July 10, 2008

FLASH: FEDERAL RESERVE'S POOLE ADMITS FANNIE MAE AND FREDDIE MAC ARE INSOLVENT, MASSIVE TAXPAYER FINANCED BAILOUT LIKELY

Ho.

Ly.

Crap.

We saw it coming HP'ers, but then to see it come, that's another thing...

The US Taxpayer will in the end pick up the tab for the rampant mortgage fraud and housing speculation. Your income will be taken by the government to pay for the misdeeds of Angelo Mozilo, David Lereah, Michael Perry and Casey Serin. Your hard earned income will go toward bailing out failed housing gamblers and incompetent banks.

And that should piss you off something fierce.

Here's former Fed governor Poole, telling it like it is...

Fannie, Freddie insolvent, Poole tells Bloomberg


(Reuters) - Mortgage lenders Fannie Mae and Freddie Mac are "insolvent" and may need a U.S. government bailout, former St. Louis Federal Reserve President William Poole was quoted as saying in an interview with Bloomberg.

"Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer," Poole was quoted as saying in an interview held on Wednesday.

Chances are increasing that the government may need to bail out the two mortgage companies, Poole was quoted as saying.

65 comments:

Anonymous said...

So in other words, more inflation to come.

Edgar Alpo said...

Lame duck Bushco wants to talk about financial regulation on their way out the door. ROTFLMFAO!!

Anonymous said...

This should blow a hole in our deficit

Anonymous said...

As long as I don't have to pay for it, I could give a rats ass.

Seriously, why care anymore? Why are we shocked by anything that happens anymore? Why rely on your government for anything?

I don't, never have. I like Bush alright. He has sent me two checks in 8 years, I make a decent income and pay ZERO taxes (thanks to writeoffs). The rest, I'll handle for myself.

Now if Obama is elected and all of a sudden my deductions aren't enough and they start actually taking a piece, I"LL BE ONE PISSED OFF MOTHERFUCKER! But so long as they aren't taking any of my money, its all good in da hood as far as I'm concerned.

I learned long ago not to rely on the government for anything. They are all a bunch of overpaid blowhards. Just watch C-SPAN, half of 'em don't even show up and the other half aren't paying attention to whomever is speaking at the time. They sit there with thier feet up on the table, reading a Wall Street Journal, drinking a Starbucks, ON NATIONAL TV DURING AN ACTUAL VOTE! And they get paid $250k per year for this? And I am supposed to pay them for this? While I bust my ass and straight up hustle to get ahead? Nope, not gonna happen. Again, until they actually start taking a piece of what I earn, I could care less. When they do, thats when I'll go ballistic! Seriously, to look at it any other way or talk about changing things is just an effort in futility and just going to make your blood pressure go up.

bitterrenter said...

But the rich people who benefit from bailouts are more worthy to receive help. I read comments from you brainstems all the time about how the rich are the ones paying all the taxes so deserve to receive the biggest handouts.

What happened? Is this situation any different? Where did you wealth-worship go? Poor brainstems.

Anonymous said...

And who is going to propose said bailout? Thanks Dirty Harry and Mancy Pelosi.

But the bobblehead libs are going to cream their shorts trying to blame conservative values.

Ni-i-i-ce

Anonymous said...

PAULSON SAYS THINGS FINE SO THINGS FINE!!


Paulson: Fannie and Freddie are adequately capitalized

WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson moved swiftly Thursday to defend Fannie Mae and Freddie Mac from critics who have called them insolvent.

"Their regulator has made clear that they are adequately capitalized," Paulson said in remarks prepared for delivery to the House Financial Services Committee. Paulson said the two government sponsored enterprises are working through a challenging period. "They play an important role in our housing markets today and need to continue to play an important role in the future," Paulson said. He did not discuss a report in the Wall Street Journal that the White House has held talks about what to do in the event that the two firms falter.

