Comments on: Fannie Plan a “Disaster”

By: mikew

mikew — Tue, 15 Jul 2008 13:00:30 +0000

The US Govt simply did what has always been implied. They stated that they are backing fannie and freddie "should" they need the backing.

Perhaps we should just burn the other countries that have invested in the US. Yeah thats a good idea....note the scarcasm.

Protecting the nations financial system is good. Not doing so is bad.

Come on now people. Who in their right minds thinks we should let fannie and freddie fail? Can you say the GREAT GREAT DEPRESSION.

By: Ann

Ann — Mon, 14 Jul 2008 19:13:28 +0000

The problem with the Faninie and Freddie “rescue” is that the American public is unaware that the reasons behind this is not saving the American public but saving the foreign investors, like France, China and Japan from taking their money that we depend on and running for the hills…this plan is being served to us on a platter as if it were to help each of us out…it isnt..it is a plan to “save” the American Financial system..that like our precious Bud Light..was already sold out to foreign entities…the average American just doesn't have the comprehension to understand the true workings of what is actually happening….

I agree…with Peter Schiff and Rogers…this situation is just a bandaid..the system should be allowed to fail so as to allow us to create a better and sound one..the only thing the Fed has done is delay the inevitable future…and to use our “tax dollars” as a chip on the poker table…this bluff isn't going to work and we will lose it all…It is no different than the builder who put up his “house” as collateral to secure a loan…

By: mikew

mikew — Mon, 14 Jul 2008 13:49:00 +0000

The government is not doing anything that was not already implied. We all knew that the entities were "backed" by the federal govt whether or not their prospectus said so or not.

I applaud the fed govt as the markets are doing as well because this was the right thing to do.

How could it possibly help or 300 million citizens if we let these important businesses go bankrupt? Where would they go to buy a house? How would they refinance out of their bad loans? How would real estate ever recover?

It could very well lead to something far worse than the Great Depression if these entities failed. Than trust me socialism would be next step.

By: morganb

morganb — Mon, 14 Jul 2008 13:45:09 +0000

with representatives like laura richardson are our interests really
being represented in this matter?

http://blownmortgage.com/2008/05/24/congresswom...

By: mikew

mikew — Mon, 14 Jul 2008 13:39:35 +0000

You also failed to mention that Jim Rogers says that the taxpayers have no say in this action. It is being voted on in Congress by the elected representatives of the taxpayers.

Poor Jim. Poor poor Jim.

By: morganb

morganb — Mon, 14 Jul 2008 13:39:06 +0000

Mike it was their greed and the greed of others that got us in to this
mess. Fannie and Freddie have been troubled by accounting scandals,
executive malfeasance, excess and poor judgment through out the
run-up.

Whether he got burned is immaterial to the fact that the government
has decided to back speculators and socialize the mortgage market
while handing crumbs to homeowners who will not only lose their homes
but get to pay for the clean up out of their taxes, should they be
lucky enough to still be employed.

By: mikew

mikew — Mon, 14 Jul 2008 13:32:10 +0000

Type your comments here
Morgan, you failed to mention how very angry he got when the host of the show asked him a viewer question (from a mortgage banker lol) if he had covered his shorts. I thought he was going to pop a vein he was so angr because he hadn't. Poor Jim made a bad call and now he is angry.

Fannie Mae and Freddie Mac have historically served our nation wonderfully. It was not their weak underwriting standards that got us in this mess. They will eventually return to the very profitable organinzations they have normally been.

Housing needs to recover. Allowing the GSEs to fail is simply not an option and poor poor arrogant Jim Rogers should have known better.