Thanks To Fannie And Freddie, Bailout Tab Hits $3.7 Trillion !!

Business Insider ^ | 07/21/2010 | Joe Weisenthal

[SeekAndFind]

Remember when the bailout was going to cost $700 million?

Yeah, not so much.

Reuters:

Increased housing commitments swelled U.S. taxpayers' total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday.

The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government's pledges to supply capital to Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) and to guarantee more mortgages to the support the housing market.

Of course, Fannie and Freddie went completely untouched in financial reform.

[pieceofthepuzzle]

Barney Frank should be in jail for his role in this.

[Roccus]

Remember when the bailout was going to cost $700 million?

NO! I don't ever remember it being that low.

[Dick Bachert]

At least in a bad "B" horror flick where he is beaten to death by the local townspeople.

[Psycho_Bunny]

It’s not thanks to Freddie and Fannie: it’s thanks to Barney, Clinton and all the other Dems who forced sub-prime lending on these entities.

[dforest]

Flop Ears is on TV right now lying as usual.

I have has enough of him.

[Texas resident]

Barney Frank and Chris Dodd are the cause of ALL of the ecominic problems we are experiencing. Once they took over the banks, then everything was affected. And yet they still remain the chairmen of their banking committees and we pay for their lavish lifestyles.

Still amazing.

[Dick Bachert]

Putting Bawney in a male pwison would be wike throwing a pig into a mudpuddle.

Send him to a WOMEN’S pwison!

[Inwoodian]

“Barney Frank should be in jail for this”.

So should Franklin Raines and Jamie Gorelick who each pocketed millions while fleecing the public.

[SeekAndFind]

RE: NO! I don’t ever remember it being that low.

If we want to go into technicalities...The original TARP was allocated in two $350 billion chunks.

The first $350B was approved by Congress and Bush signed it.

Bush spent about $300B of it to shore up the banks.

Had the TARP stopped there, I don’t think this would cause much huge commotion ( many people will express concern, but there would be no Tea Party activism ).

Then Obama got elected and things started to unwind quickly...

The car companies ran in to trouble and Obama’s team asked Bush to use the unspent TARP to bail out the automakers. At that point Bush was already made out by the media as the worst President(which I do not agree with) ever so not wanting to get any more flack, he relented. BIG MISTAKE !!

The TARP provisions stated that if Bush did not authorize for the additional $350 B before he left office, it would be left unspent.

Obama’s team went back out to Bush again and asked him to authorize the additional $350B so the Obama team could use as they needed. He relented again...so Bush actually only spent $300b to shore up the banks and that money got paid back in interest...

However, the money that has been flushed down the toilets of GM/Chrysler, AIG and the GSE will never be recovered and are mostly Obama’s spending... ( let’s not even mention the wholesale disregard of our bankrupcy laws where debt holders of GM and Chrysler were royally screwed in favor of the Labor unions ).

[Oldeconomybuyer]

Cluster~blank.

[FlashBack]

Dr.Obamastein has unleashed the monster FrankenDodd upon the American Taxpayer.....Torch and Pitchforks anyone?

[SeekAndFind]

The problem with regulations like this current monstrosity is the horrendous details are hidden in the vast 2,500 document that no one bothers to read. All people will be hearing is the catch phrase — FINANCIAL REFORM.

Since most Americans are too lazy to educate themselves, very few will even bother to take up arms against this horrendous piece of legislation.

[FlashBack]

I heard/read that there is more “healthcare” stuff packed into that “financial” reform bill as well....Neither one has as much to do with health or finance than they do wil consolidating POWER.

[A_Former_Democrat]

NO MORE “AFFIRMATIVE ACTION MORTGAGES”

Get the government the hell out of the housing business.

Investigate Dodd, Franks, Raines . .sue the bastards.

[NOVACPA]

What a misleading headline...

145,000,000,000 / 3,700,000,000,000 = 4%

[pieceofthepuzzle]

“Still amazing.”

Less amazing, more tragic and disgusting. These jerks are responsible for ruining the financial stability of many, many people in this country, including elderly people whose investments and savings have been hurt. The media is to blame as much as anyone else. They have allowed the democrats to deflect responsibility for this mess, and have facilitated their finger pointing at the Bush administration.

[SeekAndFind]

The Washington Post babbled again today about Obama inheriting a huge deficit from Bush. Amazingly enough,...... a lot of people swallow this nonsense. So once more, a short civics lesson... While the White House proposes budgets, funding for Budgets does not come from the White House!

It comes from Congress, and the party that controlled Congress since January 2007 is the Democratic Party. They controlled the budget process for FY 2008 and FY 2009, as well as FY 2010 and FY 2011.

In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

For FY 2009 though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the FY 2009 budgets.

And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009. Let's remember what the deficits looked like during that period and what is projected into the future to 2019 :



If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets.

That deficit was the lowest in five years, and the fourth straight decline in deficit spending.

After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets. If Obama inherited anything, he inherited it from himself.

In a nutshell, what Obama is saying is “I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th”.