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McCain Open to Bailouts for Fannie and Freddie
The Wall Street Journal - Washington Wire ^ | 2008-07-10 | Elizabeth Holmes

Posted on 07/10/2008 1:37:43 PM PDT by rabscuttle385

John McCain opened the door for a bailout of Fannie Mae and Freddie Mac should the mortgage giants fail.

“Those institutions, Fannie and Freddie, have been responsible for millions of Americans to be able to own their own homes, and they will not fail, we will not allow them to fail,” McCain said Thursday to reporters during an unannounced stop at the Senate Coney Island restaurant in Livonia, Mich.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: amnestyforbankers; bailout; biggovernment; fanniemae; freddiemac; govwatch; mccain; mccainlist; mortgage
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McCain sees no need for Fannie, Freddie bailout now

$800B+ in assets, each, plus derivatives stashed everywhere. A total bailout would cost trillions...to you and me.

1 posted on 07/10/2008 1:37:43 PM PDT by rabscuttle385
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To: rabscuttle385

Did anyone ever believe ongoing reinterations of the printed fact that washington was not a guarantor for freddie/fannie, only ginnie?


2 posted on 07/10/2008 1:39:39 PM PDT by WoofDog123
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To: rabscuttle385; indylindy; Grunthor; calcowgirl; Ingtar; djsherin; Sunnyflorida; SoConPubbie; ...

The Just Say No to Juan McCain Ping List.

No amnesty for Freddie Mac, Fannie Mae, and their banker buddies.

To join: FReepmail rabscuttle385 to subscribe or to unsubscribe from this ping list.

This can be an extremely high-volume ping list at times. You have been warned.

Take care to check the "mccainlist" and "mccain" keyword search links for related threads, since we can not possibly ping you to every relevant article that is posted. To flag a relevant thread, please add the keyword "mccainlist".


Republican Commissar’s Warning: By joining this ping list, you may be subjected to the irrational rants and ramblings of McCainiacs, "moderate" Republicans, and countless trolls who simply want to meet a new overlord.


3 posted on 07/10/2008 1:39:58 PM PDT by rabscuttle385 (Off balance sheet liabilities...they're not just for Enron anymore!)
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To: WoofDog123
Did anyone ever believe ongoing reinterations of the printed fact that washington was not a guarantor for freddie/fannie, only ginnie?

Until recently obviously not since Fannie and Freddie were able to issue debt only a few basis points above Treasury rates.

4 posted on 07/10/2008 1:43:17 PM PDT by C19fan
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To: rabscuttle385

Is anyone really surprised that we eventually would have to bail out these defaulting borrowers given the fallout of so many borrrowers losing homes and the fact that it’s an election year?


5 posted on 07/10/2008 1:43:56 PM PDT by TheThinker (Capitalism is the natural result of a democratic government.)
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To: rabscuttle385
I don't get it. Greedy lenders made bad loans to stupid buyers who couldn’t afford the payments or flip the house like they had hoped. So for reasons I don't understand, I'm supposed to pony up for these private transactions that were founded on simple greed. Come on, John. It's their poo, let them clean themselves up.
6 posted on 07/10/2008 1:44:12 PM PDT by econjack (Some people are as dumb as soup.)
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To: rabscuttle385

Somehow, I don’t think they care much about the cost. We can always borrow or print more if need be. $9 trillion in debt? Pshhh, we’ll double that! It’s the American way!


7 posted on 07/10/2008 1:44:21 PM PDT by djsherin (I'm from the government and I'm here to be retarded.)
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To: rabscuttle385

I’m writing a busines plan. Just how big does a business have to get before you can look for a federal bailout if you fail?


8 posted on 07/10/2008 1:45:46 PM PDT by LiberConservative ("Typical" white guy)
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To: rabscuttle385
This is what is important—not guys cutting someone's testicles, or some pseudo-minister damning the country, or some candidate's wife finally finding a reason to love America, etc., etc.

Remember: “It's the economy, ‘stupid’.”

