The US government is now the world's largest insurance company. Comrade Bush and Comrade Bernanke would like to remind you to form a single file line at the soup kitchen queue.
Name:
Anonymous2008-09-24 0:54
If they paid off all those mortgages, the banks would still remain open. The banks don't need the bail outs, Americans do.
Name:
Anonymous2008-09-24 18:39
yes, how is quite similar to Latin American countries that Nationalize various Industies. The US gov't is becoming more and more like a dictatorship everyday.
Name:
Anonymous2008-09-24 20:24
The lack of understanding in this thread is overwhelming.
Where is all that "free market" rhetoric from the White House now? Hypocrites.
Luckily, all this bailout talk can't be afforded on top of a $1 trillion war and while the capital (i.e. taxable) base of the nation continues to flee. You fucks couldn't afford the free market before, and you certainly can't afford Socialism now. But watching you defend the Wall Street Socialists is just nauseating. When are you going to wake up? When you're in an actual soup line?
Name:
Anonymous2008-09-26 0:25
McCain's specific comments, on May 25, 2006:
"Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation."
George Bush supported this bill, but it died in congress. I don't think it would have prevented the meltdown, but it may have softened it.
Name:
Anonymous2008-09-26 2:37
What happend to my bailout when i went to jail for beating my wife? Where were YOU washington?!
Name:
Anonymous2008-09-26 7:23
I like how the bill was finalized, until McCain showed up.
Hey, was for the deregulation that brought AIG to where it is now.
The economy is McCain's fucking fault.
Name:
Anonymous2008-09-26 11:00
You're an idiot if you thought true capitalism has existed in the US before this.
>>20
yeah because individuals, when left unchecked, can maximize their longterm utility by setting their shortterm goals according to their preferences.....oh wait! They can't.
GM and Ford need to be nationalized next. Just incase we need their factories to produce tanks for our holy war in the Middle East.
Name:
Anonymous2008-09-30 0:27
>>26
Just in case? we need to ramp up production IMMEDIATELY!
Debt-Conscript the people with foreclosed homes, and build a war machine we can be proud of!
None of this silly occupation/reconstruction, lets just roll through killing an pillaging, and raise a few more debt-conscript battalions to be resettled in conquered areas to tear the mineral wealth from the land.
Bring in Illegals to do the cooking, cleaning, and maintenance, promising them citizenship if they meet language goals, and deposit a certain percentage of their earnings in American Banks.