Hey, let’s throw another $19 billion down the rat hole!
The fraud-ridden money pit known as Fannie Mae needs more of your money.
Who among the Fannie-kissers in Congress will say no?
Say goodbye to another $19 billion:
Fannie Mae (FNM.P), the largest provider of U.S. home mortgage funding, said on Friday it needs more capital from the U.S. Treasury after a $23.2 billion loss in the first quarter, and warned government housing programs would cut deeper into its profitability.
The government-controlled company said its regulator requested $19 billion from the Treasury under a funding commitment that on Wednesday was doubled to $200 billion. The credit, in the form of senior preferred stock purchases, was established as soaring losses led the government to push the company into conservatorship in September.
As the nation’s housing market reels in its worst downturn since the 1930s, credit-related expenses accounted for the majority of Fannie Mae’s loss, at $20.9 billion. It also took a $5.7 billion loss on mortgage securities.
Provisions for credit losses soared 85 percent as the U.S. economy faltered, expanding delinquencies — which have wreaked havoc on the entire financial system — to consumers with better credit, it said.
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19 Billion more…Almost seems like small potatoes nowadays.
sarc
As someone born in the Year of the Rat, I resemble that remark.
I’m assuming those retention bonus’s paid to top Fannie execs will be paid back any day now.
That’s good. You could be a good lawyer in cross-examination, Michelle — you don’t ask a question you don’t already know the answer to.
I was thinking this morning, you remind me of a cross between Horatio at the Bridge and Marcus Cicero: standing, pen in hand, in the path of the oncoming march of the irresponsible, the irresolute, the feckless and the malevolent who will be the downfall of the Republic and exclaiming, “Stop!”
You may not succeed — Cicero sure didn’t — but for fighting the good fight, you deserve unreserved admiration nonetheless.
Now my Grandchildren’s Grandchildren will be in debt, too.
But, hey, if we just keep throwing money at the problem, eventually, it’ll go away and we won’t need to get our hands dirty to solve it.
Well, Jeff(#1), you know, like Everett Dirksen said, “A billion here, a billion there, pretty soon it adds up to real money.”
Why not? Here are a couple of more examples of your tax dollars at work a few blocks from my home. 1) A large sign was installed – quite impressive, with two wooden posts about 10′ high, and the sign itself being about 5′ by 4′. One slight issue – four weeks later, the wrapping hasn’t been removed, so no one knows what it says. 2) At a nearby intersection, eight “press here to cross the street” buttons were installed. One slight issue – whether or not the buttons are pressed, the lights go through the green cycle with “walk” on.
There is ZERO need to appropriate another penny. The $19 billion can come from the banks that want to return their TARP money.
Problem solved, if they have half a brain.
Back when a Billion meant something…Even a trillion doesn’t faze people much…
Assumes facts not, in evidence…
Maybe they are thinking, when China completely owns us, they won’t bomb us. Why would China take out their own property?
Still waiting on my bailout. Do I just keep mailing in these checks every month? Or is that my mistake. Maybe if I hold on to my money the one will give me more? I’m not sure how these financial things work anymore. After all, I’m just a lower middle class caveman, who always paid his bills on time.
let’s all hold our breath while bawney comes down and chastizes these crooks as he did with those slug bankers. i’m waiting for the acorn busses to pull up in front of these wonderful civil servants mansions in connecticut and march a little “what do we want, justice. when do we want it, now” ditty and give the msm a photo-op quote about how these wonderful people are keeping those evil bankers from repoing their houses. PRAISE OBAMA!
I was off my meds…….. sorry.
Agreed.
O tempora, o mores!
*Rat hole, rat bastard, what’s the difference when you’re talking about Barney Frank, Chris Dodd, et al; It’s time to abolish the Federal Reserve, let all these entities like Fanny bleed out, and commence with a recovery based on Austrian Ecomonics and a Federal Government living within its’ means; Catastrophy awaits otherwise.
That’s your place you knuckle dragging, bitter, bigoted, zealot, homophobe.
ACORN needs funding and the donors need some skin so pay up……
You forgot Xenophobe! Libs love that word.
Get this: stock market is rallying today on better than expected job losses. Why is it better? Government hiring is way up. Number rigged and manipulated everywhere you look.
Yet Obama made another speech yesterday about how his budget will cut the budget deficit in half and how his “stimulus” spending will creatint 4 million new jobs with 90% of them being private sector jobs.
Add that to what looks to me like bank mutual funds leading the charge in this market rally and… well…
That is certain to boost investor confidence. The new “free” market forces.
Well considering they are starting to have trouble getting anyone to LEND money to the usa anymore…. oh what the F. Free ponies for everyone. We will all be bankrupt in a year anyway so live it up!!!
wwwaaahooooo
He can just cram-down the debt by, ‘Doing a Chrysler’
sarc
How’s that go ? There must be a pony here, look at that huge pile of manure.
