We are so fu*ked it's amazing.
No, seriously, we are so fu*ked it's amazing.
At the very time we needed someone running the Fed who wasn't an idiot, who wasn't corrupt, who wasn't an enemy of America, and who could protect the American worker, saver and taxpayer, we end up with Ben Bernanke. Easily the worst Fed chairman in history. Yes, worse than Greenspan.
In the latest wet kiss to his banker and hedge fund buddies, Bernanke wants the taxpayer to 'guarantee' loans up to $1 million, to be purchased by soon-to-fail Fannie and Freddie. Yeah, that makes sense.
Ben Bernanke will do more damage to America during his short tenure than any human ever has to our country. Ben Bernanke is a traitor, pure and simple. Ben Bernanke is destroying America. And we let him do it.
Bernanke proposes new mortgage guarantees
As Congress and the financial services industry struggle to cope with rising mortgage defaults and a deepening housing slump, Federal Reserve Chairman Ben Bernanke Wednesday proposed that the federal government guarantee so-called “jumbo” home loans worth up to $1 million.
Bernanke proposed that so-called “government sponsored entities” like Freddie Mac and Fannie Mae pay mortgage insurance fees to the federal government. These GSEs would then guarantee loans that are larger than the current $417,000 limit on so-called “conforming” mortgages.
“From the federal government's point of view, (the GSEs) would be taking on some credit risk, which you may or may not be willing to do,” Bernanke told members of the Joint Economic Committee in a question-and-answer session.