David Moffett, who served as vice chairman and chief financial officer of U.S. Bancorp until early 2007 and then joined the

Carlyle Group private-equity firm

as a senior advisor, will take over Freddie Mac.

Gotta keep those corporate welfare payments going.

Tell me again how this administration is all about free markets, personal responsibility and smaller government.

Oh Gawd! If the private sector can not handle their banks... what makes you think the government can do any better?

Watch NYSE symbols FNM & FRE, this is going to be real ugly.

Hopefully the government will fire everyone resposible for FNM and FRE, but somehow I doubt it.

FWTHOM-
Private profit, socialized risk.

"Fuck me once", shame on you.

But,"fuck me twice", has an entirely different meaning when the money printing oligarchy is repeating events from the Great Depression, 100 years later. Most people don't live that long so these "free market opportunities" have a 100 year cycle. Works like a charm, especially in a world where people can't remember what Shrub said two days ago (unless they watch the Daily Show).

The game is rigged. The capitalist's guarantee is implicitin compound interest. Forever keeping workers on the treadmill, while they relax to the tune of compounding interest.

A poor little "welfare Queen" that the wingnuts whine and cry about getting their "Hard Earned Tax Dollars" and seem to hate so much might get away with a few food stamps.

The corporate criminals get away with Trillions!

So much for "all men are created equal", and Freedom and Justice For All"

It's become a goddamm joke.

And the CEOs of thoes two groups make off with millions in pensions. Are we tax payers stupid or what?

Sniper-
It's the unstated platform of the Republican Party (and the Democrats more and more) that allows them to rake in campaign contributions and meals and flattery and paid for trips:

Private profit, socialized risk.

Otherwise, I hope you found some polyps that made your absence from the world outside your colon worthwhile.

And the CEOs of thoes two groups make off with millions in pensions.

Pensions, one was making 20 mil a year the other 12 mil a year. Will Bush and co hold them accountable? LOL probably taking the new guys place at Carlyle Group.

Your Neo Cons Snippy, all for the good of the wealth with all of us saps paying the bill. With Your support Asshole..

The game is rigged. The capitalist's guarantee is implicitin compound interest. Forever keeping workers on the treadmill, while they relax to the tune of compounding interest.

#7 | Posted by nutcase

Nutcase nailed it.

bail out the corporate pigs = socialism is good
bail out the 4 million homeowners who lost their houses = socialism is evil

The OWNERS (stockholders) of Fannie and Freddie have already been punished in the market. Look at what has happened to their share prices. Justice should come to those hired to run those companies.

Markets will scream higher tomorrow, the dollar will rally, and financial stocks will soar.

Counterintuitive, I know. But certain.

I'm trying to google all McSame's criticisms about de-regulation of the banks, a program lead by his economic guru, Doctor Phil.

Anybody got links?

Ummm, Fannie and Freddie aren't banks. Google away, but FNM and FRE were an abomination from go. As soon as you put the Federal government in charge of guaranteeing bad behavior, don't be surprised when you get it.

RIGHTISRIGHT,

I think you are corect about the markets, the Asian markets are up huge as I post. Anyway, I feel good about some big bets I made on friday.

Be careful, trading will be very volatile
Good Luck

It's not like they were true private corporations in the first place. The government had their finger in the pie from inception .

The problem here is that SOMEONE thought it would be a good idea if the "poor" and "underprivileged" could own their own house instead of paying rent. The orders were given to give loans to people who did not qualify. Now, who would have thought that would be a bad idea.

(In fact, I believe this was a cheap attempt by Bush to woo the black vote, since they comprise the largest portion of "poor" and "underprivileged". However, as the lessons of Katrina have taught us...those on the welfare dole are perfectly content to stay there. Why work if you don't have to? Giving them the ability to buy a house is not going to increase their willingness to work for something...just wait until someone "gives" them something else.)

As to the talk about the evil of this decision. The sub-prime loans should not have been made anyway. This is what happens when government tries to "level the playing field" between those who can afford and those who cannot. Now, what other crisis if government getting ready to fix for us so the poor can afford it too?

CITIZEN,

Bravo, you are 100$ correct. If Obama is elected, his policies will guarantee the poor will be on welfare for the next 100 generations.

I will say this. I am glad they are moving sooner than later. The S&L mess was covered up completely by BushI until after his election. Then he fired 50 prosecutors on the Saturday after being elected, dropping most of the fraud cases and sticking taxpayers with an extra $200 billion tab.

Even though the worst is yet to come (at least 4.5 million more to go), moving sooner rather than later is better for us suckers pikcing up the tab. Most of the cost will be eaten as an inflated dollar while the Feds printing presses run wild.

Deregulation (and thousand page regulations for that matter) bring endless opportunities for the rich and their lawyers to game the system. The Republicans must be punished for all their shenanigans. So should Pelosi and Reed for being such pussies. They didn't even try to stop it, by raising the level of dialogue.

"Tell me again how this administration is all about free markets, personal responsibility and smaller government."

Who has ever said that about this administration?

I'm trying to google all McSame's criticisms about de-regulation of the banks, a program lead by his economic guru, Doctor Phil.

Anybody got links?

#16 | Posted by northguy3 at 2008-09-07 10:24 PM |

Time for you to get a life kid. LOL Thanks for the laugh.

Bush I's fault.
Bush II's fault.

Do you honestly believe that if the House, Senate and WH belong to Dems that these things wouldn't happen?

Do you think the Dems or Reps can solve the problem?

The Sheep follow both parties. They re-elect the same Congress while changing the Presidency. We're stuck with the Supreme Court Justices.

