Posted on 07/07/2010 1:25:18 PM PDT by Track9
Apparently, Fannie and Freddie are the new Batman and Robin.
At least they seemed more like heroes than villains in a July 6 ABC News story about the troubled housing market. Reporter Rich Blake gave the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac credit for "propping up" the flailing housing sector:
"As perplexing and disturbing as this economic brainteaser may seem, the housing sector would be in even worse shape if not for those twin government sponsored enterprises, Fannie Mae and Freddie Mac, both in government conservatorship and bleeding assets," Blake wrote.
Blake was downbeat about the situation saying, "Such a scenario, a housing market propped up by Fannie and Freddie, several economic experts admit glumly, is akin to running a power plant on an auxiliary generator that is jumper-cabled to a car running on fumes."
He even noted that Fannie and Freddie are 79.9 percent owned by the federal government and 20.1 percent owned by the public, but he didn't mention how much the two GSEs could cost taxpayers. So far, the pair have cost roughly $160 billion, but according to Bloomberg could run up to nearly $1 trillion.
(Excerpt) Read more at newsbusters.org ...
Agreed and some idiots will never cease with the stuck on stupid cycle....ABC, MSNBC, AP, CBS, CNN, NBC, NPR, etc., etc., etc.
The taxpayers propped all these entities up. Fannie and Freddy were belly up too.
Pretty soon they will tell us what a genius Franklin Raines, Chris Dodd and Barney Frank are. However did our country succeed with so many obvious assholes running things?
“As perplexing and disturbing as this economic brainteaser may seem, the housing sector would be in even worse shape if not for those twin government sponsored enterprises, Fannie Mae and Freddie Mac, both in government conservatorship and bleeding assets,”
http://www.johnspeedie.com/healy/crap.wav
Bonnie and Clyde must be responsible for propping up the bank security industry.
Fannie Mae and Freddie Mac were key in creating the housing bubble. A lot of politicians walked away with their family coffers full , including John McCain and Harry Reid whose families are heavy into real estate sales and development.
Ask yourself why Fannie and Freddie insisted to banks that they not have tax returns in the mortgage records of the borrowers,and why they accepted such pro forma over valuations of mortgage properties by the millions.Affirmative action lending, and it still continues as this is being written.
And then there is the budling art of selling them in high risk/low risk groups o the post secondary mortgagae market. Hello Europe/Goodbye Europe!
They are perpetrators of a huge PONZI scheme IMHO.
Every American has a right to have a house and an SUV in the drive.s/
This is as funny as those 230 some “Constitutional Scholars” claiming Obama is the best President to ever occupy the White House.
B U M P
Is this a bit like the crack head who finally gets his laundry done because he’s been awake for a week straight. Yeah, Fannie and Freddie, bogus stimulation is what they do. Always a silver lining.
Every time I look at that cartoon I get a laugh.. thanks!
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