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Banned
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ON MY KNEES.....BEGGING ANYONE WHO WILL LISTEN TO....Wake the Fuck Up !!!!
Most people are much too fucking stoopid to be trusted with a vote. There is one property party in the US, with two right wings, named democratic and republican. The bottom 50 percent of US households own 2-1/2 percent of total assets and are responsible for 46 percent of all credit card and installment loan debt.
What is happening here is endorsed by "both parties", presided over by Paulsen the former chairman of GS, a corporation that made big bucks packaging and promoting the selling of MBS, mortgage backed securities. His pals front ran this "bailout" planning today, and the charts and prices of thieves Merrill and Goldman, displayed below, show the immediate transfer of wealth from the rest of us, to the investor class, the top ten percent of households.
All of this rapes the future valuation of the dollar, of it's purchasing power and it fucks the bottom 50 percent off US households in their asses.....as it's designed to.....
Here it is.....I've been sharing it with you as it's gone down..... and you post about your candidates and you "keep the faith", even though all of it is a fucking charade...killing the country, and increasing the concentration of wealth.....and sending you (YOUR GRANDCHILDREN) the fucking bill.....meanwhile....in France....model national healthcare, strong currency, near balanced trade....half the US poverty rate....35 hours mandatory workweek, most productive labor forces in the world, divided by total hours worked... 5 weeks paid vacation for entry level workers..... 6.1 percent US unemployment, 7.0 percent French unemployment.....blah....blah....blah.....you "know what you know"......you deserve what you get......
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Fannie, Freddie Cleared To Buy More Mortgages
Fannie, Freddie Cleared To Buy More Mortgages
By David S. Hilzenrath
Washington Post Staff Writer
Thursday, March 20, 2008; D01
The federal government yesterday gave Fannie Mae and Freddie Mac permission to operate with a reduced safety net in order to increase their aid to the troubled mortgage market.
The step could allow the two federally chartered finance companies to immediately increase their investment in mortgages by a combined $200 billion, potentially compensating for weak demand from other investors. That could improve the availability and affordability of home loans, leaders of the two companies said.
Together, the two companies already hold more than $1.4 trillion of mortgages and securities backed by mortgages.
Yesterday's decision by the Office of Federal Housing Enterprise Oversight reduces the amount of capital that Fannie Mae and Freddie Mac are required to hold as a cushion against losses.
OFHEO Director James B. Lockhart III dismissed as "nonsense" speculation that one or both of the companies could require a bailout. Both companies are financially safe and sound, he said at a news conference. In a statement, he pledged to supervise them with vigilance and "act quickly to address any deficiencies that may arise."
As the market has deteriorated, the companies have lost billions of dollars, and they are predicting their losses from defaults and foreclosures will continue. Freddie Mac temporarily fell below its capital requirement in November. Yesterday's announcement "should help restore confidence in the market," Lockhart said in an interview.
The action represented a shift in regulators' posture toward Fannie Mae and Freddie Mac, underscoring the severity of the mortgage crisis and the pressure on government officials to do something about it.
In the seemingly healthy market before the housing bubble burst, regulators were warning that Fannie Mae and Freddie Mac were taking on so much risk that they posed a potential hazard to the financial system.
As recently as last month, Lockhart said that any easing of the capital requirements should be coupled with passage of long-stalled legislation that would overhaul regulation of the companies, both of which spent years recovering from multibillion-dollar accounting scandals.
Sen. Charles E. Schumer (D-N.Y.), a major ally of the companies, called for other conditions.
"Any capital relief has to come with a substantial new commitment [by Fannie Mae and Freddie Mac] to purchase loans for struggling subprime borrowers," Schumer said at a February hearing. "If Fannie and Freddie won't enter this agreement voluntarily, we should consider imposing it as part of the agreement to lift the capital surcharge."
In the aftermath of the accounting scandals, OFHEO made use of its limited oversight powers to extract agreements from Fannie Mae and Freddie Mac that they would maintain 30 percent more capital than normally required. Yesterday, OFHEO said it is reducing that 30 percent surplus requirement to 20 percent and will consider further reductions.
The capital requirement is meant to ensure that each company has sufficient resources to meet its obligations. Fannie Mae's capital requirement was reduced to $38.3 billion from $41.5 billion, and Freddie Mac's was reduced to $31.8 billion from $34.4 billion.
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http://www.dnsp.co.uk/files/Economic%20Fascism.pdf
.....Mercantilism and protectionism. Whenever politicians start talking about "collaboration" with business,
it is time to hold on to your wallet. Despite the fascist rhetoric about "national collaboration" and
working for the national, rather than private, interests, the truth is that mercantilist and protectionist
practices riddled the system. Italian social critic Gaetano Salvemini wrote in 1936 that under
corporatism, "it is the state, i.e., the taxpayer, who has become responsible to private enterprise. In
Fascist Italy the state pays for the blunders of private enterprise." As long as business was good,
Salvemini wrote, "Profit remained to private initiative." But when the depression came, "the
government added the loss to the taxpayer's burden. Profit is private and individual. Loss is public and
social." The Italian corporative state, The Economist editorialized on July 27, 1935, "only amounts to
the establishment of a new and costly bureaucracy from which those industrialists who can spend the
necessary amount, can obtain almost anything they want, and put into practice the worst kind of
monopolistic practices at the expense of the little fellow who is squeezed out in the process."
