Comments on: Shocker: Fannie Mae Needs More Money

By: Professor_Repulso

Professor_Repulso — Sat, 15 Nov 2008 03:03:13 +0000

Very disturbing!
“The China connection to Goldman Sachs figures prominently in the current crisis. Because China owned $376 billion of Freddie Mac and Fannie Mae paper, it played a big role in the financial crisis, and Treasury Secretary Henry Paulson, with his own personal and financial ties to China, admittedly tried to reassure the Chinese through this process that their investments would be protected. They are being ‘protected’ in the sense that the American taxpayers are now on the hook for these government mortgage companies, which have been nationalized.
“On top of this, Paulson, a former CEO of Goldman Sachs, made sure, as part of the bailout legislation, that he could bail out Chinese banks holding other troubled U.S. assets.
“Schiff, who blows the whistle on these schemes, is not very popular in the media, which have been telling us consistently that things would get better after Wall Street was bailed out. But Schiff was on Bloomberg on October 28 talking about how the problems will get worse if we continue to follow the current tax, spend and bailout policies. His basic message is that the U.S. is broke and that the situation will get worse under an Obama Administration because of its commitment to more federal interference and involvement in the economy.
“Nevertheless, during this discussion, a week before the election, Schiff predicted an Obama victory because ‘nobody is going to vote for four more years of this’ and voters ‘are going to grasp at straws and vote for anybody who promises change.’ But the change is phony, he warned. Obama ‘will put several nails in the coffin,’ he said. ‘We’re going to get more of the same, only worse.’”

http://www.aim.org/aim-column/.....al-crisis/

American taxpayers catching it in the butt to bail out our own deadbeats is bad enough. Throwing those Chinese commies into the mix is just too much.

By: paulswigert

paulswigert — Fri, 14 Nov 2008 22:30:52 +0000

This entire problem revolves around the very people that have been given the reigns to fix it and the feeling of knowing with the inability to do anything about it leads me to believe that this country is headed for direct destruction. This fiasco being handed over to BHO and his government do-gooders will surly weaken this country to the brink of possible invasion or total implosion. Either way I am not sure we are strong enough to overcome this debacle. We can not simply print our way out of this mess, something has got to give, so propping up these already failed institutions is plain stupidity, LET THEM FAIL!!!!!!

By: Professor_Repulso

Professor_Repulso — Fri, 14 Nov 2008 18:35:48 +0000

“Obama, who let Sen. John McCain take the blame for the financial crisis that started with Obama’s street advocacy in Chicago in 1992 when he strong-armed local banks to provide risky loans to minorities, threatening to brand the bankers as racists if they did not. Obama, as both a State Senator and a US Senator, worked with Fannie Mae executives to guarantee what would become known as ‘subprime loans,’ creating an industry that both the Clinton and Bush-43 Administrations latched onto in desperation as the US jobs-exports ‘industry’ went into full swing as Detroit moved their plants from the American continent to China. Construction, not factory work, became the number one industry in the United States. Home construction created jobs. But newly-constructed homes needed to be sold.
“It can honestly be said that Barack Hussein Obama, who strong-armed Illinois banks to provide risky mortgage loans to minority buyers who lacked credit standing, was instrumental in creating the subprime mortgage industry. The loans generated by Obama’s street advocacy in the early 1990s were backed by Fannie Mae. Obama’s advocacy in Illinois became the model for the subprime mortgage industry that was jump-started by Bill Clinton and continued, to its demise, under George W. Bush who ultimately got the blame for its collapse. The pitfall – loaning money to people with credit histories that show they will default on their loans – were concealed by the Congressional Black Caucus and the Democratic leadership which actually believes that people who refuse to work should be granted economic equality paid for by sweat equity of those who slave to provide a better life for their families.”

J.C. Ryter

By: proreason

proreason — Fri, 14 Nov 2008 17:29:48 +0000

“But that may force them to purchase mortgages given to buyers with declining economic prospects, including possible job losses”

in other words, no change to Barney Fife’s prior policy.

I just wish they would cut through the crap, and expand the give-away to cars, food, vacations and drugs.