Posted on 07/23/2008 11:02:04 AM PDT by djsherin
I recount all this now because it illustrates the perverse nature of Fannie and Freddie that has made them such a relentless and untouchable political force. Their unique clout derives from a combination of liberal ideology and private profit. Fannie has been able to purchase political immunity for decades by disguising its vast profit-making machine in the cloak of "affordable housing." To be more precise, Fan and Fred have been protected by an alliance of Capitol Hill and Wall Street, of Barney Frank and Angelo Mozilo.
I know this because for more than six years I've been one of their antagonists. Any editor worth his expense account makes enemies, and complaints from CEOs, politicians and World Bank presidents are common. But Fannie Mae and Freddie Mac are unique in their thuggery, and their response to critics may help readers appreciate why taxpayers are now explicitly on the hook to rescue companies that some of us have spent years warning about.
(Excerpt) Read more at online.wsj.com ...
Raines, Gorelick, and a sloo of other Clintonites made a fortune looting Fannie and Freddie, and now the taxpayers are going to bail them out so a new bunch of DNC cronies can earn their fortunes.
We should be marching on Washington D.C. with torches and pitchforks. That’s my thought.
The perp list reads like a who’s-who of the Clinton administration... Jamie Gorelick, Harold Ickes, Louis Freeh.
“That’s a howler even by Mr. Krugman’s standards. Fannie Mae and Mr. Mozilo weren’t competitors; they were partners. Fannie helped to make Countrywide as profitable as it once was by buying its mortgages in bulk. Mr. Raines — following predecessor Jim Johnson — and Mr. Mozilo made each other rich. Which explains why Mr. Johnson could feel so comfortable asking Sen. Kent Conrad (D., N.D.) to discuss a sweetheart mortgage with Mr. Mozilo, and also explains the Mozilo-Raines tag team in 2003.”
this is the jim johnson that barry placed on (and had to remove from) his veep vetting committee - the jim johnson that reported income from salary as 6 or 7 million from fammie mae but actually got 21 million that year
The current bail out bill gives Freddie and Fannie an unlimited line of credit at taxpayer expense. My question is this: how does this bail out stop the “business as usual” mentality at Freddie and Fannie? It doesn’t. No oversight, no people going to jail, no accountability, no new regulations, just throw more taxpayer $$$$ at it. And all the while, tell the American public that it’s all for the “little guy.”
Great racket. Worst that can happen to you for your crooked accounting and incompetence, is you will be forced to resign. Best case, walk away with $20 Million. Too big to fail, politicians afraid to stop it.
I think it is also the Johnson who is involved with Perseus, which is run by Soros, which published McClellan’s (sp?) book, which...
The Mortgage Mess: Bankers Were Robbing People !
Time to wake up, people.
I read a found a report out of LA that said foreclosures were up 263% last month. That is a 'year-over-year' statistic for 2007 to 2008. It will get a lot worse next year. And continue until about 2013.
Raines, Gorelick, and other Clintonites made a fortune looting Fannie and Freddie (F & F). But F & F acted like bankers and top people made a fortune raping and looting ordinary Americans. Heads must roll ! I say, "Line 'em all up for a firing squad" . . .
What happened to all those real estate and mortgage industry shills that used to hang out here? Where are they now? Why were they running an average of about 250 hacking attacks per month aimed at me _________ ?
Because I was telling the truth.
They were trolling for more victims. And also trying to shut me down forever. Obvious insults went ignored by moderators. I almost had a third stroke fighting illegal hacking attacks. The assssssnakes just slithered away into the sunset.
Now they are piling heaps of campaign cash on both parties. Wall Street wants to buy Congress and the White House. And the voters will roll over again and just allow them to take control.
Time to wake up, folks! Or just go back to sleep. Or visit Drudge and catch the latest bovine squat on Batman, Joker, Britney and Obamarama.
John Edwards was right. There are two Americas; God’s children and the taxpayers.
While most everyone else thought real estate profits could only go to the moon, you encouraged caution.
I had no idea there was such personal cost to you.
My own theory is that Paulsen, on behalf of the PRC and KSA who hold massive amounts of FNM & FRE bonds, showed the congressweasels what would probably happen to the USD and US interest rates if FNM & FRE defaulted on their debts. That was sufficient revelation of the gates of hell to convince the gang of scum in Congress to support their constituents to the best of their ability.
At some point citizens are going to have to come to grips with the fact that the Mafia has morphed into the Ivy League Mob.
Would the Mafia let someone get away with that? I would think that the Mafia would step in to ensure there was no default, but they would simultaneously ensure that the leaders of the scam businesses would--thanks to their new "heavyweight" footwear--never see a need to engage in such looting in the future.
Who’s the Mafia?
Regardless, all such looting in the future has been in effect indemnified. The banks have now perfected (or at least brought up several levels) the art of looting the US Treasury, with the assistance and accession of of the Fed. Yes, the banks have assured their place as the priveleged pinnacle of US economic policy. I consider it done.
Perhaps on purpose, do you think _____ ?
$5 Billion in Unsold Homes May Bring Peril to Fannie Mae Shareholders
Oh, well. Whatever.
Weird, wild rumors are swirling on the Internet about the U.S. government buying up property for mass graves. What's up with these rumors? Do the Build-a-Burgers know something really big is in the works. What's next: A new form of fatal Bird Flu? New food shortages? Planet X? Invaders from space? Some other unnamed crisis?
Or just just rumor mongering to spread fear and dread?
Beijing has still has thousands of empty, unreserved hotel rooms. Will this be the Olympic party that everybody blew off? Be-Jing-a-Ling also has a terrible air pollution problem. They have a history as ground zero for exotic airborne diseases. Why go to China just to cough yourself to death from dirty air or bloody SARS?
Nothing to see here. Time to move on.
I was absolutely right about the surrepititious need to backstop FNM / FRE debt, and Dodd just confirmed it.
Not the question is....does this devalue Tsys? Or up-value FNM debt?
Amazing times we live in. MOre elements of loss of sovereignty may indeed not be far behind.
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