Government Bailouts: A U.S. Tradition Dating to Hamilton

Wall Street Journal ^ | SEPTEMBER 20, 2008 | MICHAEL M. PHILLIPS

[ari-freedom]

freddie mac and fannie mae

[SeeSharp]

Maybe that's a more recent occurrence?

The first documented business cycle happened in fourteenth century Venice. That panic and every one since can be traced directly to government meddling in the monetary system, usually by some form of credit expansion.

[groanup]

Bookmarked. A little history lesson from which we can all take a deep breath. Thanks for posting.

[Toddsterpatriot]

freddie mac and fannie mae

Fannie was created by the government, before Bush was even born. Freddie was created when Bush was 24.

Try again?

[groanup]

freddie mac and fannie mae

Wrong. They were already government enterprises.

[1rudeboy]

Here it is: "The solution is to stimulate the manufacture of goods in USA and impose mega tariffs."

I literally got a chill.

[1rudeboy]

Here is another thread I posted this morning that didn't get much attention. I thought both presentations were funny.

[ari-freedom]

they were private-public hybrids and taken over Sep 7, 2008.

The point that you seem to be missing is that Hugo will now use the bailout as vindication of his belief in govt intervention. We’re going to see a worldwide push for even greater govt control.

[Toddsterpatriot]

Higher prices, for the children!

[Toddsterpatriot]

Those were funny. I think I saw the “serious” one posted a while back with no indication the poster understood it was satire.

[Toddsterpatriot]

The point that you seem to be missing is that Hugo will now use the bailout as vindication of his belief in govt intervention.

The point you seem to be missing is that Hugo doesn't need any excuse to do what he does.

We’re going to see a worldwide push for even greater govt control.

Starting here with Obama. Same as it ever was.

[ari-freedom]

Hugo doesn’t need an excuse but he will convince a lot of people. So will Obama. They won the debate because if it’s ok for the govt to prop up Wall Street, then certainly it is ok for it to prop up Main Street.

[Toddsterpatriot]

Hugo doesn’t need an excuse but he will convince a lot of people.

Who does he need to convince? LOL!

[skeeter]

Wrong. They were already government enterprises.

1968 Charter Act The 1968 Charter Act split Fannie Mae into two parts: Ginnie Mae and a reconstituted Fannie Mae. Ginnie Mae would continue as a federal agency and be responsible for the then-existing special assistance programs, and Fannie Mae would be transformed into a "government-sponsored private corporation" responsible for the self-supporting secondary market operations. The reconstituted Fannie Mae was to be stockholder-owned and managed. Fannie Mae retired the last of its government stock on September 30, 1968, and transformation to a government-sponsored private corporation was completed in 1970.

[ari-freedom]

venezuelans, the rest of Latin America....

[Toddsterpatriot]

venezuelans,

Or they'll vote him out of office? LOL!

the rest of Latin America....

The lefties don't need convincing. The rest will ignore the blowhard whether they ever hear of Fannie Mae or not.

[Hawthorn]

There's a glaring omission in this article, since it fails to mention perhaps the most salient happening, namely that the Federal Reserved system FAILED to intervene properly during the Great Depression of the 1930's. Moreover, they allowed a massive contraction of the money suppy -- which is the reason we had a "Great" depression in the USA, while most other advanced economies had merely a "depression."

The story of this disastrous monetary contraction is told in excruiating detail by Milton Friedman in his landmark Monetary Histoy of the United States, a work that is widely acknowledged as Friedman's greatest.

[skeeter]

... and Freddie Mac shares Fannie’s charter.

[ari-freedom]

it’s not that the lefties need convincing. the problem is that they are energized.

[Toddsterpatriot]

If only we hadn’t done that, Chavez would already be out of office.