September 06, 2008

Where was Jim Bunning when the Fannie and Freddie Ponzi Scheme was going on? Where was the outrage and disgust when it could have made a difference?



HP'ers knew Fannie and Freddie would fail.

Why didn't our leaders?

Or did they? And just chose to look the other way so as to keep the Fannie and Freddie money pouring in...

10 comments:

Archie said...

Jim Bunning, a Republican hypocrite of the first order, was in the US Senate executive bathroom stalls practicing his "wide stance".

Obama is my president said...

Keith, are you Deep Throat???

consultant said...

I'll have to say it again, this financial/credit/housing crisis will continue until reforms take place, real oversight is restored and significant numbers of criminal participants have been convicted and sent to jail.

Those that aren't convicted will have to be banned from their former profession (or hustle). There goes the real estate agent career.

No one. No one, with significant money to invest is going to do business with people or institutions that knowingly swindled them out of millions or billions of dollars.

Hence, Freddie & Fannie are now worthless institutions as far as investors are concerned.

I am very good with math, but I get a headache thinking about how screwed we are financially.

A question to HPers. In what manner will our debt owners extract payment from us?

Here's one. We sell Alaska. That's how we got it.

Anonymous said...

The republicans hate the government. Remember?
We the people are the government...
The tax payers...
well said.

Anonymous said...

LOL...
I love it sell alaska and the governor with it....

Anonymous said...

Keith you cannot leave us until this election is over...Please this is the best blog out there!!!

Your Benevolent Loving Government said...

A question to HPers. In what manner will our debt owners extract payment from us?

Easy...you go to take money out of the bank and find out we already took it.

Anonymous said...

A question to HPers. In what manner will our debt owners extract payment from us?

Obviously you don't understand capitalism, or eat, or drive.

Booms are good because they produce selling opportunities... Busts are good because they produce buying opportunities.

The investor class is receiving payment every time you buy something for more than it costs to produce or sell something for less than it costs to produce. Like buying a gallon of gasoline for $4 which costs $2 to produce or selling a house for $50/sq ft that costs $75/sq ft to produce.

Pete said...

Fannie and Freddie are Socialist endeavors that have no place in free market. While both Fannie & Freddie have have their supporters in both parties, calls for them to be shut down have consistently come from conservatives and they have often been championed and defended by liberals.

McCain says they should go. Obama correctly pointed out their "weirdness" and that they should either be non-profit if backed by the gov't or allowed to fail if they are for profit. While I don't disagree with Obama's assessment, the fact is both have operated for-profit, and both are now going to be bailed out. Maybe if Obama, Bunning and Ron Paul and some others had spoken up some yrs ago, Fannie & Freddie could have been forced to choose a path, but now it's too late--they made their profits and now will be bailed out.

In the end, McCain is right: Just get rid of them!

consultant said...

"Obviously you don't understand capitalism, or eat, or drive."

We live in a micro AND macro economic world. Got that?

My post was directed at our MACRO problems.

Go to the dictionary if you don't know what that is.

Cheers!