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11 July 2008 at 5:59 a.m.
Can you believe it, we the tax payers will now be responsible for the mortgage meltdown loses.
I expected this since the bailout of Bear Sterns.
I hope all of you understand that these actions by the Federal Reserve are illegal.
We've been Socialized.
11 July 2008 at 6:02 a.m.
11 July 2008 at 7:26 a.m.
Go read “the daily reckoning.com”….predicts the financial meltdown of the USA financial sector in less than 90 days.
11 July 2008 at 7:57 a.m.
tax the elections in nov will be the signal. when the communist wins then I will worry about how quickly i can escape. Do you have your passport?
12 July 2008 at 5:24 a.m.
These stocks went from 45 bucks to about 7. The American people lost over a trillion dollars yesterday. This is really bad and just for the record…..
Getting an FHA loan will be more difficult than ever and the mortgage meltdown will accellerate.
Don't be surprised to see a local bank fail.
It's not a good time to have too much money in the bank, the US Dollar is now a casualty of war. We may experience another Black Monday this next week. If you're a stock trader stay frosty.
12 July 2008 at 7:09 a.m.
Shares of US mortgage finance giants Fannie Mae and Freddie Mac were in a freefall Friday on heightened concerns the trillion-dollar firms may face insolvency or a government takeover. Freddie Mac plunged 47 percent to 4.23 dollars at 1450 GMT following a 22 percent slide on Thursday and Fannie Mae lost 44 percent to 7.40 dollars after a 14 percent drop in the prior session.
The shares of the two firms have lost around 80 percent since the start of the year.
The latest action came amid a new report saying the government could put the finance giants in receivership, which would make their shares worthless.
The New York Times said the administration of President George W. Bush is weighing the possibility of having to place one or both companies in a conservatorship to protect them from the snowballing collapse of the US mortgage finance market.
The Wall Street Journal, which first reported Thursday that the Bush administration was weighing strategies to keep the firms afloat, said Friday that pressure was on them now to raise fresh capital.
Treasury Secretary Henry Paulson, in a brief statement, offered no indication of any imminent intervention.
“Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission,” Paulson said.
“We are maintaining a dialogue with regulators and with the companies.”
Under a 1992 law, if either is seen as being severely undercapitalized, it may be placed into government conservatorship.
One research note this week said the two firms may have to raise tens of billions of dollars in fresh capital under new accounting rules to offset massive losses in their home loan portfolios.
The two firms, which have no explicit government backing despite their government charter, provide liquidity to the housing market by buying mortgages and repackaging them into securities sold to investors. But the horrific housing slump has led to billions of dollars in losses for the firms.
11 July 2008 at 1:25 p.m.
I have passport. Where is a safe place to go? The whole world is pegged to the dollar. What a calamity that awaits the sleeping American people.
11 July 2008 at 2:33 p.m.
can't tell you tax I already own property there and its a secret.
11 July 2008 at 10:17 p.m.
What…you guys don't believe Senator Dodd???…now come on…(i'm being sarcastic here..)
11 July 2008 at 10:21 p.m.
I believe senator Dodd you run over you if you were between him and a twinkie.
11 July 2008 at 10:30 p.m.
see hooked on phonics worked for me. supposed to be” would run over you”.
14 July 2008 at 5:44 a.m.
Unprecedented buyout (last night) of Freddie and Fannie, MAJOR solcialization of debt….and nothing, no news. This warrants a front page article. This will add 5 trillion dollars to the debt of the American taxpayer.
Add this to the already 9 Trillion public debt and we now have more than doubled it to 14 Trillion….it will take our great grandchildren to pay this back. No, their kids.
Money is getting more and more expensive to borrow by the minute. Libor rate is up over this news.
Smoke and mirrors. The US Dollar is dying a slow death. Gold will hit $1,200/oz shortly.
14 July 2008 at 10:50 a.m.
Tax, some one told me in 98 that the smart money would go two places. where and when my friend that is how you make money. During the great depression there were more millionaires made on the stock market than any other time in history. I have no doubt that globalization and communisiom are what is taking place but remember that home is where it starts take care of yourself first. then worry about what is happening to others. remember operation mockingbird? thats why there is no front page story.
14 July 2008 at 10:56 p.m.
oh 50cal, you're right and I bet the pundits and journalists will probably suffer the most when it hits the fan.
No one will be exempt.
25 July 2008 at 8:42 a.m.
sorry tax I should have explained a little better no bankruptcy on me the company that i invested in went into chapter 11.
24 July 2008 at 10:05 p.m.
i wonder how many realize how much of their pensions and 401K's were lost due to this little episode. They even lost more when congress passed the housing bill.
by the way - in the housing bill, buried in the 600 pages…..All credit card transactions are to be reported to the IRS, every single one of them. They are going to track your every move.
I wished I was makin' this up. Read the bill.
24 July 2008 at 10:11 p.m.
tax want to hear a good one? bought 8700 shares of company stock monday. filed bankruptcey yesterday. huh boy I gat a warm fuzzy out of that one. thank god no one ever armed the bears.
25 July 2008 at 1:16 a.m.
From now on I think I am just going to say, “I cannot believe the government of the United States would do something like that.”
Obviously time to use cash in every transaction.
25 July 2008 at 5:19 a.m.
Today would be a good day to use that credit card and buy gold. There was something else ugly in that bill……I'll post it when I remember it.
50cal - don't feel bad…..bankruptcy is the only law left for us hardworking people who played by the rules.
Skyrocketing wholesale inflation and property taxes has caused me to do the same. I never thought I'd see the day. I've been in business here for over 20 years and now I'm in financial trouble. I'm too old to work twice as hard for half as much. I will decide by Labor Day whether or not I keep the business open, I have until then to make and pay the property taxes…(that went from 1200 to 3K…..and I didn't even mow the yard..
25 July 2008 at 5:36 a.m.
This is a 7 minute video put out by Ron Paul the night they passed the housing bill. He'll explain
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