Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

All right all you Bush apologists out there..... Please do your magic in torturing logic & the English language & explain how this is not, yet another symptom of GW Bush's failed economic policies? (& why it's not yet another reason to reject John McCain who promises to continue these Bush economic policies?)

I can't wait to hear how this is somehow Bill Clinton's or even Jimmy Carter's fault! (come on...let's hear some real creativity!)



Hey wait a minute..........(Looks up)........The sky actually IS falling!!

http://www.youtube.com/watch?v=kCvWWqTtSDQ&eur

Haven't figured out how to embed videos yet

It was an evil plot cooked up by none other than Barack Obama along with the evil Carter, Clinton, Biden, et al. President Bush was at the Crawford ranch so I doubt he had anything to do with it.

Fannie and Freddie are already broken so how can John McCain do any harm to them.

See Devil505, just when you thought you had all the questions, we changed the answers.

Here is an interesting article by Fred Thompson. http://townhall.com/Columnists/FredThompson/2008/09/08/the_dangers_of_government_guarantees?page=full&comments=true He is a Republican and of course deflects blame to the other side but I think most folks can get the gist of what happened. Also read the comments from folks that follow. It is government as usual. They make a problem and say they will fix it only to make a new problem and they tell us they can fix that one now also and so it goes in a viscous cycle. There is plenty of blame to go round but no one willing to step up and take a piece. Politicians

Devil505 wrote:All right all you Bush apologists out there..... Please do your magic in torturing logic & the English language & explain how this is not, yet another symptom of GW Bush's failed economic policies? (& why it's not yet another reason to reject John McCain who promises to continue these Bush economic policies?)

I can't wait to hear how this is somehow Bill Clinton's or even Jimmy Carter's fault! (come on...let's hear some real creativity!)



Hey wait a minute..........(Looks up)........The sky actually IS falling!!

I would like to hear how it WAS Bush's fault. I always thought it was greedy lenders and overly optimistic/gullible borrowers

coalmeister wrote:I would like to hear how it WAS Bush's fault. I always thought it was greedy lenders and overly optimistic/gullible borrowers

Lack of any federal government oversight & just letting his business buddies do anything they want, including braking the law...... That's how it's Bush's fault ..........& it permeates what's left of our whole economy!
(You see, very early in his administration, Bush replaced all the good, honest, ethical career type officials at the Justice Dept with cronies & hacks that went to the right church, belonged to the right party & were loyal to Bush. These people were totally inept of course, just like "Brownie" at FEMA. We Americans have been totally defenseless for the last 8 years, with nobody to defend us against their excesses & outright crimes!)

Thanks for asking though!

Hate to rain on this Bush bashing parade, BUT, oversight of these orgainizations is the responsibilty of congress. Where did I get such a crazy idea. I heard it out of the mouth of Barack Obama himself, just tonight on TV. He said this mess is the result of dems and republicans in congress failing to do the proper oversight they are suposed to do.

coalkirk wrote:oversight of these orgainizations is the responsibilty of congress.

True to an extent, but investigation of criminal activity is supposed to be handled by the U.S. Justice Dept.

Agreed and that damnwell better follow. this is going to cost us all $$$. Someone should go to jail

I bet they will still hand over some nice gold coins to those poor ceo's that they forced to leave and the new ceo's of both Fanny and freddy mac I bet will have a great Christmas................all on us.............just wish we were all invited to the party

f a n n y is a censored word

I think the problem started years ago when the feds were bailing out the savings & loans on a wholesale basis with a no legal action policy. Of coarse all the banks & lending institutions are going to go b***s out to lend to everyone so as not to offend by saying you can`t possibly afford to pay the loan back. I also seem to remember a Jeb & Neil somebody being involved not that that has any bearing. Just my opinion.

jeromemsn wrote::D f a n n y is a censored word

Hey that's hardcore I really must go through the censored list with fine tooth comb. Having said that it's international list it's *possible* it has different meaning elsewhere.

Please alert me to words that shouldn't be censored.

Edit: fixed, I actually removed a significant mount of words, dupa being one of them. Should be anyhting censored that shouldn't be so ignore the above and please alert me to words that should be censored.

I know I'm new to this board, but trust me when I say the U.S. is in the handbasket to hell/socialism.

Together, Fannie and Freddie own or guarantee about $5 trillion in home loans, about half the nation's total.
http://ap.google.com/article/ALeqM5i9nY ... QD932DI900

Half the nations mortgage cost has been federalized. Let me put it another way, the federal government now owns half the country's mortgages. I think it is pretty clear to anyone who has bought a house that the mortgage holder is really the home owner, and until the last payment is made, the person living in and paying for the house is a slave to that mortgage holder. With that said, you and I, the tax payer now owns those mortgages many of which are insolvent, so we will foot the bill. Bush could have vetoed the bill and simply told the private institutions who made the bad loans to suck it up but Bush is a quasi-socialist at best, and to my line of thinking, a police state advocate at worst. What is worse is that Fannie and Freddie were instituted by the government in order to provide homes to those who could not get loans without government intrusion into the free markets. So you can see that the socialist ideologies have now came full circle, and the feds now own half of the residential real estate market. I'm sure Marx would be proud of these developments as would Lenin and Stalin. Home owners are not being bailed out by this action, banks are, The same banks that made the bad loans in the first place under duress from the United Socialist States of America.

Regarding taxes

The top rate was cut to 35% and the bottom rate was cut to 10% by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).

So depending on your bracket The federal income tax mandates that you pay somewhere between 4.2 months and 1.2 months of your year to the federal government, we won't even get into the other taxes. While Bush has lowered taxes and is now only stealing 4.2 months of your time if you are in the top bracket, he has, with the aid of congress, spent more money than any other president in the past. When the government passes a spending bill it is sent on to the U.S. treasury which then prints treasury bills. Those treasury bills are then sent to auction and the Federal Reserve prints Federal Reserve Notes*1/dollars to buy those T-bills. when the Federal Reserve puts more money into the system it creates inflation. Inflation IS NOT the price of goods going up, IT IS the value of your dollar declining because there is to much money in the system. Inflation is a tax The Federal Reserve Chairman admits to this in the following video. So tell me, which form of tax are we going to pay this mess off with, inflation, or direct taxation? Like I said before, the Republicans are just the right wing of a collectivist party.



*1 note noun, .
8. a paper acknowledging a debt and promising payment; promissory note.

Just in case you haven't heard, The two CEO's of Fanny and Freddy only made a couple of bucks when they were let go. (I hope I read this right I had tears in my eyes from the news.) The one guy made 5 million, the other one made 17 million. Just think what they would of gotten paid if they did there job correctly, It's a crying shame I tell ya. (How many houses can you build with 22 billion............none)

jeromemsn wrote:Just in case you haven't heard, The two CEO's of Fanny and Freddy only made a couple of bucks when they were let go. (I hope I read this right I had tears in my eyes from the news.) The one guy made 5 million, the other one made 17 million. Just think what they would of gotten paid if they did there job correctly, It's a crying shame I tell ya. (How many houses can you build with 22 billion............none)

The culture of corporate greed that's taken over this country in the last 8 years is both immoral & un-American. Time to throw all the bums out!