William Poole, the former president of the St. Louis Federal Reserve bank and a long-time critic of
Fannie Mae said the two firms were basically insolvent.

http://www.marketwatch.com/news/story/paulson-fannie-freddie-adequately-capitalized/story.aspx?guid=%7B9961CE3A%2D8CB8%2D41F6%2DB1ED%2DA4E2AC72C13F%7D

Anonymous said...

No doubt the DummyCraps will bail out their masters at Fannie and Freddie. After all, they can't allow FDR's failed programs to actually fail. Yet the retards keep voting for the same lame socialist losers and idiots

Anonymous said...

Don't be misled. No one must bail out anyone. TPTB want to do so and in order to smooth the way towrd that public decision the PR process calls for convincing as many as possible that the decision is necessary. It's all a crock. Let the mighty fall. When they do, hold on and wait for the dust to settle. You'll still be here and surprise, you may actually still have some money in your pocket.

Anonymous said...

Who do Fannie and Freddie protect? The lenders, yes that's right, this is once again all about helping the banks. The chicken little fear is that no one will be able to get a mortgage without Freddie and Fannie, in other words, the banks will lose their pool of taxpayer insured home debtors.

Anonymous said...

Keith,

NOTHING is going to change for Joe SixPack until, LITERALLY, he wakes up one morning, turns on the TV and sees that every bank, gas station and grocery store is closed.

THAT'S when the shit hits the fan!

And THAT'S when Joe finally starts caring, albeit too late...

Peter T said...

Why should the government bail out two badly managed companies. Let the shareholders get nothing and the bondholders whatever is left from the bond value, maybe 90%, maybe 80% (Fannie and Freddie hold mostly senior prime mortgages).

screwchina said...

Another wonderful present we give to the next generation.

What have we done? We shut down schools, fire teachers, cut health care, but we bail out Bear Stearns, reward housing gamblers, and hand the bill to the kids we aren't taking care of.

And now this. Tens of billion$. This is so sad.

Anonymous said...

So let me get this straight....in the legislation in Congress for fixing the financial mess caused by lax lending standards by the member banks of the Federal Reserve System, the solution is to give more power and oversight to the Federal Reserve????

The wool is pulled so far over our eyes that no one even understands this. No one even knows what this means, it just looks like....hey the government is fixing it.

The worst words ever spoken in the english language, and I quote Reagan "Hello, we are the government and we are here to help."

keith said...

Gonna be on a train the next few hours - let me know if any more REIC companies fail by the time I get home

Should have shorted IndyMac, Countrywide, Fannie and Freddie all the way to $0. We knew it HP'ers. We knew it.

Ringling brothers on the hill said...

"PAULSON SAYS THINGS FINE SO THINGS FINE!!


Paulson: Fannie and Freddie are adequately capitalized

WASHINGTON (MarketWatch) -- Treasury Secretary Henry Paulson moved swiftly Thursday to defend Fannie Mae and Freddie Mac from critics who have called them insolvent.

"Their regulator has made clear that they are adequately capitalized," Paulson said in remarks prepared for delivery to the House Financial Services Committee. Paulson said the two government sponsored enterprises are working through a challenging period. "They play an important role in our housing markets today and need to continue to play an important role in the future," Paulson said. He did not discuss a report in the Wall Street Journal that the White House has held talks about what to do in the event that the two firms falter.

