Wednesday, September 10, 2008

The Mother of all Bailouts...

As the U.S. Treasury Assumes
Responsibility for $5.3 Trillion in Mortgages,
It Places Its Own Borrowing Ability at Risk

If Fannie's and Freddie's obligations were equivalent to 10% or even 20% of the U.S. Treasury debts, the idea that they could fit under the Treasury's "full faith and credit" umbrella might make sense. But that's not the situation we have here — Fannie's and Freddie's obligations are the equivalent of 100% of the Treasury's debts.

And it's actually worse than that:

Click here to read the article

Thanks to Brent H.


Bubby said...

While you Culture War re-enactors struggle in your pig pit the United States Treasury Department is teetering on the brink of collapsing our national wealth into the Fanny May/Freddie Mac bailout. Your future, and your children's future is about to become very much different. And your candidates; McCain/Palin, Mr. Last-in-his-class, and Ms. Community College are completely unprepared. You are about to become livestock - owned by America's lenders. The "invisible hand of the free market" belongs to your masters. They have sold you at market. A commodity.

Anonymous said...

What do you think the odds are that the bubbas like republitarian, Briggman, Hard Right, Christa, Seth, will read this?? Absolutely none.It will cause"their brain to hurt." But oh my!! Should this article be about guns, abortion or anti-Obama then they'd be all over it. Weak cowards, the whole lot. No wonder America is viewed as a joke and the south lost the civil war. Being losers is in their DNA.

Anonymous said...

sara palin is the one who can deliver us from this problem that has been caused by blarack osama
blarack osama put us in this fix by pushing the homo marriage in america
there wouldnt be a budget problem if blarack osama hadnt raised taxes
blarack osama is a product of mixed race mating so what do you think he wants to push
more of what made him
dont take a college degree to understand that now does it
thats a problem to
to many people think going to college is a big deal
i want common sense like sarah palin and john mccain running things
people that spend to much time in school cant be trusted
there just looking for some way to pull one on us regular people
blarack osama calls white women pigs with lipstick on
mccain picked a white woman who shoots guns to be his sidekick

Hard Right Rudder said...

“In 2006 a 3 year investigation into fraud at Fannie Mae was concluded. It revealed a level of financial misconduct by Franklin Raines, Jamie Gorelick, and others that grossly overstated earnings by 10.6 Billion dollars. To gain bonuses.
For those who don't know both Raines and Gorelick were high ranking officials in the Clinton Administration."

Yeah, anonymous, I know ALL about this scandal. And how it was caused by democrats. Too bad you don't know that.