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Sep 7, 2008
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.'
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1 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? |
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1 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. |
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1 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. |
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1 I think you understand, that now makes two of us that we know about. |
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“Pick out two fingers!” Joined: Mar 15, 2008 Comments: 1333 Nyuk,nyuk,nyuk! ISP: Livingston, TN |
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“Are the martinis ready yet?” Joined: Jun 1, 2007 Comments: 3143 cold comfort farm ISP: Philadelphia, PA |
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1 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. |
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Dang, thanks for pointing that out, I bet it proves 9/11 was an inside job. |
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“Better life through chemicals!” Joined: Jun 17, 2008 Comments: 1107 Cebu Philippines ISP: Cebu, Philippines |
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1 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. |
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Joined: Aug 30, 2008 Comments: 885 |
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! |
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Joined: Aug 30, 2008 Comments: 885 |
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. |
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“Better life through chemicals!” Joined: Jun 17, 2008 Comments: 1107 Cebu Philippines ISP: Cebu, Philippines |
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. |
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“Better life through chemicals!” Joined: Jun 17, 2008 Comments: 1107 Cebu Philippines ISP: Cebu, Philippines |
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1 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. |
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Blessed are the ignorant & blissful, for they shall inherit the bills. |
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