William Poole, the former president of the St. Louis Federal Reserve bank and a long-time critic of
Fannie Mae said the two firms were basically insolvent.

http://www.marketwatch.com/news/story/paulson-fannie-freddie-adequately-capitalized/story.aspx?guid=%7B9961CE3A%2D8CB8%2D41F6%2DB1ED%2DA4E2AC72C13F%7D"

The above is exactly what the problem is: no leadership. Poole saying one thing, Treasury saying another. It is complete pandamonium up on the hill. Paulson is the same idiot that said a few months ago that the Government will not bail out Freddie and Fannie - fueling a lot of the writedowns because of lack of confidence in those securities. Now his words are coming back to roost and NOW they are important to the housing market. Let them fail, or bail them, but DO SOMETHING. Meanwhile - Strong Dollar Paulson continues to proclaim with his douche bag leader - Bush that they favor a strong dollar. Here is an idea idiots - show the world that there is leadership in Washington through coherent money policy and hell maybe even a solid ENERGY POLICY, and maybe the world will take a chance again on betting on the dollar! As long as this three ring circus no straight policy on ANYTHING continues, the rest of the world is just going to say no to investing in ANYTHING American.

My advise, vote ALL of these retards out in November - please!!!!

k.w. - Southern Ca. said...

Our entire financial system is insolvement.

We've relied too heavily on hard-working tax payers to make up the difference for other's wasteful spending.

People should realize that a tax payer bail-out will not work, and will only drive this country into a deeper recession - and perhaps a depression if we continue on this reckless course.

Fellow home owners, you are not safe either, because increased taxes (taxes which none of us should be paying) will also hit you and me.

Just remember, when people speak of the "Government stepping into help", that ultimately means the tax paying citizen.

Bean counters are the villains said...

There is a simple way for all of this to stop. It would take one stroke of a pen, and cost the taxpayor NOTHING. Want to know the solution -
1. GET RID OF FAS-157.
2. Force a bank to liquidate a property in foreclosure within 3 months - period. No holding on the books for months when multiple offers are coming through the door.

That's it, real simple, that is it. Quick correction, no fiction no fluff. Done.


This is all caused by bean counters that force companies to forecast losses that have not even happened. And banks hoping for "write ups" so they are holding on to property instead of liquidating quickly. Currently all these mortgages are being backed by homes - property. Now, the mortgages are selling at close to 30 cents on the dollar, however a lot of these homes HAVE NOT EVEN DEFAULTED. If they do defualt, and the bank liquidated the home IMMEDIATELY they would more than likely receive about 70 cents on the dollar or maybe a little less. Fine, but booking a loss of 30 cents before the actual loss takes place and then "building reserves" to infinity is just as stupid as booking a gain that may never materialize and levering to the hills ala Enron.

The simplest way to fix this whole thing is to stop causing real losses by forcing banks to show fictional losses. Simply account for losses once they are actually lost. And on the flip side, don't allow banks to book profits until the money comes through the door. Then they cannot lever 50x actual cash with "written up" collateral. Then we will be able to see what the ACTUAL losses are.

I don't disagree that the housing bubble was a bubble in every sense of the word, however, I am interested in the actual loss, not a fictional loss, and the actual profits.

DIE U PIGS said...

"NOTHING is going to change for Joe SixPack until, LITERALLY, he wakes up one morning, turns on the TV and sees that every bank, gas station and grocery store is closed.

THAT'S when the shit hits the fan!

And THAT'S when Joe finally starts caring, albeit too late..."

Nice post, Hat tip to this Anon. poster.

They are RIGHT, just admit it...

DIE U PIGS

Batman said...

What's funny is there are still morons pointing fingers at republican and democratic shills who don't have a goddam thing to do with this. Throw some more tomatoes at the puppets guys.

This looks more and more like a distopian science fiction movie every day. 1984, Farenheit 451, the Matrix, Road Warrior, Robocop, whatever.

Welcome to the first day or the rest of your life folks. You can do something, or be sheeple and think your voting and bitching amounts to action...

K.O. said...

Brother, can you spare a
TRILLION Dollars?

http://tiny.cc/ko

Anonymous said...

