Passing the BUCK and Picking YOUR Pocket!
SONOFABUSH! First they dumped the fallout from the subprime mortgage fiasco on fannie mae and freddie mac. Now they are dumping it on the tax payer! This from the new york times:
Treasury Acts to Save Mortgage GiantsPublished: July 14, 2008
WASHINGTON — Alarmed by the sharply eroding confidence in the nation’s two largest mortgage finance companies, the Bush administration on Sunday asked Congress to approve a sweeping rescue package that would give officials the power to inject billions of federal dollars into the beleaguered companies through investments and loans.
In a separate announcement, the Federal Reserve said it would make one of its short-term lending programs available to the two companies, Fannie Mae and Freddie Mac. The Fed said that it had made its decision “to promote the availability of home mortgage credit during a period of stress in financial markets.”
An official said that the Fed’s decision to permit the companies to borrow from its so-called discount window was approved at the request of the Treasury but that it was temporary and would probably end once Congress approved Treasury’s plan. Some officials briefed on the plan said Congress could be asked to extend the total line of credit to the institutions to $300 billion.
For those of YOU that are fooled by the “loan” language in the above article. What will happen some time in future, is financial industry lobbyists will converge on washingtOOn with bags full of bribe kick back money, um campaign contributions, for the two parties of the apocalypse. Then these “loans” will be “forgiven” and the cost dumped on the tax payer. As it stands the “loans” only charge 2.5% interest! Where do I go to get a 2.5% loan? That’s a sweet deal. YOU don’t believe the thieving corpoRATeers are gonna pay the COST of their own CRIMES DO YOU? Remember, it was deregulation that lead to this financial meltdown! Now the idiots in washingtOOn who did the deregulating are using pork barrel spending to bail out the financial industry CROOKS!
If that ain’t enough for ya, how ’bout a run on a bank? There’s been 5 so far in 2008 and 7 since this time last year. This from ap:
After IndyMac’s failure, which bank could be next?
Monday July 14, 2008
By Madlen Read, AP Business Writer
As banks prepare to reveal quarterly results, investors wonder which could be next to fail
NEW YORK (AP) — The bank executives who promised months ago that the worst of the financial crisis had passed are looking less and less credible to investors. And that could pose a problem as the industry releases what are expected to be dismal second-quarter earnings over the next few weeks.
Certainly, not all banks are going the way of IndyMac Corp., which was seized by the government on Friday. In fact, analysts expect several banks to come out on top as the industry consolidates in the coming years.
But for now, investors aren’t taking any chances. After IndyMac was seized — the seventh bank to fail since the credit crisis began last summer, and the second-largest bank to fail in the Federal Deposit Insurance Corp.’s 75-year history — stocks in nearly all the nation’s banks were clobbered Monday as the market bet that there will be more failures.
Stocks that were hit the hardest Monday included First Horizon National Corp., which operates in the Southern United States; Zions Bancorp, located in Utah and Idaho; and Washington Mutual Inc., the nation’s largest savings and loan. Stocks of bigger banks such as Wachovia Corp., Citigroup Inc., Bank of America Corp., and Wells Fargo & Co., also tumbled.
Can you say government bail out boys and girls? I knew you could! We now live in mr. ROBBIN’ sons neighborhood. We are getting ROBBED by the pigs who run our government. Go ahead, try to make lemonade out of this:
Let me define LEMON SOCIALISM:
An economic and political system in which the PROFITS are privatized into the pockets of the few, while the risks and eventual costs are socialized and dumped on the tax payers!
DAGNABIT! If YOU vote for the syphilitic co-joined twins of the apocalypse called mcbama, you can look forward to four more years of this kind of lemon socialist corpoRATe welfare!
Time to dump the dems and repubs! Support and vote for the ONLY CANDIDATE FOR PRESIDENT WHO WILL END THESE RIP OFFS:
The Telepathic Crickets™ on the ClapSotronics editorial board and I hope YOU are as sick and tired of footing the bill as we are!
The scientifically impossible I do right away
The spiritually miraculous takes a bit longer
~ by ClapSo on July 15, 2008.
Posted in Activism, Budget, Change, clapso, co-joined twins of the apocalypse, corpoRATe welfare, CorpoRATeer, Crash, Cricketeers, DAGNABIT, democrats, deregulation, economic disaster, economics, ELECTION, LEMON SOCIALISM, Libertarian Party, Lies, mcbama, mccain, mcPain, Mortgage, MSM, Nader!, nobama, obama, Politics, Pork barrel spending, Poverty, progressives, republicans, SONOFABUSH, Stock market, Taxes, Telepathic Crickets, Thieves, Wall street, washingtOOn, WTF, YOU!
Tags: Activism, Budget, Change, co-joined twins of the apocalypse, corpoRATe welfare, CorpoRATeer, Crash, Cricketeers, DAGNABIT, democrats, deregulation, economic disaster, economics, ELECTION, LEMON SOCIALISM, Libertarian Party, Lies, mcbama, mccain, mcPain, Mortgage, MSM, Nader!, nobama, obama, Politics, Pork barrel spending, Poverty, progressives, republicans, SONOFABUSH, Stock market, Taxes, Telepathic Crickets, Thieves, Wall street, washingtOOn, WTF, YOU!