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What are We? - Stupid?
I was disappointed with the Christmas Eve ditties from Treasury and
FHFA re: the Agencies. To be honest, I was appalled. The two releases
contained significant information. The timing was obviously an attempt
to slip in some bad news while everyone is drinking eggnog.
Of course that backfired. The blogs, and yes, the MSM disintegrated
those that sent the emails out on Christmas Eve. The smell that these
announcements have created is not likely to go away anytime soon.
If you are reading this you know the story. Treasury ponied up for
another $200b for Fannie and Freddie and the management of these
entities are getting serious paychecks.
The former clearly establishes that Fannie and Freddie have been
nationalized. I don’t care what they say any longer. The numbers speak
for themselves. The $400 billion the taxpayers have signed up for far
exceeds any theoretical value for these two important institutions.
Sadly, ‘the people’ own these things at this point.
The notion that the Agencies are private sector companies with
influential shareholders is over. These entities are no longer big shot
players on Wall Street. There is no earnings prospect for these
behemoths. There is no upside. There is no justification for
multimillion dollar salary packages.
The Agencies fund themselves with lines of credit from Fed and
Treasury. The Fed is buying 1.45 Trillion of their dodgy paper. Why in
the world do we need to pay someone $6mm per year to run that mess?
A question for Mr. Geithner; What are the salaries and bonuses being
paid to the people who run FHA? These are government salaries. FHA is a
part of HUD. Compensation for Fannie and Freddie Exec’s should conform
to those guidelines. Not the other way around. We need to end the myth
that F/F are private sector entities. They are not.
We are not stupid Mr. Geithner. We watch what you are doing very
closely. There are a significant number of us who flat out do not trust
you. You have given us good reason in the past and you have proven
again that you are not trustworthy. You tried to ‘Sneaky Pete’ some
important information past us. In my view you owe us an apology and
explanation, or better still, a letter of resignation. This
Administration has promised a much higher standard than you have
delivered.
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I wish they would give me 6 million. Heck, for three million I would gladly run Fannie or Freddie into the ground with as much skill and financial acumen as has been exhibited so far.
They need to getting working on an entire new agency that can take over when the FHA implodes.
We went so wrong.
Collectively......... yup!
Love the name!!
If not 'global warming'
do 'global warming'
I do the Two Step.
And the Macarena:
http://www.youtube.com/watch?v=Di7vHl0N4N8
Wow Chocolate rations have been increased!
Yes it does stink, but in Gov logic it goes like this...
800 Billion $ loss is baked into the cake.
If our 6 million dollar men loose 1% less thats a profit of $7,094,000,000!
Whatever happens, can't blame us, we hired the best!
If we pay what the job is worth, $120,000 and loose the 8 billion, well
you get the picture.
An added benny is EVERYONES pay goes up at the the gov's. favorite trough!
Freddie and Fannie have long been the "retirement community" for Democration National Committee political operatives and political hacks. They are the "Golden Goose" for the golden parachute of these political hacks when after their political damage, they are unhireable anywhere else.
Yes this is a fine mess.
Where is the congressional investiagtion? Oh Yeah, Barney Frank would take care of that with Maxine.
Just another sign that we're a banana republic...
YUP!!!!!
$1113 is looking cheap again...
Please don't say that...I already lost big as I have been short for months. lol
More of the same. Hohum....It is just our hard earned money. HAH, HAH. When everybody is a ward of the state like the Sov's, well, the only thing you have is comedy and this is a great joke on those that thought the new boss would be ANY different.
Well said, Bruce. Bravo!
Even the main stream media recognize how stupid everything about this is...the timing is laughable: Obama, did you guys really think you could get away with this nonsense? What the hell are you people thinking with freddy, fanny and that you are going to further bankrupt us with your doomed to failure housing approach?
It's time to realize that you have to let the housing market clear and making more terrible sub prime loans at LTVs greater than 100 is only make a horrendous situation much worse.
Bernanke, Geithner, and Summers gotta go. This has gone beyond insane.
/the timing is laughable: Obama, did you guys really think you could get away with this nonsense? /
Sorry to point out the obvious, but they are going to get away with this nonsense. What's stopping them?
I doubt that Obama or Tiny Tim are going to get even a softball press-corps question lobbed in their direction about this.
If I were a repub, though--and I am not--I think I'd try to get Obama to say something on camera to defend this action, just so that I can play it over and over again in a couple of years once this house of cards has fallen.
+100 The only thing I hate more than both parties is when one does something so stupid, it makes the other one look good.
beautiful
In the theatre of my mind I like to think of the one question I'd ask various public officials. For Obama it would be something along the lines of "Why does Larry Summers have your confidence" for the same reason you stated. If Obama is willing to defend and continue to employ that asshat then the soundbite should be on record and played till infinity. Right on Tesla.
@DH
"This has gone beyond insane."
I know, it's to the point where saying it is surreal is, in itself, so surreal. These are sad days for our fine country.
It is all about protecting Rahm.
You are ABSOLUTELY RIGHT. Rahm needs to eat a .308 jacket -- and fast!
You can bet your ass this is about protecting those that travel to Israel more than once in a lifetime for "business."
America, you better wake up, liberty is calling and the sword needs sharpening!
Take your violent racist fantasies back to Stormfront, Oswald.
Well put
I hope he gets herpes from Pelozi.
Geitner on a pole will be the time magazine picture of the millenium. I hope i'm there.
Im starting to think if they tell me to eat soup with a fork I should eat soup with a fork because the only part that counts is the part that sticks to the fork.
That seems to be the only way to not be stupid.
This Administration has promised a much higher standard than you have delivered
Thanks for the laugh, sir.
No offense Bruce, I enjoy your posts, but I think spekulatn is on target here.