But it will all be worth it to save Barney Frank’s political career.
This will cost about $400 billion. How to pay for it? Print more money, of course.
November can’t come soon enough.
Surprise, surprise, surprise. Lord but I h*te Barney Frank.
The Cloward-Piven strategy does not require a total collapse. Just enough sequential planned emergencies to cause the present system ro collapse into a Marxist safety net put in place to catch the pieces as they fall at a slow enough rate that it is not too obvious. But it will be necessary for it to happen before these Marxists loose their majority. November poses a life or death moment for Marxism. I don’t expect it to be pretty.
Call Barney Frank and Chris Dodd...I am sure they will bail them out.....
Almost $400,000,000,000.00 from my pocket and yours and your children and grandchildren. WHEW! It wasn’t even 3 or 4 years ago that the VERY ,VERY vocal and CONDECENDING groupies (just like the Buchanan Haters) mocked anyone who said that WE would be picking up the tab for these INDEPENDENT CAPITALIST CORPORATIONS. We were fools , we were communists. SHEESH!
Unacceptable
Who was seized? Fannie and Freddie or us?
no need for a bailout
let it go under
check Barney’s bank acount.
Thanks, Jimmy, Barney, and Barry.
From the CBO the estimate is $389B.
More realistic probabilities put the number between $580B and $650B.
However this is just the immediate losses to Freddie Fannie Ginnie and FHA. The secondary and tertiary losses will be even greater.
From 2000 to 2008, almost 6 TRILLION dollars of mortgages were originated in the United States (we went from 5.1 trillion in 2000 to 11 trillion in 2008)... during that time, the real estate market was completely over-priced.
Do the math.
$146 billion is only a drop in the bucket.
The mistake from the get-go was to describe this as a problem caused by/limited to one specific type of mortgage loan.
In reality, the majority of loans made during that time were “bad” loans, because the market had been manipulated with artifically low interest rates, a tax code that favors real estate and a public policy that said “put people in homes” no matter if they are qualified to handle a mortgage loan or not.
75% of the 5 - 7 million loans that are now 90 days or more delinquent were originally packaged as “traditional prime”. They were not even remotely prime to begin with.
There was a massive bubble, caused by a national mania in real estate, and now it has burst.
Let the (free) market work. It will be painful, but it is the only way to heal.
So now ALL home mortages will be FHA or VA.