July 11, 2008

HousingPANIC Laughable Quote of the Day By a Bush Administration Official


"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission"

- Hank Paulson, Goldman Sachs CEO (oops, I mean US Treasury Secretary), July 2008



Bonus:

Is Hank Paulson stupid, or is he just lying because that's what he has to do otherwise the sh*t would hit the fan even faster?

16 comments:

satan is a republican said...

So the administration supports insolvency? Brilliant!

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Anonymous said...

The financial health of the two companies is of critical concern to Washington policymakers because of the crucial role they play in the housing market.

The pair hold or guarantee around $5 trillion worth of mortgages. That's roughly half of the $9.5 trillion debt of the United States. The fear is that a failure of one or both would wreak havoc on the nation's financial system and the broader economy as well.

http://www.breitbart.com/article.php?id=D91RN4P80&show_article=1

brokersleaveyoubroke said...

The key word in his speech was "Today". He supports them today. Today is over in a few hours and he says nothing about continued support. The speech, to me, says that freddie and fannie are toast.

Anonymous said...

I'll remember that one when the Bailout pops up out of nowhere, let's say, this very week-end. Because I don't see any investor foolish enough to refinance this mess. So they will use the same trick as for BS, using the FED as a proxy, and adding even more debt for the taxpayer to pay.

The Housing Bubble Ate My Balls said...

Now That picture is funny!

That is exactly what I see when I turn on CNBC...

I see a bunch of chimps going nuts..

Anonymous said...

"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission"

HAR HAR HAR

Reminds me of that famous Bush quote. "The terrorists never stop thinking of ways to harm America, and neither do we."

Or something to that effect.

Anonymous said...

"Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission"

And what is their mission?

The same as the Iraq war.

Operation Bankrupt Obama 44

Anonymous said...

So, what was going on around 3:00?? DOW went from -200 to +30 and then started to plummet immediately after. It's 3:20 now and it's down 120 and still dropping.

Did the PPT try to jump in or a few big investors get together and pull off a quick pump and dump?

Anonymous said...

Let's just eliminate the middleman-Open the discount window to EVERYONE!

I gotta couple paid-off Camrys I'd like to put up for colateral. At least they will not depreciate as fast, or as far, as the crap banks and investment companies are presenting to the FED.

If the GSE's get a bailout, I want my handout!

Bernanke better drop gold from the 'copters, not cash.

Tell me, Mr. Republican. How is this different from the Commies? You know, the one's you spent Trillions to "defeat" in the 1980's?

bostonobserver said...

Its been obvious for some time now that FNM and FRE are headed for bailout despite all the "calming words" from Bernanke, Paulson, Dodd (can you believe he chimed in today calling the GSEs "sound"). Throw in the FHA for good measure and it is not pretty.

Paulson has not choice but to try to prop them up. But he is a smart guy... he knows the inevitability of it all.

MrCoffee said...

All the fed needs to do is increase the prime rate. Then, take all that excess liquidity away from the commodities bubble specuvestors, and put that towards paying the Fannie/Freddie debt. Why do people buy stuff when they don't have the money?

MrCoffee

MrCoffee said...

And another thing: It may be on sale for half price, but that doesn't mean you can afford it!

MrCoffee

Anonymous said...

VOTE OBAMA AND ALL WILL BE WELL!!

IB said...

definitely not stupid, lying!

Anonymous said...

That monkey looks like a little old man!