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Posted on 07/25/2017 8:13:13 AM PDT by LRoggy
This is the video of an interview after the close on CNBC by Kelly Evans of Dick Bove and Josh Rosner on the NYT story by Gretchen Morgenson that showed the Obama Administration changed the agreement between the US Government and Fannie Mae and Freddie Mac by fiat ruling.
Play the video at the link.
If you think this isn't worth it, just note that the video has been buried off their front page . . . since it slaps the Obama people right in the face and heaven forbid that happens on an NBC property.
Morgenson's story was based on finally getting released documents from a FOIA that showed Obama officials noting Fannie and Freddie were returning to profitability quicker than expected and that they should change the bailout terms so the government would get most of those profits instead of flowing through to the shareholders in the percentages negotiated. This power grab ended up costing the public shareholders as mush as $200 billion according to Bove and both indicate this is the greatest theft in financial history.
If any of my fellow Freepers have not read Reckless Endangerment, and you are looking for the silver bullet to take on your ignorant liberal friends about the causes of the crisis . . . well, here is your silver bullet . . .
Love how the CNBC hostess was trying to stop them from using words like “biggest fraud perpetrated on American people” and “lie” in same sentence with Obama...
A few short clips of Maxine Waters and others trying to provide cover in 2004 for the GSEs’ role in the housing bubble as the bubble was brewing.
But, but, the real problem for America is Trump colluding with Russia.
Fannie and Freddie should have been shut down in 2009 - yet they survive to feed off another Federal Reserve cheap money bubble and government support.
100% of all Fannie & Freddie profits were used to prop up 0bamacare. Illegally seized. By 0bama
>>Fannie and Freddie should have been shut down in 2009
But that would have interrupted the flow of milk and apples to the feudal overlords.
Wall St financiers priorities are always about making themselves rich while they get a get out of jail pass and a friendly cronyist Fed Reserve that help them to plunder America.
Obama and the politicians were always afraid to take on these swamp rats and actually hold them accountable for their actions. Their incompetence cost society and treasury billions while the Federal Reserve gave them the free money to buy low and sell high, be it real estate or equity products.
They are not there to advance capitalism and fund the means of production as was once the case. It is always inside poker.
I think you need to read the book.
Fannie Mae was run by Jim Johnson, big time Dem party power broker, the Vice Chair was Jamie Gorelick and the replacement CEO for Johnson was Franklin Raines. Fannie Mae was where the Clinton Admin alumni went to make their fortunes. Raines ended up paying an enormous fine when Fannie Mae was caught fixing earnings reports. Obama was not going to prosecute a company that was run by his party’s power brokers.
Fannie and Freddie were public corporations, it was the shareholders who were ripped off. It wasn’t ‘Wall Street financiers that ripped them off, it was the Obama admin.
By the way, CNBC BROUGHT BACK Bove and Rosner around 4:45 today to re-do the segment, probably because of the blowback they got for the idiotic way they tried to whitewash the segment.
Oh no. Haven’t they hurt the middle class enough already?!
As long as you still have some small assets, a bit of cash, a home etc., government wants what you have and won’t stop until they get it or get at least a good percentage of it.
In my opinion, everything surrounding the banking/housing market is bursting with corruption, greed and unscrupulous individuals in every direction.
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