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Sep 7, 2008

Officials announce takeover of mortgage giants

The Bush administration, acting to avert the potential for major financial turmoil, announced Sunday that the federal government was taking control of mortgage giants Fannie Mae and Freddie Mac.

Officials announced that the executives of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.

Treasury Secretary Henry Paulson says the actions were being taken because 'Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe.'

Read full story from The Associated Press

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Joined: Sep 25, 2007

Comments: 1691

Woodbridge, VA

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#1
Sep 7, 2008
 

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This is going to cause MORE turmoil, not less in the long run. Why? Because people overseas will see the government taking over Fannie Mae and Freddie Mac, and will get leery of keeping money in it while our hostile, braindead President is in power.
jason

Gresham, OR

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#3
Sep 7, 2008
 

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This is just another bail out for heavy republican contributers. any help to people who really need it will be a fluk at best. It is well known that if you are not a billionare bush cares nothing for you

Joined: Sep 7, 2008

Comments: 14

Modesto, CA

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#4
Sep 7, 2008
 

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It seems to me a lot of Americans are still living in a fantasy world. They are clueless on important issues that the nation is facing like the war in Iraq, global warming, poor economy, jobs, etc. But instead, these people are more tuned into the sensation of having a woman in the White House, worse, a woman who has absolutely no maturity - both mentally and politically - to take on the challenges. These Republicans need to grow up and get real. They are the same morons who got the disastrous G. W. Bush in the White House to take this nation down on its knees in a most shameful way possible.
kosam

Waverly, NY

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#5
Sep 7, 2008
 

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Fannie Mae was first chartered by the U.S. government in 1938 to help ensure a reliable and affordable supply of mortage funds throughout the country. Today it is a shareholder-owned company that operates under a congressional charter.
http://www.ofheo.gov/about.aspx...
The 2007 annual Report to Congress is on OFHEO’s website, http://www.ofheo.gov/media/pdf/OFHEOPARNovemb...
Could this be another scheme? An inside job creating the loss to the shareholders?
Lance Winslow

Hayward, CA

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#6
Sep 7, 2008
 

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This will have little or no effect on mortgage holders, of whom 2 million are behind on payments or in default.
On the other hand, slightly less than 100 billion taxpayer dollars will be paid out and actually wind up in someone's wallet or account. Who are the recipients? Bush, Paulson and Bernanke know, not you or me.
uncle dud

AOL

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#8
Sep 7, 2008
 

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Class A shareholders will make out fine, banks, large foreign funds and countries like China are going to be covered. Did I mention China will be covered, snicker. Joe blow and I with our regular issue shares get to eat dust, but don't our kind always do that.
Wake up FQQLZ

Fillmore, IL

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#9
Sep 7, 2008
 

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jimmy farter wrote:
Bush - a President with class & has kept us safe from terror on our own soil since 9/11!
Now he will help out millions of citizens with this action - at least he cares for others and not just ILLEGAL aliens!!!!!
Bush a president with ties to the Saudis and the Bin Laden family,maybe his brother Neil "SLiverado S & L" is offing him advice like he did his daddy.
7 years since 9-11-2001 and over 4000 soldiers dead in Iraq,the only thing Bush has kept safe are illegal aliens,The Chinese Economy, and all of the crooks in his cabinet.
McIdiot will continue the Karl Rove policies of the Bush/Cheney criminal empire.
uncle dud

AOL

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#10
Sep 7, 2008
 

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Wake up FQQLZ wrote:
<quoted text>Bush a president with ties to the Saudis and the Bin Laden family,maybe his brother Neil "SLiverado S & L" is offing him advice like he did his daddy.
7 years since 9-11-2001 and over 4000 soldiers dead in Iraq,the only thing Bush has kept safe are illegal aliens,The Chinese Economy, and all of the crooks in his cabinet.
McIdiot will continue the Karl Rove policies of the Bush/Cheney criminal empire.
I think you understand, that now makes two of us that we know about.

“Pick out two fingers!”

Joined: Mar 15, 2008

Comments: 1333

Nyuk,nyuk,nyuk!

ISP: Livingston, TN

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#11
Sep 7, 2008
 

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so a government that doesnt know how to manage its own money and is massively in debt,led by a president who has no intelligence whatsoever, is taking control of two major financial institutions.......Whew!now I feel better !

Joined: Aug 30, 2008

Comments: 885

Sayville, NY

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#12
Sep 7, 2008
 

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If Americans vote for the McCain ticket--mostly due to Palin's celebrity--they will get what they deserve. A country whose best days will be behind it. Their election will mark the turning point...There REALLY is a choice, very distinct, and McCain, although a maverick in some ways is still part of the GOP in most ways, and Palin is even more right wing. I can only hope that people watch the debates.