Keith,

The problem is, with the bail out and every other situation, the representatives in the House of Representatives DO NOT represent us. It's a simple point. But I don't think people realize how profound it is. Compare the average Representative to the average American. The former is often a multi-millionaire, has a cushy pension plan, great benefits, consumed with his/her (phoney) image, bribed regularly by lobbyists/corporations/banks, often doesn't even carry around his own wallet because he is surrounded by a cadre of SERVANTS. The latter is often a working wage slob simultaneously being stretched on the inflation rack to the breaking point while being crushed with a huge deflationary stone on his chest. There IS NO WAY the former group represents the latter group. There IS NO WAY the former group can empathize and understand the plight of the latter group. In fact, the former group DOES NOT CARE about the latter group. That's why nothing ever gets better. Year after year.

Keith, the ONLY solution is what you stated. END INCUMBENCY AT THE VOTING BOOTH. Throw out every incumbent every election from now on. Everybody can only serve 1 term in their lifetime. Then they're out.

It's even worse for Senators. And the media is the same way. There is no way $1 million dollar plus a year salary journalists can relate to average people. A peoples media must be started. The only goal of that media is reporting the truth. Warts and all. It will have the highest readership and viewership of any media in history.

Know the old saying, 'Never trust anyone over 30'. It was wrong. 'Never trust anyone who makes a million dollars a year or more. They will never look out for your interests'.

Anonymous said...

Naturally there was some pseudo-calm talk distributed by the mainstream media that the gubmit doesn't expect Fannie & Freddie to fail, but obviously they already have failed. A quick look at their stock symbols FNM and FRE prove it.

Anonymous said...

Fannie and Freddie will be bailed out, all right, but only by adding untold billions to total Fed credit, further debasing the US dollar, which we will ALL pay for, one way or another.

The fool who says he doesn't give a rat's ass as long as he doesn't have to pay for it is in denial. He's paying for it at the pump and at the grocery store, same as the rest of us.

wc said...

Kind of a ridiculous thing anyway that the government should secure loans. Maybe the lenders would be a tad bit more responsible and regulate themselves if they actually had to hold onto the loans they wrote.

went2puke said...

There isn't a single good piece of news coming out today from all sectors of the economy, yet the stock market is still going up!!! Wall Street fat cats are of course confident that their good friends at the Fed and in Washington won't ever let them down!!! Nothing makes sense anymore...LOL

LibVet said...

Wall Street Journal
http://tinyurl.com/5qey22

OK, I am reading along with fairly good comprehension until the end,

"Hank Paulson's Treasury is now pressing Congress to move quickly to create a new regulator with greater powers – not least to reassure Fannie and Freddie's borrowers. The question is whether this is too little, too late. Congress is refusing to set a statutory limit on their MBSs, though reducing this business and their debt is the only way to limit taxpayer risk. And under pressure from Congress, the regulator recently eased the companies' capital requirements."

My one little college course in Finance didn't prepare me for this kind of thing. ;)

Democraatus said...

17 years after the collapse of the USSR, Total Socialism has finally arrived in the USA.

Anonymous said...

First ,why do we except anything that BB and Paulson say? So far, all their predictions have been BS . These clowns have to much power . Let them prove their assertions .

The Congressional hearings are designed to sling the BS. What a joke .

In response to the poster that doesn't pay any taxes ,and that poster said that they don't benefit from the government ,YOUR FULL OF SHIT .

You get military protection from the government . You get police and fire protection from the government .You get the welfare people off the street and they don't rob you because the government takes care of them . You get government funded projects that benefit your life .You get Federal aid every time there is a Natural emergency ,which might hit your area some day . You get regulations and protections that keep you from eating tainted food most the time . I don't need to go on .

The fact that you don't pay taxes for all that you receive, that you don't seem to be aware of ,is appalling .

I know a couple that makes 200 thousand a year and don't pay one dime in taxes either because of bogus write offs that they beef up.
Same couple wants to take advantage of a government funded program where they are going to pay for a down payment on a house for the jerks.

The problem with this world today is that everyone want to be a taker and nobody want to be a giver.
It's people like you that make me want the government to get rid of all tax write offs .

Anonymous said...

