Greenspan says nationalize Fannie and Freddie !

uscitizen

uscitizen

Villified User
Greenspan Says Housing Prices Not Yet Near Bottom (Update1)

By Steve Matthews

July 31 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said falling U.S. home prices are ``nowhere near the bottom'' and the resulting market turmoil isn't showing signs of abating.

While the odds of a recession are 50-50, achieving stable markets will ``take a while,'' Greenspan said today in a CNBC interview.

The economy grew at a 1.9 percent annualized rate in the second quarter after expanding 0.9 percent in the first quarter, the Commerce Department said in Washington. Gross domestic product was revised to show a contraction in the final three months of 2007.

More Americans filed claims for unemployment insurance last week than at any time in more than five years, the Labor Department said. Fed policy makers have cut the benchmark rate to 2 percent from 5.25 percent since September, halting the reductions in June amid rising concern about inflation.

Fannie Mae and Freddie Mac, the largest sources of money for U.S. home loans, are a ``major accident waiting to happen,'' Greenspan said. ``The solution'' is the ``nationalization'' of the companies, he said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a4jioRRKzw5s&refer=worldwide
 
They should've never been "privatized". That was just a stupid trick to make our spreadsheet look more balanced. Everyone who invested in them knew we couldn't let them fail, because of the way we had made them such an integral part of our economy.
 
So then is this communism or fascism? aren't they the same in the end.

(the answer is yes, they are the same in the end)
 
Corporate socialism moving into fascism but more "fuck you, we've got ours, the rich must prevail regardless."

Great if if you're one of the rich. Accidents of birth are difficult to deal with only if you didn't have the sense to have rich parents.
 
I just don't see how it will be tolerable to have fannie may freddie mac shareholders being allowed to feed directly from the public trough.

"Too big to fail." Think of the mindset behind this statement. Corporations are now entities with more rights and guarantees from government than actual individuals.


Fascism has fully arrived. This is sickness.
 
This bailout rewards criminality and deception at the expense all future homeowners. This will artificially prop up the housing market for years to come, but I guess as long as the baby boomers get theirs, that's all that matters i suppose.
 
AssHatZombie said:
I just don't see how it will be tolerable to have fannie may freddie mac shareholders being allowed to feed directly from the public trough.

"Too big to fail." Think of the mindset behind this statement. Corporations are now entities with more rights and guarantees from government than actual individuals.
Click to expand...

Whenever they were created in the 30's we reformed our mortage market and put them in the center of it. We spun it off and made it "private" in the 60's so the US could like like it had less debt. But it was pretty much knowledge among investors that Fannie's debt was our debt, because the entity was the center of our fucking mortage market. The worst thing possible would be to just let it fail - it IS a government entity on all but paper. And we don't do it for the corporations, you fucking dumbass. There would be countless dozens of millions of people who would be affected negatively for generations to come and just stood idly by and said "LOL WE CANT DO THAT CORPO-FACSI LOL".
 
Last edited:
AssHatZombie said:
This bailout rewards criminality and deception at the expense all future homeowners. This will artificially prop up the housing market for years to come, but I guess as long as the baby boomers get theirs, that's all that matters i suppose.
Click to expand...

umm this is way past the baby boomers. We are paid up or getting reverse mortgages so we can spend your inheritance.


Btw I don't think many know that reverse mortgage stuff was included in the housing bailout bill bush just signed.
 
maximizing profits while socializing risk is the right wing mantra. so what if they fail, the American working class will pick up the tab, we've made ours. Just ask Toppy he'll tell ya.
 
Last edited:
Crashk said:
maximizing profits while minimizing risk is the right wing mantra. so what if they fail, the American working class will pick up the tab, we've made ours. Just ask Toppy he'll tell ya.
Click to expand...

actually that's mantra of any business or investor. Can't really say I've heard too many people say I'd like to take lots of risk but I don't expect to be compensated for it.
 
You must log in or register to reply here.
Back
Top