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  1. #1
    YoYamma's Avatar
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    Fannie Mae/Freddie Mac BAIL OUTS

    The U.S. Treasury and Federal Housing Finance Agency announced Sunday a plan to temporarily take control of faltering mortgage giants Fannie Mae and Freddie Mac, an intervention that could result in the largest federal bailout in U.S. history. more here:
    http://www.thestreet.com/story/10436...FREE&cm_ite=NA



    And US Automakers Want $50 Billion in Federal Loans, more on that here:
    http://www.cnbc.com/id/26382896



  2. #2
    Marley Creek, MD
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    Since the feds own/ed my land.....
    Hope the feds take over my financials after i make terrible choices and then give it back to me once they fix it. And then they give my dog another house, car, boat, ski, toys, bills, who will make even worse choices, just so that i don't have a monopoly on my street and create some competition.................









    WTF

  3. #3
    YoYamma's Avatar
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    Yeah, this is getting nuts... these programs went private back in the 60's, I don't think the average consumer has a clue how big of a deal this is and what this kind of thing means for the country and tax payers. Of course, if they went under, then what?

    I mean, I guess I can sort of understand why they are doing it, but still... this is just getting crazy.

    Here's another opinion...
    http://blogs.ft.com/gapperblog/2008/...e-and-freddie/

  4. #4
    Temporary? I heard the first thing the Feds did was "Fire the CEO's" now they are on unemployment that should save millions right of the bat ?
    but estimates at the taxpayer costs are in the 10's of millions

  5. #5
    more Fed BS

    some one needs to go to jail for a long long long time

  6. #6
    YoYamma's Avatar
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    So, they're saying now it may not be a "bail out" yet, because they are just making 200 billion "available" if needed...(?) apparently FM and FM had to have an outside team come in and review the books to determine the exact situation, geez who runs these companies...

    The stock market seems thrilled that our tax dollars are on the bubble...
    stocks are soaring around the globe, at one point the DOW was up 350 points today...
    http://www.reuters.com/article/bonds...38000120080907
    http://news.yahoo.com/s/ap/20080908/.../world_markets
    http://www.msnbc.msn.com/id/3683270/
    Last edited by YoYamma; 09-08-2008 at 02:35 PM.

  7. #7
    Marley Creek, MD
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    200 billion available.... hrmmm. In bonds? In cash?

    Either way it's the financial institutions (preposterously thought to be the government) putting our faith in the financial institutions (read: banks and lenders) to bail out a collapsing financial institution.
    And hopefully the financial institution can bail out the financial institution and if it can't it will just create a new financial institution to oversee the financial institutions and politcal BS will fill in the gaps.

    So after doing a terrible job at work i decide not to show up for work for 3 months, i just employ myself for the next year and do nothing, pretend to look over my books, and give myself my job back in another year, and during that 3 year period my dog dies so everybody thinks the problem (CEO) is gone.

    I'm trading in my greenbacks for some copper pesos.

  8. #8
    YoYamma's Avatar
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    Quote Originally Posted by 95yami701 View Post
    200 billion available.... hrmmm. In bonds? In cash?

    Either way it's the financial institutions (preposterously thought to be the government) putting our faith in the financial institutions (read: banks and lenders) to bail out a collapsing financial institution.
    And hopefully the financial institution can bail out the financial institution and if it can't it will just create a new financial institution to oversee the financial institutions and politcal BS will fill in the gaps.

    So after doing a terrible job at work i decide not to show up for work for 3 months, i just employ myself for the next year and do nothing, pretend to look over my books, and give myself my job back in another year, and during that 3 year period my dog dies so everybody thinks the problem (CEO) is gone.

    I'm trading in my greenbacks for some copper pesos.

  9. #9
    cigarlust's Avatar
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    I work in the finance side of a defense contractor...

    I've come to the conclusion that companies are founded on paperwork and bullshit, I haven't quite nailed down which dominates... in the end... what do you want your "number" to be...

    If the instances I've seen carry forward up the food chain to the end user (ie tax payer)... holy f(&^ing chit man...

    One of the guys I work with had a very high ranking seal team member friend... he said he got to see him put an "order" in one time, he said the list was endless, they just checked off what they "needed".

    Everytime I go to work, I think of the Southpark Imagination land song...

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