Fannie Mae/Freddie Mac - Robber Baron's at Work: Michael Savage

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
McCain tried, but the Democrats blocked it.


'More Communist than China'

CEO: Fannie/Freddie Bailout Makes America 'More Communist than China'
Rogers Holdings chief tells CNBC Europe U.S. brand of socialism is meant only for the rich.

By Jeff Poor
Business & Media Institute
9/8/2008 5:24:06 PM

Has America created its own variety of communism with the U.S. Treasury Department's bailout of two beleaguered government-sponsored enterprises (GSEs), Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE)? According to Rogers Holding CEO Jim Rogers, the answer is yes. "America is more communist than China is right now," Rogers told CNBC Europe's "Squawk Box Europe" September 8. "You can at least have a free market in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. It's bailing out the financiers, the banks, the Wall Streeters."

Rogers, known for launching the Quantum Fund with left-wing heavyweight George Soros, said the bailout was not benefiting homeowners or helping average citizens improve their standing for a home mortgage. "It's not bailing out the homeowners who are in trouble, by the way," Rogers said. "It's not bailing out people who want a mortgage -- it's just bailing out financial institutions. This is not my idea of the way things are supposed to be, but if that's what America wants, you know, it can elect people who are going to do it. I think it's a mistake." The Rogers Holdings CEO had little confidence that Democratic presidential nominee Sen. Barack Obama, Ill., or Republican vice-presidential nominee, Alaska Gov. Sarah Palin, would be able to do anything to steer Fannie or Freddie on a more stable path. "This is a big huge mess and neither one of them has a clue as to what to do next year," Rogers said. "Bank stocks around the world are going through the roof, that's because they've all been bailed out. You don't see the homeowners in Kansas going through the roof because they're not being bailed out." Rogers had previously called for Fannie and Freddie to be allowed to go bankrupt. "They should not be bailed out," he told "Worldwide Exchange" July 15. "This is outrageous. Who are these people who are taking our money and doing this and ruining America?" "Let the patient go bankrupt," he said. "We have courts in America; they will be reorganized." Fannie Mae and Freddie Mac were "wove a mantle of invincibility" through lobbying according to a September 8 Wall Street Journal "Deal Journal" blog post. According to the Journal's Heidi N. Moore, the mortgage giants had $170 million in lobbying bills in the past decade and spent $3.5 million on lobbying just in this year's first quarter, spreading their largesse among 42 outside lobbying firms. Earlier on September 8, CNBC "Mad Money" host Jim Cramer called the bailout "a homerun plan" on MSNBC's "Morning Joe."
http://www.businessandmedia.org/articles/2008/20080908171808.aspx




Government Saves Fannie Mae and Freddie Mac in Unprecedented Bailout
Post Date: September 8th, 2008
Submitted By: Shaun Pickford

Over the weekend, Henry Paulson and the United States Treasury decided to bail out mortgage giants Fannie Mae and Freddie Mac. This unprecedented move falls into the pattern of recent huge government bailouts that cater to the "too large to fail" theme and pushes us further towards true Socialism. We must ask ourselves: why did the government feel the need to bailout Fannie Mae and Freddie Mac, and what would have happened if they didn't?


Everyone can argue all day over the necessity, or lack of, for Fannie Mae and Freddie Mac, but they were chartered into existence in the 1970's and have been a shoulder to lean on for banks ever since. Retail banks give out many types of mortgages, but the most popular is the "conventional" loan, which is backed by Fannie and Freddie. Therefore, they know that once they fund a conventional loan they can immediately turn around and sell it off. This option lead many banks to ease up their guidelines, knowing they could sell loans off regardless of the quality, so long as it fit Fannie and Freddie's guidelines. Thus with loose guidelines, more people who wouldn't normally qualify for a loan were getting loans, and this fueled the fire that lead to many of the foreclosure issues we're facing.
http://www.politicallore.com/economy/government-saves-fannie-mae-and-freddie-...

Category:

News & Politics

Tags:

• Fannie
• mae
• freddie
• mac
• bailout
• banks
• mortgage
• us
• treasury
• housing
• loans
• wallstreet
• scandle
• government
• Michael
• Savage

[Audacious128]

Hope to see the blame put on the correct people. Didn't George W try to do something about this several years ago? Wouldn't it be racist redlining to tell these companies not to give loans to people that can't repay them? None of these people who made millions are Bushes friends. They are however Barak Hussien Obama's friends. WHo after all ended up with campaign contributions from these companies? That would be Barak. McCain is not Bush. I wish he was.

[jbranstetter04]

Yes George Bush and John McCain tried to do something about Fannie Mae and Freddie Mac in 05, but the Democrats blocked it, I wonder why? If you go back to the video there is a link in the video info area that shows what Senate Bill John McCain sponsored and the Democrats killed in the Senate. Obama will not remember any of this because he was most likely to busy getting ready to run for President.

[prepare2008]

amazing! who is this guy??

[jbranstetter04]

Micheal Savage. He does a three hour talk radio show starting at 3:00pm Monday through Friday. Some will try to discredit him by quoting him out of context or when he occasionally goes overboard with a comment just to drive the point home. Other than that, if a person listens to his show for a week and doesn't agree with at least 90% of what he is saying then you must be a liberal and you should seek medical attention for your disease before it spreads and ends up destroying our country.

[bweazel]

7:09 Wrong. The death of capitalism happened when these frauds for institutions were thrown at the American people. Capitalism ended in the 20s. Hasn't been back since.

[bweazel]

Nationalizing a social program. Bwahahahah. Oh the irony.

[cyberage100]

I liked Savage untill he ran down OWS! There's no ndifference in on puppet or another! Davage you stink!!!

[bellcord]

This horseshit artist Savage doesn't know his ass from a hot rock.....and his on home, like most, is held by Fannie Mae...

[Jcolinsol]

Hopefully the collapse of the U.S. economy will destabilize the state to the point that it will lose much of the power that it has taken.

As long as people have the rationality to see that the state is not a solution to economic problems, and indeed the cause of economic instability, the state will recede.

This cannot be accomplished by alienating people with hostile rhetoric, which was my point from the beginning.

[7514328]

I want to see the complete economic collapse in the U.S. Now that my financial future is set I will continue to work on my lawsuits against U.S companies whose primary goal is money. Thats my goal too. To get as much money out of them like they do to me. Let the games continue.

[Jcolinsol]

You are clearly laboring under a flawed theory of mind, which is exactly what I should expect from someone displaying such emotional insecurity.

[7514328]

Jcolinsol: I can tell that this corrupt and fixed economy has taken you to the cleaners. Your tax dollars will be needed to fund future waste, fraud and ponzi schemes. I retired and own my own property and home. Up yours.

[Jcolinsol]

Oh shut up with your execrable platitudes. Christ.

[VeritasAmantesVocat]

Poor savage is so close, right under his nose yet he wont see it.

Micheal, They didnt Stop the Robber Barons, they just let you believe you stopped them. instead they went underground so you cant see them. Now they OWN the government, that is why you get the same thing no matter who you vote for.