Until Americans remove the two parties from power - this won't change. There are few politicians that try to wade into the mess only to be dismissed as kooks.

I'd rather vote for the kook who wants to end the mess and become noninterventionlist.

This is an attempt to screw china out of the bonds they purchased. Most of the bonds were from mac and mae.

yup nothing wrong with this economy!

Bunch of whiners!

"John McBush"

Palin Makes Her First Gaffe

Gov. Sarah Palin made her first potentially major gaffe during her time on the national scene while discussing the developments of the perilous housing market this past weekend.

Speaking before voters in Colorado Springs, the Republican vice presidential nominee claimed that lending giants Fannie Mae and Freddie Mac had "gotten too big and too expensive to the taxpayers." The companies, as McClatchy reported, "aren't taxpayer funded but operate as private companies. The takeover may result in a taxpayer bailout during reorganization."

Economists and analysts pounced on the misstatement, which came before the government had spent funds baling the two entities out, saying it demonstrated a lack of understanding about one of the key economic issues likely to face the next administration.

"You would like to think that someone who is going to be vice president and conceivable president would know what Fannie and Freddie do," said Dean Baker, co-director of the Center for Economic and Policy Research. "These are huge institutions and they are absolutely central to our country's mortgage debt. To not have a clue what they do doesn't speak well for her, I'd say."

The Caribou Con Artist was talking out of her ass? No.

This is an attempt to screw china out of the bonds they purchased. Most of the bonds were from mac and mae.

#30 | Posted by goblinsrreal2
* * * *

1. The bonds are guaranteed by the government; it's the respective stock that is plunging.
2. The Chinese have bought Treasuries, and very little agency paper.
3. You're stupid.

The game is rigged. The capitalist's guarantee is implicitin compound interest. Forever keeping workers on the treadmill, while they relax to the tune of compounding interest.

#7 | Posted by nutcase

Nutcase nailed it.

#12 | Posted by BobOtto at 2008-09-07 08:11 PM | Reply | Flag:

Actually President Wilson nailed us ALL (except for a few unknown bankers) when he signed the Federal Reserve into existence. They get the interest for the money that our government prints and prints and prints......

1. The bonds are guaranteed by the government; it's the respective stock that is plunging.
2. The Chinese have bought Treasuries, and very little agency paper.
3. You're stupid.

#34 | Posted by rightisright

Just like McSame, you have an elastic view of reality and the truth.

with all this corporate socialism goin around, id like to see some socialism directed at actual people. If the govt can bail out the wall street crooks, why can't we get a little universal healthcare?

Buy the damn things, it's a Conservatorship NOT a bankruptcy! When this is over, they'll be back clear of excess debt and frisky!! STREAMLINED and ready!!

It'll just take time!

Once again the Genius of Free Markets saves the day.
[And if that does not work, just pull out the federal checkbook and bail out the rich, while telling Joe and Jane Average American, "You're on yer own."

Any dr left bashing Mccain or GW for this sure is one sided in their vision. Both fannie and freddie have been democratic/Schumer's lap dogs for years. To not acknowledge the bipartisan nature of them either is because you chooses to ignore the truth or you are just a typical de left hack.

Corky, palin is more right in those observations then you know, their bailouts of subprime mortgages as arranged by Schumer was private money being spent under fed control...therefore it will/now has come under fed COST.

The last time the dr left was bashing fnm/fre I clearly linked many articles showing the dangers of these companies doing work to save subprime investors. Of course you all refuse to read much less respect the total picture. Picture this....

Paulson just "Enroned" every employee of fannie and freddie, and he STOLE money from all preferred shareholders. HE PERSONALLY INSISTED that they raise capital, which they did, then he basically DEFAULTED on them. That's fraud/malfeasance in my book. He came up small and is a fuckin asshole in my book......

Hi john, what the fuck are you talking about, no rich were saved, they just got screwed......

What a fun day of trading!

Nice to see the GOP endorse Corporate Socialism. When will it be time to get rid of Bernanke and Paulson? For a person with a PHd in economics and the former head of Goldman Sachs these two sure look like utter and complete morons. Then again we ARE THE ONES who are all paying for their "mistakes."

The OWNERS (stockholders) of Fannie and Freddie have already been punished in the market. Look at what has happened to their share prices. Justice should come to those hired to run those companies.

#14 | Posted by fwthom

Does that mean that I should bail their sorry asses out? Why me, I don't own any of their stock and I don't have a loan from them.

The bailout is an embarrassment to this country and the so called capitalist system in place. If Fannie Mae and Freddie Mac continue to be backed by the federal government, but get to remain "private corporations" then the executives for this company will conduct business as usual. It's giving these bastards a license to steal.

Actually President Wilson nailed us ALL (except for a few unknown bankers) when he signed the Federal Reserve into existence. They get the interest for the money that our government prints and prints and prints......

#35 | Posted by ride_on

Yes sir!
Absolutely correct, and the most insightful post on this page!

"Actually President Wilson nailed us ALL (except for a few unknown bankers) when he signed the Federal Reserve into existence. They get the interest for the money that our government prints and prints and prints......

#35 | Posted by ride_on

Yes sir!
Absolutely correct, and the most insightful post on this page!"

Let's give no blame to the Bush Administration for lack of regulation for what is the equivalent of a government agency (private corporation my ass) that just spent over a trillion dollars because of failed capitalism. Nor should we blame Richard "the second most recent disgrace to the GOP" Nixon for taking the US off of the gold standard and backing the dollar with nothing but the belief in the American "capitalist" system.