Corporatism, in other words, was a massive system of corporate welfare. "Three-quarters of the Italian
economic system," Mussolini boasted in 1934, "had been subsidized by government.".....
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Quote:
The peril of valuing celebrity over history - The Boston Globe
....A minimal acquaintance with history, including dissections of American culture already performed by both Sinclairs, would undermine our national complacency. Upton Sinclair, for example, showed the rapaciousness of capitalism, the vampire-like appetite with which it feeds on the blood of human beings. Even with "reforms" ("The Jungle" led to the establishment of the Food and Drug Administration), the profit-worshipping economy to this day eludes controls that would protect majorities of citizens in this country and across the world. Sinclair Lewis, for his part, showed how the simultaneously banalizing methods of capitalist enterprise (false advertising, consumerism, pieties of affluence, amoral bureaucracy) are exactly what that enterprise created to keep from being criticized.....
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ML CO CMN STK
(NYSE: MER)
After Hours: 27.34 Up 0.61 (2.28%)7:57PM ET
MER: Summary for ML CO CMN STK - Yahoo! Finance
GOLDMAN SACHS GRP
(NYSE: GS)
After Hours: 165.55 Up 2.31 (1.42%)7:58PM ET
GS: Summary for GOLDMAN SACHS GRP - Yahoo! Finance
Quote:
U.S. Near Deal on Fannie, Freddie - WSJ.com
U.S. Near Deal on Fannie, Freddie
Plan Could Amount to Government Takeover;
Management Shakeup Is Expected
By DEBORAH SOLOMON and DAMIAN PALETTA
September 6, 2008; Page A1
.......Treasury's likely plan is supported by Federal Reserve Chairman Ben Bernanke and James Lockhart, chief of the Federal Housing Finance Agency, according to people familiar with the matter. On Friday afternoon, Messrs. Syron and Mudd were summoned to a meeting at the offices of the agency. Also attending were Mr. Bernanke and Treasury Secretary Henry Paulson.
The meetings Friday were in part aimed at getting Messrs. Mudd and Syron to agree to the plan, though their approval was not necessary, these people said.
Mr. Mudd arrived for the meeting at 2:50 p.m., flanked by the company's general counsel, Beth Wilkinson, and Rodgin Cohen of Sullivan & Cromwell, one of the country's top banking lawyers. A few minutes later, Mr. Bernanke followed.
[Treasury Secretary Henry Paulson addresses a morning gathering at the the main branch of the New York Public Library, Tuesday July 22, 2008. Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance.]
Associated Press
Treasury Secretary Henry Paulson
"We are making progress on our work," said Treasury spokeswoman Jennifer Zuccarelli, who declined to comment further. Spokesmen for Fannie and Freddie declined to comment on the expected Treasury moves.
In July, Treasury won authority to intervene in the two companies, but it didn't say how or when it would act. Since then, federal officials have been working with bankers at Morgan Stanley to figure out how to prop up the mortgage giants.
Freddie and Fannie own or guarantee more than $5 trillion of mortgages. They have suffered combined losses of about $14 billion over the past four quarters as they make provisions for a wave of defaults. Investors worried that a government bailout would wipe out the value of existing stock, and those fears have sent the shares down about 90% from a year ago. Many U.S. banks as well as foreign governments own stock or debt in the two giants, meaning their financial woes could cause broad problems beyond the housing market.
Mr. Paulson's push to win authority was meant to reassure investors that the government wouldn't allow Fannie Mae and Freddie Mac to fail. But some believe it ultimately forced Treasury's hand. The federal government's involvement complicated the companies' already-difficult task of raising capital through the sale of common or preferred shares. Investors were leery of buying either while the government's intentions were unknown, because they feared the newly issued shares might become worthless as the result of federal action.
Bill Gross, chief investment officer of Pacific Investment Management Co., the large Newport Beach, Calif., bond manager, said in an interview Friday he believes private investors would buy new shares in Fannie and Freddie only if the Treasury acts first to bolster their capital. "Investors are saying, 'We want to see [the Treasury] in there with us,'" Mr. Gross said. The Treasury will have to "swim in the pool, not just be a lifeguard," he added
Among the issues with which Treasury has been wrestling is whether to make an investment at such a low price that shareholders are effectively wiped out. Mr. Paulson is cautious about any plan that appears to benefit shareholders because he doesn't want the government to be seen as bailing out investors who for years profited from the companies' success.
The two companies were chartered by Congress to support the housing market, and therefore were seen as having the backing of the government. That allowed them to borrow funds at favorable rates close to those of U.S. Treasurys, even though they are both profit-making entities answerable to shareholders.........
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Prediction....taxpayers will be $2 trillion deeper in debt, propping up the stock prices of Goldman, Merrill, Citi, B of A, Chase, Wachovia, and the "investor class" who own the majority of the shares of those companies and other financial industry businesses.....
Last edited by host; 09-06-2008 at 02:28 AM..
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