Hint - it'll be in the hundreds of billions, and it'll make the S&L mess seem like child's play. Yet not one single dollar has been written off so far.
Some days you gotta wonder if these two agencies have competent (and not corrupt) public auditors. Obviously they didn't when they were cooking the books a few years back. And they DEFINITELY don't today.
Come on Deloitte. Come on PriceWaterhouseCoopers. Do your f*cking jobs.
Three little words for starters:
Mark to Market.
October 30, 2007
Anyone want to bet how bad the mark-to-market write-offs at Fannie and Freddie will end up being?
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8 comments:
I think we're looking at trillions...
That's what happens when the government sets up welfare systems for people and corporations. We now have generational welfare in the ghettos and trailer parks. We are starting to get generational welfare with investors too. first, we had RTC and then LTCM. Now we are going to bail out reckless bond investors, flippers and predatory lenders.
Thing is you people just don't understand the intricacies of modern financial markets, this here spells it out in language you can understand.
http://blogs.telegraph.co.uk/business/default.htm/youtube
That is an awesome clip...that just about sums it up.
Thanks for the laughs!
Fredie Mac new slogan:
Over a Billion Defaulted
Other headline to look for:
Fannie Mae take it up the fannie.
Here's three little words why it never will be marked to market: Bush-Paulson-Bernanke
The government welfare system for the poor is tiny, always has been. The welfare for the wealthy, landed, and 'monied incorporations' (Jefferson's words) has always been huge.
The railroads were given the gift of land, oil profits were privatized (start with the Drake oil well in Pennsylvania), and socialized risk.
The government also allows collusion for private banks (The Fed), and has given corporations ALL the rights of people (Union Pacific vs. California)....
They even funded the invention of the transistor, the integrated circuit, the Internet, Modal shipping, etc.
The government also maintains markets, and enforces rules for those 'free markets'.
Oh, and sometimes they give money to poor people.
But you wouldn't know that if you're just parroting something you heard on Fox news.
Yossarian
Tripe... over 60% of our budget is now made up of "entitlements".
Welfare is only one portion of the entitlement umbrella. The IRS says that the top 50% of all wage earners pay 97% of the Federal Revenue, while the lower 50% altogether pays 3%. What's fair about that.
Re-distribution of wealth by stealing from the rich might be the goal of the childish Robin Hoods among us, but it is hardly honorable or fair to anyone....
One man gets rich he's immediately punished for his success by taxing his production.
You can still get your rocks off re-distributing wealth but why "legally" steal to do it?
Why not a progressive consumption tax where the poor still pay 0% and the wealthy pay the top 25% with no deductions, exemptions or exclusions?
Naw. we'd get our rocks off too much by preaching class warfare.. yeah, that's the ticket, tax the rich, they make too much...
tripe..
Father O'Malley
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