It's just getting started...


The study, “The Impact of the Housing Crash on Family Wealth,” analyzed the wealth holdings of families in all age cohorts in 2004 and projected the wealth of these families in 2009. The findings are presented by income quintile under three scenarios- real house prices remain at current levels, real house prices fall by an additional 10 percent, or real house prices fall by an additional 20 percent. In all three scenarios, the vast majority of these families will have little or no housing wealth in 2009.


http://www.cepr.net/index.php/press-releases/press-releases/housing-market-meltdown-will-cause-massive-losses-in-household-wealth/

Edgar Alpo said...

Who loses: Municipal pension funds.

Who wins: Mozilo, Raines, Prince, et al.

Business as usual.

Anonymous said...

Can the government pay for it without destroying itself? Maybe that is the real question.

$15 gas on the way.

Anonymous said...

I make a decent income and pay ZERO taxes (thanks to writeoffs). The rest, I'll handle for myself.

Now if Obama is elected and all of a sudden my deductions aren't enough and they start actually taking a piece, I"LL BE ONE PISSED OFF MOTHERFUCKER!


This makes no sense. You brag that you pay no taxes and then say that if your taxes become something other than zero, you'll freak out? What makes you so special that you don't need to pay any taxes?

Anonymous said...

how much bailout money are we talking about here? it's gotta be astronomical

SENATE FOA COMMITTEE said...

DOW 8,000!!!

HERE IT COMES BABY!!!

DOPES!!!

GUTLESS AND LAZY GOES BALISTIC said...

SUZANNE!!!!!!!!!!!!!!!!!

LET THE F*CKING SYSTEM FAIL!!
IT IS, I REPEAT, IS A FAILURE.

I'M NOT PAYING FOR SOME BRAIN DEAD HOME DEBTOR!!!

NO F*CKING WAY!!!!

Anonymous said...

Now that FNM and FRE are loosing money it must be time to put it on the government tab.

Same consistent pattern: privatize the profit and put the risk on the public.

Just remember Franklin Raines was Clinton's CBO. Its a republicrat thing.

Anonymous said...

Gonna be on a train the next few hours - let me know if any more REIC companies fail by the time I get home

Sure, buddy. Hey Keith, have I told you that not all of us believe that you actually live in London? Whatever!

Timing is everything said...

"FAS 140

The new FAS 140 rule that seeks to stop companies keeping assets in off-balance sheet entities may force Fannie Mae and Freddie Mac to bring mortgages back onto their books, requiring them to put up capital, Lehman analysts led by Bruce Harting wrote in a note to clients today.

Fannie Mae would need to add $46 billion of capital and Freddie Mac would need about $29 billion, the Lehman analysts wrote. "

I think in the long run these accounting changes FASB made can be very good to avoid problems in the future, but is this the best timing for these. I mean, could they have not made these changes about 3 years ago before the Bubble overinflated. Or wait, could they have maybe made these changes to avoid Enron, the king of off balance sheet frauds?? Now that we are in a national crisis these idiots at FASB decide NOW is the time to start changing accounting rules to make things worse....seriously, it is like getting in a war without a plan or any knowledge of the enemy, and then changing the rules constantly while in the battlefield....wait, that is done now - Iraq. I wonder if FASB has Bush appointees on the board ???

Economy is fine! said...

who cares! The economy is great and all you doomers and gloomers are missing the bus! Yes!!! The stock market was up today! Whew Im rich! So what if oil went up 5 bucks? Who really uses oil?

The media is hyping up inflation??? WTF??? So what if the cereal boxes are shrinking? Who eats cereal? My kids all get free lunch at school?

Everything is fine! I am going to go put my head back into bernakes A@@ and have a good day!

pwnd said...

Doh!pes

pwnd said...

How *right* has Jim Rogers been?!

Anonymous said...

