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Throw ALL the bums out

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January 24, 2008 – Comments (12)

Economic stimulus my tuckus, this is a banker welfare program extraordinaire.

Part of the package includes a one-year boost in the limit on so-called jumbo loans that can be purchased by Fannie Mae and Freddie Mac to a maximum of $729,750, up from $417,000 currently.

Lets review: the reason that Fannie and Freddie exist is to help provide AFFORDABLE housing to Americans. $700K homes? That's insanity.

The only thing this will accomplish is to give certain bankers and Wall Street types a repreive on their terrible lending and let them offload high-priced junk that others don't want. And if Fannie and Freddie can't handle it, hey, they're too big to fail, right? Gotta have a taxpayer bailout. It wouldn't be fair to let them fall apart at the seams. (And don't even think of asking the failed, multi-million-dollar execs who run these outfits to return all that bonus money they pocketed on the way up in this huge Ponzi scheme. That would be unamerican.)

All hail the new free economy: Privatize the profits, socialize the losses.

12 Comments – Post Your Own

#1) On January 24, 2008 at 9:26 PM, QualityPicks (61.55) wrote:

I'm furious at this, but what can I say. Be responsible, get screwed. I swear not to ever try to be responsible again. As a matter of fact, they say the rebate checks won't impact the economy until Q4 since they will be mailed in June. Screw that, I'll put it on my credit card and spend it today!! :)

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#2) On January 24, 2008 at 9:30 PM, abitare (71.93) wrote:

Am I crazy to think the SEC, IRS, and FBI should be investigating the FED, Fannie and Freddie? Is it unreasonble to think some of their activity is criminial?

Mike Shedlock made a great statement:

"Fannie Mae is a company that should not exist in the first place. The government has no business sponsoring corporations, promoting housing over rentals, or spewing nonsense about the ownership society. All of the above, in conjunction with the Fed bailing out banks in 2001 by slashing interest rates to 1% is what created the housing bubble.

Allowing Fannie Mae to take on larger loans is not the answer. Fannie Mae should be dissolved. Here is the irony of the situation: The government wants "affordable housing" but is doing everything under the sun to prop up home prices."

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#3) On January 24, 2008 at 9:45 PM, EScroogeJr (< 20) wrote:

Good intention, QualityPics, but you still have to careful about which group you want to join. Deadbeat credit card debtors will get a bailout for sure, but only if they come in such large numbers as to cause a major financial/social crisis if they are not  bailed out.  Wait until  68% of the population gets into a 24% credit card debt, then borrow with safety. 

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#4) On January 24, 2008 at 9:49 PM, Ogr8 (77.15) wrote:

I couldn't agree more. I work hard pay my bills meanwhile my neighbor spends more and more goes bankrupt, writes it all off, buys new vehicals and a bigger house within two years. why does the government continue to bail out losers?

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#5) On January 24, 2008 at 9:49 PM, QualityPicks (61.55) wrote:

@EscroogeJr: I'm only kidding, just venting my frustration at our government.

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#6) On January 24, 2008 at 9:59 PM, QualityPicks (61.55) wrote:

I hear yea Ogr8 :) Exactly my frustration! Of course, I'm kidding, and I won't be irresponsible, because others are.

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#7) On January 24, 2008 at 10:01 PM, jbnow (< 20) wrote:

This is not a vent, this is a genuine technical question. For lack of knowing where to post this, I'm posting it here.

If you http://finance.google.com/finance?q=ottr&hl=en   Then look down at the list of similar stocks below the graph.  Today all of these companies were down.  On the other hand, if you

http://finance.google.com/finance?q=AMEX:CHQ  and look at similar companies below the graph they are all up.  What is the fundamental difference, that causes the oil related/ "junior" energy stocks to rise after a down turn, yet all of the small electric utilties to go down today?

I'm genuinely curiuos.   I'll post what I see on here, Electric Utilities (going down) here, followed by small oil (going up)

Alliant Energy Corporation LNT 36.48
-0.77 (-2.07%) 4.02B ALLETE, Inc. ALE 35.73
-1.56 (-4.18%) 1.10B Xcel Energy Inc. XEL 20.57
-0.55 (-2.60%) 8.64B Aquila, Inc. ILA 3.34
-0.21 (-5.92%) 1.26B Ameren Corporation AEE 45.45
-1.92 (-4.05%) 9.45B Westar Energy, Inc. WR 23.58
-0.64 (-2.64%) 2.18B CMS Energy Corporation CMS 15.44
-0.44 (-2.77%) 3.48B The Empire District Electric Company EDE 22.03
-0.54 (-2.39%) 672.94M DTE Energy Company DTE 41.90
-1.81 (-4.14%) 6.86B FirstEnergy Corp. FE 69.72
-1.87 (-2.61%) 21.25B Sector: Utilities >  Industry: Electric Utilities  Now for the oil and gas operations
Canadian Superior Energy Inc. (USA) SNG 3.61
+0.02 (0.56%) 480.07M Storm Cat Energy Corp (USA) SCU 0.76
+0.04 (5.56%) 61.62M BG Group plc (ADR) BRGYY 98.50
+2.58 (2.69%) 66.02B EnCana Corporation (USA) ECA 63.52
+2.52 (4.13%) 47.61B Baytex Energy Trust (CAN) BTE 17.65
+1.53 (9.49%) 1.48B Canadian Natural Resource Ltd (USA) CNQ 63.02
+3.45 (5.79%) 34.01B Penn West Energy Trust (USA) PWE 25.47
+1.11 (4.56%) 9.19B Enerplus Resources Fund (USA) ERF 37.08
+0.83 (2.29%) 4.80B Oilsands Quest Inc. BQI 3.39
+0.04 (1.19%) 694.63M Compton Petroleum Corporation (USA) CMZ 9.02
+0.20 (2.27%) 1.16B Sector: Energy >  Industry: Oil & Gas Operations    Report this comment
#8) On January 24, 2008 at 10:28 PM, EScroogeJr (< 20) wrote:

QualityPics,

don't worry, my sense of humor is sharp enough. Actually, I was going to put a smile after my suggestion, then figured that explaining the obvious would be too redundant. No, I really don't expect you to max out your 500 credit cards to spite Bernanke, even though I think I could understand this kind of reaction.

:):):) 

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#9) On January 25, 2008 at 1:53 AM, dwot (77.77) wrote:

It is criminal, really...  Absolutely stealing from tax payers...

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#10) On January 25, 2008 at 4:39 AM, saunafool (98.80) wrote:

The best of all is that Guiliani says, "it's not enough."

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#11) On January 25, 2008 at 8:15 AM, TMFBent (99.82) wrote:

Guiliani is a terrible person and an awful candidate. Right now, he's running around Florida promising those people that if he's president, he'll get the rest of us on the hook to pay for insurance that no one will provide them. Explain to me again why the rest of us should subsidize the continual rebuilding of homes built on sandbars in hurricane alley?

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#12) On January 25, 2008 at 1:55 PM, HKendrick (< 20) wrote:

Giuliani's been over for months now.  He just doesn't know it yet.  Still love Joe Biden's take:

"And the irony is, Rudy Giuliani, probably the most underqualified man since George Bush to seek the presidency, is here talking about any of the people here. Rudy Giuliani... I mean, think about it! Rudy Giuliani. There's only three things he mentions in a sentence -- a noun, a verb, and 9/11. There's nothing else! There's nothing else! And I mean this sincerely. He's genuinely not qualified to be president."

 

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