“Are the martinis ready yet?”

Joined: Jun 1, 2007

Comments: 3143

cold comfort farm

ISP: Philadelphia, PA

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#14
Sep 7, 2008
 

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I'll only be satisfied if the d*ckheads who ran these organisations get major jail time or better..the death penalty.
uncle dud

AOL

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#15
Sep 9, 2008
 

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too droll to troll wrote:
I'll only be satisfied if the d*ckheads who ran these organisations get major jail time or better..the death penalty.
They will have to suffer with only somewhere between $9-11 million each in parting pay, such a sad ending for them.
kosam

Waverly, NY

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#16
Sep 9, 2008
 
uncle dud wrote:
<quoted text>They will have to suffer with only somewhere between $9-11 million each in parting pay, such a sad ending for them.
Did you say 9/11 That's where it might have all started from, the world trade 7 tower housing banks that will never recover all their lost but, then again. One may never know.
uncle dud

AOL

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#17
Sep 9, 2008
 
kosam wrote:
<quoted text>Did you say 9/11 That's where it might have all started from, the world trade 7 tower housing banks that will never recover all their lost but, then again. One may never know.
Dang, thanks for pointing that out, I bet it proves 9/11 was an inside job.

“Better life through chemicals!”

Joined: Jun 17, 2008

Comments: 1107

Cebu Philippines

ISP: Cebu, Philippines

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#18
Sep 9, 2008
 

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kushka53 wrote:
If Americans vote for the McCain ticket--mostly due to Palin's celebrity--they will get what they deserve. A country whose best days will be behind it. Their election will mark the turning point...There REALLY is a choice, very distinct, and McCain, although a maverick in some ways is still part of the GOP in most ways, and Palin is even more right wing. I can only hope that people watch the debates.
I am a liberal and former democrat. I agree with your remarks about McCain but I see little difference between him and Oboma. both are radical Zionist supporters, both want to increase the military's massive welfare budget, both support the root cause of all our current economic problems, the federal Reserve.

I will not be voting. There is no choice. America is freaking doomed. My advice is get out while you still can.

Joined: Aug 30, 2008

Comments: 885

Sayville, NY

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#19
Sep 9, 2008
 
expatincebu wrote:
<quoted text>
I am a liberal and former democrat. I agree with your remarks about McCain but I see little difference between him and Oboma. both are radical Zionist supporters, both want to increase the military's massive welfare budget, both support the root cause of all our current economic problems, the federal Reserve.
I will not be voting. There is no choice. America is freaking doomed. My advice is get out while you still can.
I know the part of the world you write from and like it, but politically and institutionally there is no comparison to the US. Come on...vote!

Joined: Aug 30, 2008

Comments: 885

Sayville, NY

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#20
Sep 9, 2008
 
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.

“Better life through chemicals!”

Joined: Jun 17, 2008

Comments: 1107

Cebu Philippines

ISP: Cebu, Philippines

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#21
Sep 9, 2008
 
kushka53 wrote:
<quoted text> I know the part of the world you write from and like it, but politically and institutionally there is no comparison to the US. Come on...vote!
Give me someone with a platform worth voting for and I will. I will not vote for four more years of corporate rule and fascism that both Obama and McCain represent.

“Better life through chemicals!”

Joined: Jun 17, 2008

Comments: 1107

Cebu Philippines

ISP: Cebu, Philippines

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#22
Sep 9, 2008
 

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kushka53 wrote:
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.
Palin is a train wreck, but what she said in this instance is not a gaffe it is true. These are private companies, that is 100% the truth. Further, US taxpayers have just been put on the hook for a minimum of 100 billion in bad debts and a full bill that could reach one trillion.

The US government has absolutely no business bailing these companies out. In doing so it is rewarding mismanagement and working to keep home prices unfordable. The Constitution does not allow for this. Of course the Federal Reserve is clearly unconstitutional as well but most Americans are blissfully ignorant of that as well.
just candid

AOL

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#23
Sep 10, 2008
 
expatincebu wrote:
<quoted text>
Palin is a train wreck, but what she said in this instance is not a gaffe it is true. These are private companies, that is 100% the truth. Further, US taxpayers have just been put on the hook for a minimum of 100 billion in bad debts and a full bill that could reach one trillion.
The US government has absolutely no business bailing these companies out. In doing so it is rewarding mismanagement and working to keep home prices unfordable. The Constitution does not allow for this. Of course the Federal Reserve is clearly unconstitutional as well but most Americans are blissfully ignorant of that as well.
Blessed are the ignorant & blissful, for they shall inherit the bills.
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