OT. Keith, I took these pictures with the iPhone, while riding the subway, and uploaded them right after so you can check how your HousingPanic blog looks like on the Kindle. I always read HP on the Kindle. Cheers.

http://tinyurl.com/55x2mg

Anonymous said...

If they do it with another stimulis check for me I'm all for it.

Anonymous said...

I don't care anymore either. The Feds haven't done a thing for me. Can't keep my food safe, can't control the safety of my meds, can't keep me safe on a commercial airplane, can't help me after a hurricane, won't help in a disaster sends my kids to die in a war that benefits the rich.

I am in a place where I can survive any storm. Even the savages from the south of theborder can't bother me.

America is in the beginning ofnthe
Dark Ages people.

i've had it said...

Keith, you called it correctly. Kudos to you! Countrywide, Bear, IndyMac (and all the other lenders), Lehman, Fannie, Freddie, etc...and others will follow, like Citi, UBS, Wachovia, WaMu, etc.

It will only get worse. The market will be somewhere around 8k in a year...if not sooner. Oil will be well over 200 in the Fall when it becomes clear Israel will go ahead with taking out Iran's nuke reactors. Food will continue to go up.

Buckle up all...the next 6 to 12 months will be something else!

Anonymous said...

JUST VOTE FOR OSAMA-BAMA AND ALL WILL BE WELL>

Anonymous said...

17 years after the collapse of the USSR, Total Socialism has finally arrived in the USA.

July 10, 2008 7:35 PM


====================

Well said.

Anonymous said...

Gonna be on a train the next few hours - let me know if any more REIC companies fail by the time I get home

========

QWEEFIE,

I know it may come as a shock but the internets are mobile these days. You can get online on a train.

keith said...

I don't do mobile internet. I do this very very strange thing called reading the newspapers when I'm on trains. Very 1940's I know, but it's kinda fun

Looks like Fannie and Freddie live another day. Anyone wanna guess when their stocks are delisted?

wings said...

And ye shall know the force and power of the great Kagunga tidal wave of financial chaos.

And the truth will set you free!

Wee! Eat more Mr. Yee's Chicky!

Chaos should be pronounced "chows."

As in big Chow Chow ears of financial fluff. Ha, ha! Oh, yeah! You know what I say is true!

Looky here. Fannie and Freddie are deady, deady, deady.

The heady wine of intoxicating monetary free flows have a payday and it's coming to America and the world, pronto.

Tonto had a saying, "Scalp 'em high and scalp 'em hard for sheep bleet when their fleeced."

And it looks like the American taxpayer is about to be raped at the office, yet again--to pay for the sins of the profligates--as the Fed reaches its long, thieving arm into his wallet aplenty.

Kagunga!

Anonymous said...

"The road to hell is paved with good intentions." Anytime the government gets involved in private business the end result is a massive price hike to the consumer. Look what Medicare and Medicaid did to affordable healthcare. Look what government backed student loans did to the price of a college education. Now look what the two GSE's have done to the price of housing in the U.S- first a huge run-up where the average family had to take out a suicide loan to afford a home now the fallout with taxpayers about to pick up the tab just like the S&L debacle. Socialism has failed everywhere in the world where it has been tried and it is failing in this country too.

Anonymous said...

HA HA HA HA

Housing bailout bill is a done deal in the senate. Veto proof too. It's over HP. You lose.

Anonymous said...

I was with family last weekend.

They look at me like I've quit takin' my meds when I talk about the economy.

My brother in law is a exec with Chrysler, he was pouting all weekend - I wonder why.

I tried to brooch the subject with the economy with him and he shook his head and left the room. Not typical behavior from him; he is usually a happy, friendly guy.

Nevertheless; everyone else thinks it will all turn around. . . .

I'm the nut.

Down We Go said...

I still Flip houses and make $$$. Just made $46k on Tuesday closing one. Also just made $900 today flipping some FRE stock.

Even with that side income, and a $100k job, and a very regimented budget with no indulgences, my cash goes out just as quickly as it comes in.

