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Freddie Mac and Fannie Mae taken by US government
Central Asia News.Net
Sunday 7th September, 2008
The Bush administration has seized troubled mortgage giants Fannie Mae and Freddie Mac.
The historic move on the weekend was designed to save the private institutions from succumbing to the prolonged housing and credit crisis.
Economic analysts have already come out to say the takeover is a US$200 billion bet that may not reverse the fortunes of the mortgage giants.
Shares in Fannie Mae and Freddie Mac have slumped due to glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence.
Officials announced that both giant institutions were being placed in a government conservatorship, a move that could end up costing taxpayers billions of dollars.
Treasury Secretary Henry Paulson said the businesses need to be protected as their failure would "create great turmoil in our financial markets here at home and around the globe."
The Treasury Department said it was prepared to put up as much as US$100 billion over time in each of the companies if needed to keep them from going broke, in exchange for stock in the companies.
Both presidential candidates applauded the intervention with Barack Obama saying: "I will be reviewing the details of the Treasury plan and monitoring its impact to determine whether it achieves its key benchmarks."
Republican presidential nominee John McCain also voiced support while his running mate, Alaska Gov. Sarah Palin, said that Fannie and Freddie "have gotten too big and too expensive to the taxpayers.”
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Comments on this story
```galljdaj+
09-08-08, 09:50 AM |
Don't forget lil ole' me!
You know there are billions of Americans who need some kind of social assistance. Now if lil Bush can hand out sums in gratuity well I guess I would have to create a new special interest lobby and that goes so maddenly against my morale! Just ask those mechanics for their global vision!
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` ~galljdaj+
09-08-08, 07:29 AM |
Freddie Mac and Fannie Mae taken by US government
Does hugo have a convert? Or just more hypocracy?
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Anonymous
09-08-08, 10:20 AM |
Shouldering 50 trillion in debt
But of course it’s not the Government who will pay and pay it we will be your childrens grandchildren.
The full scale looting and transfer of wealth can be seen daily.
Just where is all the wealth going?
Not in my pocket nor in anyone reading this!
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Anonymous
09-08-08, 11:04 AM |
Now you know how hard to run the United States' “Economic Refugee” economy to feed those Democrats of Obama-Biden supporters; they don’t have a college degree to maintain their loan of mortgage, the Deed turned to be a piece of toilet paper. Where is Grandma Speaker Nancy Pelosi hiding ? Refused McCAIN’s gasoline tax-break bill and offshore oil drillings, Pelosi is the one creates August’s 600,000 unemployed.
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` ~galljdaj+
09-08-08, 04:52 PM |
Word out... Other Governments are calling in lil bush markers!
The 'take over' is to protect the lil bushy boy’s ass! Not to help the US Citizens! But to cover all the 'bets' lil bush made in his wars. He convinced a lot of People to invest in US Markets, particularly the housing monies!
All these countries' governments are now in big trouble with their Peoples' Investments going sour! lil georgie had no choice! But to bury his country! or himself! The lil guy wants to live too!
My my what a dichotomy!
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Anonymous
09-09-08, 12:06 PM |
For once I agree with you
` ~galljdaj+;102125:
The 'take over' is to protect the lil bushy boy’s ass! Not to help the US Citizens! But to cover all the 'bets' lil bush made in his wars. He convinced a lot of People to invest in US Markets, particularly the housing monies!
All these countries' governments are now in big trouble with their Peoples' Investments going sour! lil georgie had no choice! But to bury his country! or himself! The lil guy wants to live too!
My my what a dichotomy!
Old George has his ranch to run to out of country.
Bush Buys Land in Northern Paraguay
Buenos Aires, Oct 13 (Prensa Latina) An Argentine official regarded the intention of the George W. Bush family to settle on the Acuifero Guarani (Paraguay) as surprising, besides being a bad signal for the governments of the region.
Luis D Elia, undersecretary for the Social Habitat in the Argentine Federal Planning Ministry, issued a memo partially reproduced by digital INFOBAE.com, in which he spoke of the purchase by Bush of a 98,842-acre farm in northern Paraguay, between Brazil and Bolivia.
The news circulated Thursday in non-official sources in Asuncion, Paraguay.
D Elia considered this Bush step counterproductive for the regional power expressed by Presidents Nestor Kirchner, Luiz Inacio Lula da Silva, Evo Morales, Hugo Chavez and Fidel Castro.
He said that “it is a bad signal that the Bush family is doing business with natural resources linked to the future of MERCOSUR."
The official pointed out that this situation could cause a hypothetical conflict of all the armies in the region, and called attention to the Bush family habit of associating business and politics
Someone revoke his passport he should have to sit in the slop like the rest of us pigs.
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