Posts Tagged ‘freddie mac’
I’m sure I’m not the first to blog this today – however – if you haven’t heard it yet – Governor Blagojevich of Illinois has been arrested for conspiracy as it relates to the senate seat vacated by Obama. Other charges include using a so-called “favors” list – those people who have given contributions in exchange for lucrative contracts.
As it relates to the Senate seat – this idiot was actually caught on tape making the following statement:
It “is a fucking valuable thing, you just don’t give it away for nothing.” Unless “I get something real good, I’m going to keep this Senate option for me a real possibility, you know, and therefore I can drive a hard bargain. You hear what I’m saying. And if I don’t get what I want and I’m not satisfied with it, then I’ll just take the Senate seat myself.”
Isn’t this kind of shit EXACTLY what is wrong with our government and country today? Those damned weasels are using the highest offices of this land for their own personal gain. They’re supposed to be upholding the constitution with the sole intent of ensuring the life, liberty, property, and pursuit of happiness for each and every American. Instead – assholes like this are out trying to cut deals to gain political power.
This also begs the question – if he’s going to jail – why haven’t Barney Frank, Christopher Dodd, Jamie Gorelick, Charlie Rangel, Harry Reid, and Nancy Pelosi been hauled off yet? Every one of these thieving crooks have been caught with their hands in the taxpayer cookie jar (so to speak) and yet – they continue on. Each and every one of these assholes are complicit in Fannie Mae/Freddie Mac, shady real estate deals, and having their own “favor lists.”
What the hell is it going to take to get these people out of office? All those damned politicians are corrupt and we need to get them the hell out of Washington before this country is totally kaput. It’s bad enough we are in the throes of an economic disaster – now they’re taking 20% of the American auto industry as well. They totally fucked up our financial system – now they want to fuck up our auto industry too? I contend they are also the biggest reason our auto industry is failing as well because of all the damned regulations and fucking support of the unions.
Government is the reason why private businesses are failing and capitalism has been turned up on its head. Government IS the problem. Government is NEVER the solution. Our government is just as freakin corrupt as all those third-world nations that we seem to point our fingers at. We continue to demand that we kick out the U.N. because they are a corrupt and anti-American, anti-semitic organization – yet – all we have to do is look in our own back yard.
Our damned politicians are raping America and we’re all just taking it and asking for more. It’s time to wake up people. Start DEMANDING accountability from the politicians. Yes – it’s your senators and representatives in your states just as it is my represenatives and senators in my state. Somehow these freakin thieves keep getting re-elected so they can continue to steal from us and ignore us. How the hell did Pelosi get re-elected? It makes no sense to me. She’s the worst House Leader in history and presides over the lowest rated Congress in history. What the fuck people?
Chris Dodd and Barney Frank have their hands in the whole Fannie Mae/Freddie Mac deal. Chris Dodd even received favors from Countrywide – and he refuses to turn over any of the paperwork from the deals – yet – he’s still there?
What about fat ass John Murtha who defamed and slurred our troops and essentially convicted them publicly? What the fuck is wrong with you people in Western Pennsylvania? How the hell do you re-elect an asshole like that over a military hero?
I know this is a rant – and I apologize for it – but – when we get news of yet another corrupt politician trying to use his office as a means to benefit himself – it really burns my ass. THIS is exactly the same people that Obama associates with on a regular basis. These are the very same people he conducted business with as a state Senator and as U.S. Senator. You don’t think he’s wrapped himself with corruption either? Do we need to bring up Ayers, Wright, Rezko, ACORN, etc?
I’m watching my country go to hell in a handbasket and it’s quite disturbing. I don’t know what else to say. Those idiots on the left think that Bush trampled on the constitution – well – we’ve seen nothing yet. Obama will not only trample on the constitution – he’s going to just tear the damned thing up altogether. He’s already started it with his appointment of Hillary Clinton as Secretary of State. According to the Constitution – that is illegal – OUTRIGHT illegal. You cannot have one seat in the U.S. Government and then move to another while you are still holding that seat. She cannot give up her Senate seat to take the S.O.S. job – yet – the Obama administration will somehow work around it – won’t they? If they manage to “work around” the Constitution to appoint her – what else do you think they will try to work around in order to beat that pesky thing called the U.S. Constitution.
So, they’ve come up with a $700 Billion bail out for the banking, insurance, and mortgage industry! Just wonderful. Let’s put this in perspective – let’s see what that really looks like: $700,000,000,000.00. That is a butt load of ZEROES! But, here’s the real deal – it’s really gonna cost us about $1.4 Trillion to bail them all out. In addition to the mortgage, they’ve also proposed to add auto loans and credit cards. Essentially, the government is about to buy up ALL of their debt. Now – let’s see what that really looks like: $1,400,000,000,000.00.
Here’s something else to think about – Back when Ronald Reagan was president – the entire budget was only $700 Billion. In order to work out this buy-out – Bush has also asked to increase the debt ceiling to $11 Trillion! What the hell are these people thinking? This is a VERY VERY short term fix. Just before the Great Depression – the government did the same thing – they bought up all the debt from private business then screwed everything up.
Think about this – how do banks and other financial institutions make their money? From loaning money to others, right? But, what is that premium called for loaning money out? Yes, you guys are so smart! It’s INTEREST RATES. So, in order for these institutions to fully recover to the point where they are able to buy back their debt from the government later down the road – what do you think needs to happen? See, right on target again – INTEREST RATES will go up!
