At what point is enough enough? At what point do you completely lose trust in your elected (and unelected) officials in charge of our government and our economy? Or has that point come and gone?
At least Paulson and Bush will be gone in a few weeks. Good riddance. But Bernanke should also be shown the door.
Here's the wise Fed chairman from a few weeks back. Either the town fool and unqualified for his job, or one of the biggest liars in America. You choose.
Fannie And Freddie Are Fine, Bernanke Says
Chairman Ben Bernanke of the Federal Reserve told Congress on Wednseday that he believes Fannie Mae and Freddie Mac will make it through the storm in the U.S. housing market.
On Bernanke's second day before Congress, this time in front of Rep. Barney Frank's House Financial Services Committee, the Fed chairman said the troubled Fannie Mae and Freddie Mac were adequately capitalized, and were in no danger of failing.
September 07, 2008
HousingPANIC calls for the resignation of Ben Bernanke for being the idiot (or liar) who just weeks ago said Fannie and Freddie would be just fine
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Give Uncle Ben a bit of latitude -- after all, a lot can change in 2 months. No one could have predicted that 9% of ALL mortgages nationwide would be "in trouble" (a figure I truly find shocking) or that the economy would not come roaring back on the back of a tax refund/stimulus package.
That 9% figure, which will be 10%+ in a couple of weeks or so, is interesting. If every mortgage-holder loses at least 20% on 10% of their holdings, that sounds like negative 2% net return on about 30 years of investment.
Gentlemen, I think we have been fleeced.
Can Fannie shareholders sue Bernanke for false statements?
I was recently discussing this topic with a person who deals with Ben on housing matters. He said Ben could not come out and tell the public what was really happening because there would be a severe panic on all fronts. Interestingly, I was also having a bland discussion with some friends that I decided to turn to talk about real estate, and the economy. I was really shocked how all these professionals had no idea of what had been happening with Fannie/Freddie. They all knew the housing sector was correcting but were confident that in a couple of years we'd be back to normal. They had no idea about the implications of the government bailing out the two GSE, the impact on inflation, the dollar, the national debt, foreign investors, etc. Bernanke has no other option than to lie and lie, using easy to understand sound bites. Otherwise, the witless heard of folks out there would clue in to what was really happening and run off a cliff. Who knows, maybe instead they'd ask for some heads to roll. In either event, its too much for Ben to risk.
Let the game begin.
We are everywhere.
Anyone else find it odd when Lehman put out this report a few days ago?
1) because it was Lehman who itself is on the verge of failure and
2) because the report was so painfully and obviously wrong
Reuters) - Fannie Mae's capital and reserves positions are better than market expectations, and the biggest U.S. mortgage finance company may not need any more externally raised capital, according to an analyst at Lehman Brothers.
Lehman's Bruce Harting is the latest among Wall Street analysts to say that the government sponsored-enterprises (GSEs) have no immediate need for capital.
Shares of Fannie Mae and Freddie Mac rose in morning trade Thursday, prompted by easing concerns about capital needs at the two mortgage finance GSEs, and Fannie's announcement of management changes to preserve capital and cut losses.
The stocks are at their highest levels since August 19, but are down more than 80 percent year-to-date.
The shares had plummeted amid fears the two companies did not have enough capital to sustain themselves as the U.S. housing market worsens and that a bailout would result in their common shares becoming worthless.
"While the recent price movement in the stocks impacts the cost and ability of the GSEs to raise new capital, neither company currently has a capital shortfall and both continue to do new business," Harting said.
You will learn the real truth Keith.
The truth shall set you free.
Won't happen the game is rigged, sucka's.... enjoy your new home in the FEMA camps.
There is absolutely no difference between our govt. and a LCN crime family.
Bush/Cheney aren't leaving. Wait and see.
It's Bernanke-speak. When he gives a company props, that is the signal to dump all your shares.
Someone should ask him about WaMu and Lehman.
Boy-in-the-bubble Cheneyburton busy this week whipping up fear and loathing for the US around the world looking for someone to fight with.
Look for a military act near the election so the twin creeps at the top can suspend the election.
I'm ready for my closeup Mr. DeMille...
US is DEAD
So, Ben would rather keep lying to the public, hoping things will get better?
Just another reason why most government officials should be removed from office and their wages garnished ... totally imcompetent.
Anonymous said...
I was recently discussing this topic with a person who deals with Ben on housing matters. He said Ben could not come out and tell the public what was really happening because there would be a severe panic on all fronts. Interestingly, I was also having a bland discussion with some friends that I decided to turn to talk about real estate, and the economy. I was really shocked how all these professionals had no idea of what had been happening with Fannie/Freddie. They all knew the housing sector was correcting but were confident that in a couple of years we'd be back to normal. They had no idea about the implications of the government bailing out the two GSE, the impact on inflation, the dollar, the national debt, foreign investors, etc. Bernanke has no other option than to lie and lie, using easy to understand sound bites. Otherwise, the witless heard of folks out there would clue in to what was really happening and run off a cliff. Who knows, maybe instead they'd ask for some heads to roll. In either event, its too much for Ben to risk.
His job IS to lie.
Since when did any Fed Chairman speak openly, honestly, directly?
That waste of human skin, that vermin, that filth called Greenspan took bullsh1ting to it's highest levels, ever.
THE USA is so screwed.
Thank you Alan Greenspan.
Thank you Libertarian New World Order.
Debt is wealth.
Night is Day.
War is Peace.
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