What Fannie and Freddie May Cost Taxpayers

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First These wise words:
If you have always believed that everyone should play by the same rules and be
judged by the same standards.......
This would have gotten YOU labeled:
1. A radical 50 years ago.
2. A liberal 25 years ago.
3. A racist today.
Thomas Sowell (born June 30, 1930), is an American economist,
social commentator, and author of dozens of books.
THIS IS A SHOCKING STORY - that will cost you.
"The government bailout of Fannie Mae and Freddie Mac is the greatest fraud in American history and the entire media
(EXCEPTING THIS) is totally silent about WHY."
Here are results of research I did in my quest to verify a feeling I had.
A hunch came to me because of our predictably dishonest P.C. world.
(I'm no psychic but you do not need to be)
So check this out if you wonder about what will rule Americas future....
The NINJA loan- No Income No Job or Assets -
Nobody is exposing this.
Yet.
DID YOU KNOW......
Over the past weekend our nations debt may have even DOUBLED.
*(Wall Street Journal - Sep 8, 2008 To put this in context, that would probably double next year's likely federal deficit.)
Finally to suface is........Easy, SIMPLE, Understandable
Speculation on why :
Because of American MINORITIES apparent entitlement to own a home. (Whether or not they can meet payments.....)
NINJA Loans are (NoIncomeNoJob/Assets)
The Fannie Freddie fallout (bail-out) rose our
debt to many + Trillions.
...but nobody will own up to WHY..
....or even put it on the news (Except to blame those "predetory evil bankers".)
But NOW, in this age of information.....we can find out things ....
things that are not biased RIGHT or LEFT .....but factual things like
sound bytes that you can hear by our leaders in meetings ......
so, If you need some evidence I have finally located some.
What I have realized is what may turn out to be
an under the radar ARM program, perpetrated or
perhaps initiated by W and (I believe) a lobby P.C. HUD government QUOTA mission-.
Basically regulating low loan ARMS be given only to MINORITIES....(W. specifically quotes Hispanics and African Americans on one byte.)
The ARMs were planned only to work if rates DO NOT ever rise-
However, rates did rise- Hence the fall-out - Hence YOUR BAIL OUT!
Nobody is talking about this - even while everyone asks-
WHY did this happen?
Listen to these W sound bytes. Then you decide.....WHY?!
(I feel) This is an American P.C. scam that is routed in
P.C. racism and favoritism (of chosen races) at its exalted max.
Any other banking company would have had to answer

Chas.Youngs of NY 12:41AM September 16, 2008

I feel that all the assets (ie. salaries, bonuses, stocks and bond), homes, cars, yahts, clothes, furniture, jewelry, credit cards, aircraft, big screen tv's, that the Fannie May and Freddie Mac excutives,from managers to CEO's should be seized by the goverment, and sold to bail out homeowners that are under forclosure, and they should have to live on minimum wage just like the rest of us.
the goverment should make all the home loans that these companies have interest free for the life of the loan.
and with no mortagage insurance requirements

E.R. of KS 7:58PM September 09, 2008

It is a shame that our beloved government is throwing us to the lions, like the Romans,but the difference is that these are financial lios, like Bear Sterns and Goldman Sachs, etc.
I have not seen in any communist country the magnitude of corruption and thievery that is happenig in the great USA.
We are way overdue another Boston Tea Party!
Wake up good people of America! And down with Fannie Mae and Freddy Mac!

John Balasa of VA 9:16PM September 07, 2008

"...we should NOT be weirded out by the idea" OF BAILING OUT FANNIE MAE AND FREDDY MAC?!?!?!
1. You should be very weirded out by the likely prospect that these two financial institutions are insolvent and have $5.3 Trillion in LIABILITIES that each of us (and our children, and our children’s children…on and on) is now potentially liable for.
2. This is NOT a credit risk – The value of the “assets” have already plummeted. We would have a risk if there was a risk of the value of the assets falling. It has already happened. These assets have depreciated already. Paulson wants to move this trash to the personal balance sheet of every American and make him or her pay dearly for the risky choices made by the millionaires that run Freddie and Fannie. He wants to bail out these criminals who made millions in bonuses and stick us and our children with the bill. He was the CEO of Goldman Sachs and it is “funny” that this research note came from Goldman Sachs.
3. I don’t follow the logic here. So, the government explicitly has some guarantees’ in other sectors of the economy. With these GSE’s the guarantee was implicit and not explicit – not a guarantee. But the point that the government has some guarantees, so we should as taxpayers absorb all the losses for Fannie and Freddie escapes me. Is the point here that the government has guarantees with other entities that could be far more disastrous so this bailout is not that bad?! I’m not sure what the author is trying to say.
4. Half a percent of the Gross Domestic Product of the United States IS a big number. Besides, regardless of the number – I do not want to pay for the bad bets others made to enriched themselves by millions, while I as a father of two small kids can’t afford a place to live.

Scott Heyman of CA 9:27PM August 13, 2008

What is needed is leadership out of Washington. Leadership with simple common sense.
http://pacificgatepost.blogspot.com/2008/07/where-is-economic-leadership.html

PacificGatePost of WA 7:14PM July 16, 2008