Posted on 07/28/2008 10:27:12 AM PDT by fightinJAG
There seems to be little outrage as the US, a country where free enterprise is supposed to reign, moves to nationalize losses without even contemplating reform.
We are at another moment when those of a bullish persuasion, whose financial muscle memory was developed under former Federal Reserve Chairman Alan Greenspan, are determined to put lipstick on the pig at every opportunity.
As soon as any facet of each financial minicrisis ends -- whether that be in certain subprime lenders, certain Alt-A lenders, certain monoline insurers or certain banks -- folks act as though all is well, even as financial institutions continue to implode.
(Excerpt) Read more at articles.moneycentral.msn.com ...
Wait until we’re called on to bail out the entire state of California.
If the report I read was correct, the Chinese own over 300 billion in fanny mae and freddy mac.
Our government is out of control.
I really like this author, Mr. Fleckenstein. He’s my favorite contrarian (and I don’t mean that in a negative way at all).
The first order of business should be to replace the people running Fannie Mae and Freddie Mac. The second order of business should be the repeal of federal law that forces those two entities to make bad loans.
I live in California...let it fail. That’s the only way to break to the power of the unions.
WTF?? If you want to see roaring inflation, look at the Carter years, post WWI Germany, or current Zimbabwe, but using this term to describe the US today is absurd.
Be afraid if they continue to decline. It will make this current economy look golden. This isn't about saving the ChiComs $300B.
You mean Arnold isn’t going to save us? /sarc
Almost seems our own government is attempting to bankrupt our country.
Keep asking myself why. Why do they keep spending and creating newer and more unique ways to keep on spending.
Why I don’t have all the answers, I’m the one asking the questions.
It appears to me that the American middle class consumer is getting soaked from both sides.
Destroy the middle class. Middle class is, for the most part, working and independent of government, and too conservative for the political class. Bankrupt the middle class, and they can have their socialist paradise, they think.
BINGO!!!
Vet, you win the prize.
How much do yo think it would cost the Fed in lost GDP over a decade if they allow FRE & FNM to be shorted to nothing? The Fed has to save them. What other alternative is there?
Frankly it is scaring me that their measures are being ignored and the PPS is still going down.
Precisely.
And ecnojack, you should be afraid, very afraid.
In another article posted this morning, after this election, Congress will attempt to index gas tax increases to inflation in the construction industry. The more they raise taxes, the more inflation there will be. Construction costs would spin out of control, as would gas taxes, forcing the middle class from the roads. They're trying to turn us into a dependent class.
what about a bailout bill that rescues all those who decided to buy SUVs but can no longer afford the fuel?
It's hard for politicians and their friends to profit or to get their hands on money when it is in the taxpayers' wallets and bank accounts.
Its easy for them to skim and scam when there are billions being dumped into a system that has already shown it has little regard for laws, regulations and fiscal prudence. They know how easy it is to use the money of others to feather their own nests and get what they want.
A typical politician would put the country $10 billion dollars in debt to Osama Bin Laden himself if he could funnel it to his own financial backers and get a few thousand back in contributions, a free country club membership or a high paying job for a do-nothing relative.
Look at the millions upon millions that disappeared down the rat hole in the Katrina debacle - and it didn't all go to the needy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.