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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on August 18, 2010, 05:29:00 PM
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If you have been paying any attention at all, you'll have no problem remembering what song this fat bastard was singing not long ago regarding Fannie and Freddie. I know it's been said before, but it really boggles the mind to think that some people still have a scrap of faith in these two brainiacs. It's no wonder the country is a mess and if there was any justice then both of these guys would be booted to the street.
Before:
Now:
Fannie Mae and Freddie Mac should be abolished, Rep. Barney Frank, chairman of the House Financial Services Committee, said Tuesday when asked whether the mortgage giants should play a role in housing market reforms.
"I think they should be abolished," Frank told Fox Business Network's Neil Cavuto in an evening interview. "The only question is what do you put in their place. This is a situation where given the importance they had come to play in housing, you can't tear down the old jail until you build a new one."
It's not the first time he's made the argument. On Friday he told HuffPost Hill: "A year from now, there won't be a Fannie and Freddie. There won't be those hybrids. But you will have the home loan banks. You'll have the [Federal Housing Administration], you'll have Ginnie Mae, you'll have some other types."
Frank's most recent denunciation of Fannie and Freddie comes on the heels of Treasury Secretary Timothy Geithner's assertion Tuesday that the government should continue to offer structured support for mortgage loans "to make sure that Americans can borrow at reasonable interest rates to buy a house even in a downturn."
Geithner told his audience that sunk costs are irrelevant -- Fannie and Freddie cost taxpayers roughly $150 billion in the two years since they were nationalized -- and that what's important is to focus on fixing the imbalances that led to financial meltdown.
"There is nothing we can do to decrease the significant losses Fannie and Freddie incurred ahead of this crisis," Geithner told conference attendees. "All we can do is to minimize the risk that they get worse."
Frank thinks the mortgage giants just need to go, adding "the question is what replaces them." He also emphasized that part of the solution is recognizing that not everybody should be a homeowner.
More
http://www.huffingtonpost.com/2010/0..._n_685632.html
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All you fuckers in Massachusetts should hang your heads in shame for electing this worthless piece of shit.
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All you fuckers in Massachusetts should hang your heads in shame for electing this worthless piece of shit.
I'm from Tax-You-Up-The-Assachusetts, and I'm proud to say that I've never voted in state elections and probably never will.
Bawney Fwank is one of the people who helped cause the subprime meltdown; he's just trying to cover his ass.
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right on brother
end fed fannie and freddy
you can't simply counterfeit trillions and give it to "private" banks to then inflate again with fractional reserve banking and not expect massive inflation liek we are having
the secret is real estate bubble is made permanent by massive inflation and governmetn loves it cuz it taxes real estate by total price
sickening
imagine if a person said ok my bank account now has a trillion, and im guna giev it to friends to lend out to you suckers at whatever high % I can, and then instead of a trillion they can lend out 20 trillion and get 10% or whatever on the 20 trillion
of course without producing anything
its staeling value and ownership from produtive labor
remember all activity is not productive labor -- this means you governmetn workers [esp teachers etc]
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The question is why does governmetn need to do anything for mortgages? What to keep high property taxes and mortgage bankers rich? fuck that
If you are a low credit bastard then fuck off no house for you.
Do not go ass stabbing the taxpayer to giev the poor free shit.
If wana do that just give free hosues away directly.