Truth? You Can’t Handle the Fannie/Freddie Truth

Wall Street Journal ^ | September 9, 2008 | Deal Journal

[eggman]

Everyone tried to get a piece of the pie. The American Taxpayer is left holding the bag.

Well, I'm one of the many suckers that got stuck holding the bag for a piece of the pie I never went after. I've owned the same house (my first and only) for 24 years.

Just over three years ago I almost moved for a job change but didn't want to buy into a badly inflated market (NYC). I got an apartment and commuted back every 2-3 weeks. My landlord was a real estate agent who was telling me how bad the market was starting to get. The more I looked the more I realized buying a new house was foolish no matter how good an interest rate I could get. Now I telecommute full time and couldn't be happier I stayed where I was. I refused to get sucked in but still get stuck paying the bill.

[PerConPat]

However, those of us who live within our means should not be called to subsidize those who do not, nor to support those who enabled that sort of irresponsibility—and made a lot of profit for themselves in the process...

Concur...The stupidity and greed of a very significant portion of the public never fails, after my six decades on this planet, to amaze me. The country is now well down the road to borrowing and spending itself to death.

The article holds some truth; the constant assault of democracy is now bearing its bitter fruit. A country meant to be governed by accomplished, conservative, leaders has fallen into the hands of panderers to gluttons and idiots that can't deny themselves luxuries they can't afford. Sound familiar?

[PerConPat]

But don’t forget the Congressmen behind this debacle either...:

Thanks for the excellent link. Tonight, on the PBS Newshour With Jim Liar, Senators Shelby and Dodd had a very interesting chat on this topic. Of course, the weasel Dodd finally got around to blaming the PUBs for blocking necessary reforms.; he stated that Bush threatened vetoes of Rat legislation.

That's when Shelby stated, very calmly, that the Dims have in fact been blocking "strong regulator" legislation, since 2003. The look on Dodd's silent face was one of stark realization that he had stepped into something very unpleasant.

[TDT]

Another excellent post. Thank you. I agree 100%.

Democrats benefited overwhelmingly from their mechanizations, from credit challenged constituents Democrats were able to coddle into homes to bailing out their buddies investments on the backs of workers and shareholders.

Something that hasn’t been talked about, but probably not planned, is all the contractors and sub-contractors, developers, and supporting small businesses who lean Republican which have been devastated by the culprits actions. Many are left with properties they can’t sell and employees they had to lay off. Granted that’s their problem however such wild speculation would have never arose with sound lending practices.

[dennisw]

Good post!

James Cramer said the Republicans in the Bush administration took a hands off policy toward Mae and Mac. They were viewed as protected Democrat preserves. Tar babies. That to try and rein them in would only bring grief. Such as —”Awful Republicans are preventing blacks, hispanics and poor people from owning homes”

[khnyny]

Then there’s wacko so-called Christians ....lol.

[AndyJackson]

wild speculation would have never [have arisen] with sound lending practice

This is the key point. Like I said, I am not going to take the fall for this because I did not do it and knew what was up from day one. Expansionary monetary polices, are expansionary debt policies and the debt boom always ends in a bust. A lot of folks were on this gravy train, however, at the expense of the rest of us: real estate agents and brokers, banks and mortgage brokers, financial institutions, land and housing speculators, etc. There are plenty of culprits.

But the guilt is not collective.

[redgolum]

Funny.
Hands off till you loose, then get the government to bail you out. Good game if you can play it.

[TruthConquers]

Bail-out hands PIMCO $1.7 billion payday:
http://www.ft.com/cms/s/0/838d3cb4-7e96-11dd-b1af-000077b07658.html?nclick_check=1

I had seen this information yesterday, but couldn’t find it to verify/backup my post. The taxpayers were totally screwed.

[sarasmom]

But “they” are going to try, aren't they?

I still have my original issue “VA Home Loan” chit.
Why did I never use it?
I was never in the financial position (IMHO) to both afford a mortgage, and assume the total maintenance of a home.
My financial decisions are private, and the direct result of my own personal choices.

But because I was fiscally responsible and risk aversive, and currently have no debt, the Feds are going to force me to pay for the winners and losers in a stupid game I declined to participate in? What harbor do I dump this tea in?