Just keep printing money and diluting the dollar until we all have nothing. Then we can start over under our Chinese masters.
No thank you. As my late father used to say “I don’t want anything else with a mouth or a butthole.”
Honestly, does it really make any difference at this point? We could easily add another zero and make it $190 billion. The hole Washington has dug for the entire country is already so deep that congressmen can now easily slip through and come out in China to go to the bathroom there.
Euro has broken out while the dollar is cratering again. Commodities are also rallying. Wonder why?
NO PROBLEM Fannie Mae! Obama to Printing Room: PRINTING PRESSES TO FULL POWER!
Printing Room: Ah but Captain, she can’t take much more of this!
Obama/Captain: Give me all you’ve got Scotty/American Taxpayers. I need more power/money.
MORE POWER, MORE POWER, MORE. . . .KAAAAABBBOOOOOOOOOOM.
I think a few more executive suicides are in order before we give Fannie Mae or Freddie Mac another cent.
Spaceycakes:
Thanks, I needed that laugh today!
Of course, it could be because they have shown that debt means nothing and they can wipe it out with a simple threat. That applies to all lenders, foreign and domestic.
Barney: “Come on! Cough it up! Baby needs new shoes!”
fannie-kissers??….yuk…suppose barnie would like it though….lol
Or our muslim masters, or our aztlan masters….depending on what part of the USA you live in when its divied up.
Now there’s a visual thought I don’t need. : )
OT–I think Caldera got canned!
http://news.yahoo.com/s/ap/20090508/ap_on_go_pr_wh/us_obama_low_flying_plane
It’s Friday, and I believe we need a song (sung to the tune of “The Candy Man”)…
Who can take a union, sprinkle it with dew
Cover it with protection and a bailout or two
Obama Man, oh Obama Man can
Obama Man can ’cause he mixes it with tripe and makes the media tell lies.
Who can take Fannie Mae, pull it out of a tush, spin around and blame it on Bush.
Obama Man, Obama Man can
Obama Man can ’cause he mixes it with tripe and makes the media tell lies.
Obama Man hides and to nothing he abides, evasive and seemingly able,
Now you criticize him at your dinner table, you will wear the racist label.
Oh, who can take on Wall Street, bring it to its knees,
Spend all the nation’s wealth before the ice caps unfreeze
Obama Man, oh Obama Man can
Obama Man can ’cause he mixes it with tripe and makes the media tell lies.
Obama Man reads as fast as TOTUS speeds it really so very eerie
Talk about your Constitution, you citizens had best be leery
Yeah, yeah, yeah
Who can take our future, dip it in some sh*t,
Show it to Congress and they think he has the wit
Obama Man, the Obama Man can
Obama Man can ’cause he mixes it with tripe and makes the media tell lies.
Yes, the Candy Man can ’cause he mixes it with tripe and makes the media tell lies.
Obama Man, Obama Man, Obama Man
Obama Man, Obama Man, Obama Man
Obama Man, Obama Man, Obama Man
-with apologies to Sammy Davis, Jr.
I hear that $17 billion is a lot of money except in Washington, D.C. Must be true. That’s why Fannie’s looking for that plus another measly (in Washingtonian terms) two billion more. Good thing that 17 billion is getting freed up from the budget. Now we can use that money to enable—I mean, help out the poor homeowners some more.
Its like with computers. Back in the day when we thought we could never go beyond 640K (thousand) of memory, we tried to do every trick in the book to keep the entire OS and all programs using just that 640K.
Now days when you can put 64 Gigs (billions) of main memory on a system, it still isnt enough.
I can easily put an array of multi-petabyte (trillion) hard-drives in my home computer when 20 years ago a 10 Meg (milllion) drive was astronomical storage.
Would that rat hole be next to the Star Wars hole and down the block from abstinence only sex education and across the street from Blackwater contractors?
Glad I’m in commodities. Talk about your mixed feelings. My stocks are going through the roof and my money’s becoming worthless at the same time.
Exactly the economic model of what Hitler did in the ’30’s. Eventually, the Fed will come out with “new money” and exchange it for Dollars in fractions. Like Mexico lopping off zeros for the “Peso Nuevo”. This allows the Govt. to control not only the average guy’s finances (taking pillow stuffing material out of the equation), but it forces those evil rich people hiding dollars offshore to cash in for the new stuff.
Ten to one says we see this if Blue Lips gets a second term.
On May 9th, 2009 at 6:41 pm, lgm said:
Nah – it’s next to the Tax Cut for 95% of all Americans located on Transparency Lane, which is just up the road from Out of Iraq in 16 Months avenue.