Who controls those INTEREST RATES? Again – Bingo! That private organization of world bankers known as The Fed or Federal Reserve. So, essentially, here’s what we have going on – (Conspiracy theory alert!!!) – Since 1977 when Jimmy Cahtah instituted the Community Reinvestment Act – banks have been forced to take on a little more risk with their loans – thus was born the Adjustable Rate Mortgage. Then, again in 1995 – Clinton pushed it even further and said mortgage lenders needed to increase the number of high risk home loans to the disadvantaged or risk going out of business – The Feds came up with a brilliant loan vehicle – The Sub-Prime loan. The worst thing about the way the CRA was written this time around was that it would be discriminatory to request proof of income and verification of employment. If I was a lender back then, I think I would have rather risked lack of growth to my company than take on loans that I wasn’t allowed to verify could be repaid!!!
Then, in 2006 the Democratic Congress worked that CRA some more and presented it to Bush – and that idiot signed it. Now, no down payments were required in addition to no income verification and no verification of employment!!! You can see the freakin bubble just growing and growing now just waiting for someone to come by and pop that thing in our faces.
So – we have Democrats over a 30 year period forcing private businesses to take bad loans – The Feds playing around with interest rates keeping them unnaturally low, and Fannie Mae and Freddie Mac going completely unregulated and unchecked for a 40 year period. Since 2001 when Bush came in to office – there have been 22 requests to force oversight on these Democrat controlled golden parachutes. In 2004 McCain began pushing to get oversight and more regulation on Fannie Mae and Freddie Mac.
As Billions of dollars worth of bad loans were being written by banks and mortgage industries, Fannie Mae and Freddie Mac were buying them up as well as guaranteeing many of them. Then, there were large business insurance organizations – such as AIG – that were insuring these banks and mortgage companies for potential losses they might face as a result of these bad loans.
So – what was the trigger? Who popped the bubble? That’s right – the one’s who control the INTEREST RATES – The Fed. The groundwork was laid. If you remember, in 2006 when Bernanke came in – what was the first thing he did? He started raising interest rates. These people holding sub-prime loans and ARMs suddenly found out they couldn’t afford their homes. But, that didn’t stop Bernanke – oh – no – he continued to raise interest rates until the market fell out completely! Only then, did he ease back – just a little.
Now – here’s the real conspiracy part – Ben Bernanke is an expert on the Great Depression. It was the damage done during the Great Depression that created The Fed in the first place. Now – we’re full circle – you don’t think an expert of the Great Depression knew exactly what he was doing? Remember, this is a private organization controlled by the most powerful world bankers. This is going to turn out to be another power grab by The Fed and those bankers. We now have our government bailing out those very bankers that control our money and the economy. Those bankers are about to turn over ALL of their debt to WE THE TAXPAYERS – and start fresh – where – they are now free to raise interest rates through the roof for all forms of loans and credit cards.
Here’s another thing that is about to happen that you need to think about – where the hell is all of this money coming from? In addition to the U.S. Government getting loans (funny isn’t it?) from the world banks, The Fed has authorized the mint to print more money. At this time, since we are no longer on the gold standard, the more money we print, the more our dollar becomes devalued. As our dollar becomes deflated and interest rates go up – so does inflation. A quick history lesson – after WWI, in the 1920′s the new Chancellor figured the best way to build up the post-war economy was to continue printing money. The Deutschmark became so devalued they were printing 10,000 and 100,000 DM bills that were worthless on the world market. It was due to their depression that prompted the people to vote in Hitler as the Chancellor in 1933. Now – put that in perspective today – The world’s oil market is valued on the dollar. What happens when the dollar becomes so devalued that it becomes nearly worthless? Again – right on target – either they value oil on a stronger currency or the price of oil goes through the roof. Just today, oil gained an additional $25 a barrel. That’s the largest single-day increase on oil in market history. Are you seeing the signs yet?
The only up side to this? If you are a cash investor (like I am) once all the dust is settled – you’ll start seeing your savings account, CD’s, and money market interest rates increase as well. The bad side is – you’re going to need all of that because the cost of regular consumer goods are going to go up. Like I said folks, better start holding on to your money now – cuz – it’s not going to be worth much in the not so distant future. Now is not the time to start buying new stuff or investing in anything other than cash or gold. (legal speak – I am not a professional financial advisor and this is not professional financial advise – if you take investing advice from a clown – what does that say about you!)
So – what does this mean with regards to these elections? Listen to what the liberals and Obama are saying – they are trying to blame this crash on capitalism, George Bush, and the Republicans. What they aren’t saying is that it is liberal policies forcing a liberal agenda of giving homes to those who can’t afford it on to private businesses that actually is the basis for bottom falling out of the market. The Republicans and John McCain have been demanding oversight of Fannie Mae and Freddie Mac for years. The Republicans and business leaders have been demanding these liberal loan policies be revoked. Obama says we need more regulations. The fact of the matter is that the mortgage industry is one of the most heavily regulated as a result of these liberal policies. The problem is, it is the WRONG type of regulatory oversight that has brought this problem upon us. People like Chris Dodd, Barney Frank, Jamie Gorelic, Jim Johnson, and Fred Wraines should all be in jail. We have CEO’s from the private sector in jail for 10 – 20 for doing the exact same thing as the aforementioned individuals. I am renewing my call to kick all of these people out of Washington. Come November – vote out all of the incumbents!