9 posted on 07/10/2008 1:45:55 PM PDT by GOPologist (Illigitimi non carborundum.)
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To: rabscuttle385

I saw this coming 5 years ago. Said at the time it was going to make the S&L scandal of the 80s look like a cake walk.


10 posted on 07/10/2008 1:45:59 PM PDT by Hoffer Rand (0bambi: the audacity of hype)
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To: djsherin
Somehow, I don’t think they care much about the cost. We can always borrow or print more if need be. $9 trillion in debt? Pshhh, we’ll double that! It’s the American way!

Actually a bailout of Fannie/Freddie might threaten the US's AAA credit rating.

11 posted on 07/10/2008 1:46:37 PM PDT by C19fan
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To: rabscuttle385
A total bailout would cost trillions...to you and me.

Don't worry, all of those 22+ million new citizanos will help chip in with their income taxes. /s/

12 posted on 07/10/2008 1:47:31 PM PDT by TADSLOS (The GOP death march to the gravesite is underway.)
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To: econjack
Come on, John. It's their poo, let them clean themselves up.

Let's be nice here. They're "God's children", too.

This bailout better include a perp walk for Franklin Raines.

13 posted on 07/10/2008 1:47:47 PM PDT by Night Hides Not (John McCain is Lucy, McCainiacs are Charlie Brown, and the football is a secure border.)
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To: rabscuttle385

“Auntie Em and I paid for a fixed-rate loan.
I doubt you have anything in your bag for us.”
Dorothy Gale, youthful, conservative twister-tamer

“That’s right. Beat it kid.”
The Wonderful Wizard of Arizona


14 posted on 07/10/2008 1:50:47 PM PDT by tumblindice (McCain or Obama? Calf brains in walnut sauce or boiled liver with Brussels sprouts?)
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To: rabscuttle385; calcowgirl; NormsRevenge; Grampa Dave; ElkGroveDan; dalereed; tubebender; ...
I never have appreciated GSE's (government sponsored emptyprises) because they compete with free enterprises while not having the same ridiculous regulatory burden, nor taxing headwind...

Plus, they're usually monopolies, or close to it and infested with flaming, featherbedding, unionized liberals instead of firebreathing, committed and righteous conservatives!!!

15 posted on 07/10/2008 1:51:28 PM PDT by SierraWasp (I'm not against the environment, just GovernMental EnvironMentalism!!! (our new state religion))
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To: LiberConservative
I’m writing a business plan. Just how big does a business have to get before you can look for a federal bailout if you fail?

You don't have to get that big, just be sure you hire lots of well-connected Democrats, raise big money for Democrats in Congress, and then threaten to stop lending in their districts if they try to touch you.

16 posted on 07/10/2008 1:52:34 PM PDT by Dems_R_Losers (Obama is a Neocommunist)
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To: LiberConservative

I don’t know, but I do know that the more you borrow the safer you’ll be because then they can’t afford for you to fail!!!


17 posted on 07/10/2008 1:55:56 PM PDT by SierraWasp (I'm not against the environment, just GovernMental EnvironMentalism!!! (our new state religion))
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To: SierraWasp

Jeezus Keerist - his answers on economics and economic policy are as deep as a thimble!


18 posted on 07/10/2008 2:01:49 PM PDT by Wally_Kalbacken
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To: rabscuttle385

Found this on CNN:

“The doomsday scenario could cost taxpayers more than $1 trillion, says the S&P report. The report went so far as to say that a government bailout of Fannie or Freddie could force the agency to lower its rating on the creditworthiness of the United States.”

http://money.cnn.com/2008/07/09/news/companies/benner_fanniefreddie.fortune/?postversion=2008071013


19 posted on 07/10/2008 2:02:59 PM PDT by C19fan
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To: Night Hides Not

“Let’s be nice here. They’re “God’s children”, too.”

If that’s the way you feel, you bail them out, just don’t take 1 cent of my money to do it.

Every banker can go under and anyone that can’t meet the obligation of the contracts that they signed can go reside under a bush just so that that bush isn’t in my neighborhood.


20 posted on 07/10/2008 2:03:35 PM PDT by dalereed (both)
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