A dollar just does not buy what it used to or let you live as good as you once thought it could.

I cannot even imagine how bad the personal balance sheets are for the Average Joe. This country has to be in some serious shit.

Anonymous said...

This is a must-read New York Times article about the situation:

U.S. Considers Takeover of Two Mortgage Giants
http://tinyurl.com/62cc5d

Anonymous said...

how much bailout money are we talking about here? it's gotta be astronomical

A little over 1 Trillion. That might seem like a lot but it will be securitized, stamped AAA, and sold to foreigners payable over 10 years or more. The true monetary expansion from these bailouts is very small (it could be zero if Obama cuts military spending by 25% for 8 years).

Reality said...

"You get military protection from the government."

A standing army is more of a danger than a blessing; remember?

"You get police and fire protection from the government."

Those are from local taxes. I seriously doubt the original poster could get out of sales tax or property tax.

"You get the welfare people off the street and they don't rob you because the government takes care of them."

How exactly did humanity survive for 100,000+ years before the 1960's welfare programs were introduced? Perhaps people had to get their asses to do something productive for one another in order to make a living? Mimimum wage (banning the poor from working) combined with welfare (keeping them in the unemployed state) is probably cause more crime than anything else. Just look at Palestine, what do unemployed youths supported by outside aid programs do? Plotting mischief is what idle yet fed youths do. But then again, that's what keep police busy and the prisons full, right?

"You get government funded projects that benefit your life."

Like what? How do you know private alternative wouldn't have been better? If I take $100 from you at gun point, then give you a loaf of bread for the day, would you be grateful that I keep you fed? Would you ever think, you could have gotten 25 loaves on the competitive market place instead just one loaf?

"you get Federal aid every time there is a Natural emergency, which might hit your area some day."

That's what private insurances are for. Not sure why I should pay for billionairs building their houses in sand dunes in the Hamptons, only to have us peons pay for rebuilding after every hurricane season.

"You get regulations and protections that keep you from eating tainted food most the time."

This is the most ludicrous claim imaginable. Private businesses have a vested interest in keeping their customers safe and come back to patronize the business. China's FDA has over 200,000 employees vs. our FDA's couple thousand employees. Guess which country's food and drugs are safer?

"I don't need to go on."

You need to tell us how you wouldn't be able to put food in your mouth if not for the good government nanny showed you how . . . you wouldn't know to put one foot in front of another if not for the good government kindergarten teacher teaching you how to walk.

Since you are so blind to natural alternatives and so easily feel grateful to what's given to you, please let me know where you live, so I can take all your income, take over your house, then give you one loaf of bread a day and let you sleet in a dog house . . . so you can be grateful that I take care of your food and shelter. What a joke!

Anonymous said...

Or wait, could they have maybe made these changes to avoid Enron, the king of off balance sheet frauds??

----------------------------

my understanding is that after enron they did but they gave banks an exemption from it.

Lost Cause said...

Interesting that the average homeowner was given a crust of bread to help them with their personal meltdowns.

Anonymous said...

I do this very very strange thing called reading the newspapers when I'm on trains. Very 1940's I know

You sir are a Hussein Obama elitist

Anonymous said...

More rigged and rotten than our US market just the FTSE! That country is falling apart but its market keeps rallying. What a scam, mate!

Anonymous said...

newspaper? they still make those?

Silex said...

What about the misdeeds of the Fed?

Wait, that would take us to 1913 and, let's see, Wilson?

Well, forget that, let's just skin a few scapegoats.

Anonymous said...

"FLASH: FEDERAL RESERVE'S POOLE ADMITS FANNIE MAE AND FREDDIE MAC ARE INSOLVENT, MASSIVE TAXPAYER FINANCED BAILOUT LIKELY"

So in other words, deregulation has failed..........and the libertarians/Republican conservative agenda is a failure!