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“The most astonishing thing about Treasury Secretary Henry Paulson's plan for Fannie Mae and Freddie Mac is that he intends to use taxpayer funds to resuscitate the companies and return them to profitability.” – The Wall Street Journal
This article notes very important information on Fannie Mae and Freddie Mac and their position as government-sponsored enterprises as well as what it means for the American homebuyers.
“Rather than marking the turning point that assures an economic recovery, the support that had to be provided to US mortgage giants Fannie Mae and Freddie Mac last weekend simply underlines the severity of the ongoing credit crisis.” – The Irish Times
The bailout saves the lives of the mortgage giants and the housing market outlook is left for the next president to handle. How does the future of the U.S. economy look from this point?
“Seeking to head off any unloading of Fannie Mae and Freddie Mac bonds by Japanese investors, the U.S. Treasury Department is taking the unusual step of directly contacting Japanese financial institutions about the plan to rescue the mortgage giants, according to a published report.” - MarketWatch
Example of how U.S. handles a situation overseas regarding the mortgage giants’ bailout.
“"The speculation, cronyism and corruption that pervaded the operations of Fannie Mae and Freddie Mac are emblematic of the parasitism and criminality of America's ruling financial elite as a whole," the article's author, Bill Van Auken, asserts. The US financial elite has certainly not come out of this episode well, but the end of capitalism?” – The Australian
The corruption that takes place in the financial structure of Fannie Mae and Freddie Mac are noted along with the prime motivation of the bailout. Chinese economist Yu Yongding states "if the US Government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic. If it is not the end of the world, it is the end of the current international financial system."
Friday, September 12, 2008
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1 comment:
GOVERNMENT BAILOUT?
HELLO AMERICA. WAKE UP!
THIS BAILOUT SCHEME IS JUST A SMOKE SCREEN TO DIVERT YOUR ATTENTION AWAY FROM THE REAL PROBLEM WITH OUR ECONOMY, AND A SMOKE SCREEN TO DIVERT AND DISSUADE YOU FROM RUNNING DOWN TO THE BANK AND TAKING YOUR MONEY HOME WHERE IT WILL BE SAFE AND OUT OF THE REACH OF THE FAT CATS WHO CAUSED THIS WHOLE ECONOMIC DISASTER IN THE FIRST PLACE.
WE ARE HEADED, LIKE A RUNAWAY LOCOMOTIVE WITH NO ENGINEER ON BOARD, FOR ANOTHER 'GREAT DEPRESSION'!
JUST ASK ANYONE, WHO IS STILL AROUND, FROM THE LAST GREAT DEPRESSION OF THE 1930'S.
THEY, THE FAT CATS, DID THEN WHAT THEY'LL DO NOW IF THEY THINK YOU'LL PULL A RUN ON THE BANKS. FIRST THEY'LL TELL THE BANKS TO CLOSE AND LOCK-UP, THEN THEY'LL TELL YOU THAT IT IS ILLEGAL FOR YOU TO PULL A RUN, FOR YOUR MONEY, ON THE BANKS! IF YOU TAKE OUT YOUR MONEY, THE FAT CATS WON'T BE ABLE TO GRAB IT FOR THEMSELVES!
I'VE BEEN TELLING THOSE WHO KNOW ME FOR THE LAST FIVE YEARS THAT THIS WAS COMING AND WE HAVE NOT EVEN BEGUN TO REACH THE BOTTOM! THAT'S WHY THIS ADMINISTRATION IS IN SUCH AN ALL-FIRED-UP RUSH TO GET THIS ILL THOUGHT OUT BAILOUT PASSED RIGHT NOW AT YOUR EXPENSE! AND AFTER WE BAILOUT THESE THIEVING FAT CATS WHAT ARE THEY GOING TO DO FOR US, TAXPAYERS WHO ARE FOOTING 100% OF THE BILL???
YOU CAN BET YOUR LAST DOLLAR THAT THESE FAT CATS ARE NOT GOING TO GIVE UP OR LOOSE ANY PART OF THEIR 'GOLDEN PARACHUTES'! BUT YOU CAN EXPECT TO LOSE YOUR LIFES' SAVINGS IN A FLASH! I GOT MINE OUT. NOW THE REST OF YOU ARE ON YOUR OWN! GOOD LUCK.
AND FOR THOSE OF YOU DON'T THINK THIS ADMINISTRATION WOULD STEAL ALL YOUR LIFES' SAVING AND LEAVE YOU DESTITUTE, I HAVE A BRIDGE IN THE EVERGLADE FOR YOU TO INVEST IN. DON'T WORRY, I'LL GUARANTEE IT, AND WE'LL FIGURE WHERE IT GOES TO AFTER I GET ALL YOUR INVESTMENT MONEY!
PATERIK
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