precedent. If the federal government will bail me out, I'll be far more economically solvent.

Tell your congresspersons.

[Liquid 2]

Fannie Mae and Freddie Mac represent what's among the worst problems with this country. :-|

[fatherofcaitlyn]

Why must you be so sexist!?!?!?!?!?!?!?!

Personally, I like this federal precedent. If the federal government will bail me out, I'll be far more economically solvent.

Tell your congresspersons.

Palin is right. F&F are going to be quite expensive. Taking on $1 trillion in loans with $700 billion in collateral. Genius!

[mykevermin]

http://www.crooksandliars.com/2008/09/08/we-still-dont-know-where-the-bottom-is/

Mort Zuckerman is wise and saying things that other analysts are too scared to say (for some naive fear of avoiding a self-fulfilling prophecy, or being declared for some culpability for suggesting we're financially beyond fucked, and we'll look back on the shitty economy we're in right now and wish for these days of wine and roses). Good for him. LOVE the "holy fuck, he's saying it!" look on the anchors' faces.

[speedracer]

Don't worry guys. The market will sort everything out.

WHERE IS YOUR GOD NOW LIBERTARIANS THAT VOTE REPUBLICAN

[camoor]

With all this debt we are building up, I think we are going to have the change the name of the country pretty soon. Instead of United States of America we will be "China Presents: The United States of America."

From now on "freedom fries" are to be known as "frying potato of honor farmer"

[fatherofcaitlyn]

I remember when Rush worries Hillary Care would nationalize 1/7th of the US economy. With the acquisition of F&F, how much of the US economy was nationalized overnight?

[CaseyRyback]

Fannie Mae and Freddie Mac represent what's among the worst problems with this country. :-|

The main problem being deregulation.

[KingBroly]

I'd say lack of accountability.

[fatherofcaitlyn]

Deregulation is a lessening of accountability to the government.

I'd prefer the housing market to crash.

Sure, I might get my nose bloody while selling my current house, I'd get an even better deal when buying my next house.

A lot of people paying rent could swoop down on some depressed houses and set themselves up on easy (well, easier) street for life.

[Msut77]

Deregulation is a lessening of accountability to the government.

I'd prefer the housing market to crash.

Sure, I might get my nose bloody while selling my current house, I'd get an even better deal when buying my next house.

A lot of people paying rent could swoop down on some depressed houses and set themselves up on easy (well, easier) street for life.

Not to sound like level1 but I have heard it credibly argued that the bailout, which favors foreign governments invested in the housing market rather than US citizens was actually pushed by foreign governments like the Chinese.

[speedracer]

Not to sound like level1 but I have heard it credibly argued that the bailout, which favors foreign governments invested in the housing market rather than US citizens was actually pushed by foreign governments like the Chinese.
I'm not even sure it's all settled yet. I saw the undersecretary of something or other yesterday saying they were still negotiating with bondholders. We'll see I guess.

The same guy also pointed out (and the general industry seems to agree as a matter of fact) that there wouldn't be the level of home ownership without the implicit governmental guarantee of F+F all these years.

Why not? Wouldn't the market move to accommodate buyers if the alternative is no buyers at all? Wouldn't that single act of removing governmental guarantees drop the value of homes to a level in which they could be serviced directly by the financial industry without the need for a bond clearinghouse? And wouldn't that make homes more affordable across the board?

I don't get it.

A lot of people paying rent could swoop down on some depressed houses and set themselves up on easy (well, easier) street for life.
Exactly. I feel like my wife and I are being punished for waiting the housing market out. Our forecast was dead on and instead of reaping the rewards, we're punished with the excesses.

[thrustbucket]

I remember when Rush worries Hillary Care would nationalize 1/7th of the US economy. With the acquisition of F&F, how much of the US economy was nationalized overnight?

This is exactly my point. Many people, like me, worried about the socialistic steps we are taking, especially by candidates, really don't realize that stuff like this was far bigger and far worse towards that goal than anything on the Democratic party's list of things to do.