Freddie Mac seeks further $10.6bn in US aid

Discussion in 'Politics, Religion, Social Issues' started by flopticalcube, May 5, 2010.

  1. flopticalcube macrumors G4

    flopticalcube

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    #1
    I thought I might as well post this in PRSI as this is where it will end up anyhow.

    http://news.bbc.co.uk/2/hi/business/10099793.stm

    Things still look shaky out there.
     
  2. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #2
    Is it really constitutional that the taxpayers should get soaked for this garbage? taxation without representation is what this crap is.
     
  3. GoCubsGo macrumors Nehalem

    GoCubsGo

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    #4
    This **** pisses me off. Frankly tax payers get shafted and the half of them don't understand what this all means anyway. They're so confused its sad. Freddie needs to be kicked in the nads and told no.
     
  4. Shivetya macrumors 65816

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    #5
    Freddie Mac and Fannie Mae are two big lenders whom the Democrats refuse to include under Wall Street reform. They don't want any new rules to apply to those two organizations.
     
  5. Eraserhead macrumors G4

    Eraserhead

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  6. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #7
    They weren't included in the senate finance reform bill, I don't know what a finance reform bill that forgets one of the key ingredients in this disaster (didn't they soak up like 400B in government funds?) is supposed to do.
     
  7. leekohler macrumors G5

    leekohler

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  8. flopticalcube thread starter macrumors G4

    flopticalcube

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    #9
    Perhaps the Republicans should not have had them bailed out in the first place then?
     
  9. sysiphus macrumors 6502a

    sysiphus

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    #10
    Cute line, but try looking up Barney Frank's ties to Fannie Mae and try again ;)

    BOTH sides are at fault here.
     
  10. obeygiant macrumors 68040

    obeygiant

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    #11
    Whatever, man. Just get that stock price up. The capitalist pig on my shoulder told be to buy 75 shares of FRE a year ago at $1.05 and I'm waiting for it to hit 3 or 4 a share. *wrings hands*
     
  11. flopticalcube thread starter macrumors G4

    flopticalcube

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    #12
    Oh I have no doubt. I am at arm's length to American political parties so I don't take sides. ;) I'm just responding to the inevitable politicizing of the issue. Bailed out by Republicans and sustained by Democrats.
     
  12. ucfgrad93 macrumors P6

    ucfgrad93

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    #13
    Well said.
     
  13. racer1441 macrumors 68000

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  14. flopticalcube thread starter macrumors G4

    flopticalcube

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    #15
    Unfortunately that might cause a depression. Slow winding down of both Freddie and Fannie is what is needed but I don't see the political will to do even this anywhere.
     
  15. Desertrat macrumors newbie

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    #16
    It's really hard to keep track. Lessee. 10.6 for Freddie; something like another 5.6 or 6.3 (I lose track) for Fannie. So far, they're already into the taxpayer for what, $140 billion between them? Plus several trillion in toxic paper; remember all that sub-prime stuff? Between them and FHA, that's some 95% of all home mortgages. $5.3 trillion? I've seen guesstimates that as much as 40% of that will have to be written down or written off.

    GM still owes some $43 billion, and the FDIC is deeply into the red.

    And now we're gonna subsidize part of the Greece bailout, for apparently around $124 billion. If not more...

    Who's gonna bail us out?
     
  16. Burnsey macrumors 6502a

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    #17
    If they lost $8 billion in 3 months it's time to shut her down.
     
  17. Desertrat macrumors newbie

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    #18
    Burnsey, that should have happened when this kerfuffle first began. Now? It would cost the taxpayers many trillions of dollars from writing down and writing off a bunch of that toxic paper. Remember that the US government has taken over and guaranteed all that garbage.

    They're carrying mortgages on their books at face value. The actual value in the market is much less. 30% and 40% in many cases. Overall, 20% of all US mortgages are underwater.

    Kinda like a car headed for a wreck: Shoulda done that brake job last week.
     
  18. leekohler macrumors G5

    leekohler

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    #19
    Agreed. We cannot keep it afloat any longer. Time to abandon ship. No more bailouts.
     
  19. flopticalcube thread starter macrumors G4

    flopticalcube

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    #20
    Bearded Ben Bernanke and the Fed's Magic Printing Press. Be ready for some inflation.
     

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