Posts Tagged ‘Fannie Mae’

Barney! Say It Isn’t So.

August 22, 2010

Barney Frank lauded, flacked and defended the two institutions many people feel were major factors in the collapse of the mortgage market and, through them, the housing and construction industries.

Barney Frank

Fannie and Freddie, the two government entities which had been producing most of the high-risk paper, bundling it and selling it to other mortgage banks. Eventually, the market turned toxic with bad mortgages and the actual and threatened failures of many of the banking institutions that had gambled on these billions of dollars of worthless bundled mortgages.

Even in the face of the obvious disaster that befell us in 2008, just in time to panic an already nervous public into thinking the sky was falling, Barney Frank was steadfast in his defense of the two low-income mortgage giants.

I was listening to Larry Kudlow’s radio audience filet him for appearing to praise Barney Frank for his abrupt turn around about Fannie and Freddie saying, “they should be abolished”. Larry seems to think that Barney had an epiphany regarding Fannie and Freddie and the entire low-income loan business, among other revelations. He thinks Frank is a serious politician and, as he puts it, “a thinker”. Ok, Larry, if you say so, but I’m equally certain that whatever comes of all that furious thinking does not, in general, bode well for the American people.

I’m wondering if Mr Frank may be looking for political cover in the impending storm coming up in November. In fairness to Larry Kudlow, he disagrees with just about everything Frank says. I’ve made no secret of my dislike for Barney Frank and what he helped perpetrate. For him to ride out the back end of this, as the redeemed advocate for free market solutions, would be disingenuous at best.
He hasn’t changed his spots Larry… just his tune.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

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Hey Big Spender! Obama Must Have $50 Billion, It’s An Emergency!

June 14, 2010

It’s a saga that would have challenged the imagination of an ancient Nordic bard… the dragon, the perfidious gods, the legendary heroes, the evil villains… sorry folks, there’s no maxi-sized soprano hoisting a spear and shield in this one.

Barack Hussein Obama is presiding over the worst economy and economic outlook since the great depression. There are some that would argue that we’re already there. After helping to engineer the collapse of the mortgage banking industry, the same people who were screaming ‘hang the bankers’ are the same ones who repeatedly blocked investigation and regulation of the mortgage giants Fannie Mae and Freddie Mac. Our president was on that list, along with a who’s who of Congressional DeMarxists.

So they create the disaster, howling through the megaphone of the statist lame stream media at the same time, saying we have to have this money today. Right now. The sky is falling! Then they say that only we can save you, and that the only way to end the daily worsening recession is to pump an immense infusion of currency into the economy. We were assured on a daily basis of immediate and long range job growth— any day now— hold on… any second now.

800 billion dollars and eighteen months later and we are in far worse shape than we should be… this is intentional. The 800 billion didn’t go out to the marketplace, where it would have generated investment in business and thereby jobs in the private sector. The money went instead to states and municipalities. The money didn’t go to help Americans… it went to public employee unions. It went to states. Not to help solve their fiscal funding or to reign in the unions, whose underfunded/unfunded retirement obligations have threatened to bankrupt states and cities alike, but to pump money into the same losing programs and administrations time after time.

The government grew by four hundred thousand jobs, as opposed to forty one thousand jobs created in the private sector during the same period. What’s with that picture?
Barack is having one heck of a time convincing America that we have to have another 50 billion to ‘keep police, firefighters and teachers working’.
This is code for: The stimulus money is all gone. What do we do now, chief?

This is desperation spending. Obama knows that he’d better get it now if he can. Come November, things could change dramatically.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

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Witnessing The Wilderness That Is The Obama Presidency.

May 25, 2010

It’s a grim, foreboding landscape littered with the wreckage of failed government programs, destroyed manufacturing, lost jobs, foreclosed homes, banking and institutional failures… the list goes onward. To refer to Obama’s performance as uninspiring would be kind.

It’s very apparent that the job is just too big for the man. Obama, his advisers and government just don’t have a clue and it looks very much like they aren’t going to change anytime soon.

Since we’re on the subject of the ills of Obama overrunning the land, I guess we’d best dispel the “we’ve turned the corner” and the “it’s almost over” crowd first. It’s like this… ‘it’ (the recession) has gone exactly nowhere and in point of fact has been waiting in the hallway doing push-ups, while Obama has been bleating the ‘progress’ and ‘accomplishments’ he has to show for his time in office. The recession isn’t over, not even close, and it stands an odds-on chance of getting worse before it does get better.

Obama’s braggadocio is falling on deaf ears… we’ve heard it all before, sixteen months worth. Obama rushes from city to city, hyping his poisonous policies and in each stop he has to have his ‘canned’ audience of union goons. The more people hear him speak, the less they like it. Right now, like it or not, there’s no one to blame but Obama, just like there’s no one to blame for the DeMarxists, many still serving in Congress today, who were by action, or as likely inaction, responsible for preventing George Bush and the Republicans from placing controls on Freddie and Fannie that precipitated the entire sub-prime racket to start with.

By the way folks, how’s that bailout investment Obama is always tooting his horn about? You know, your money? Well, Freddie and Fannie, with DeMarxists running interference for them just like in the ‘good old days’, have posted a combined loss of twenty three point seven billion dollars for the year after losses in excess of seventy two billion dollars last year.

This too is the wreckage that comes with the DeMarxists stumbling through our economy. Obama is well on his way to being nothing more than an unpleasant footnote in history.
From my lips to God’s ears.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

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Obama: I, I, Me, Me, I’ll, I’ll….

January 23, 2010

Ohio brought out the best Barack Obama has to offer – and it isn’t much. He did a lot of speech-making about how he was doing this for us and how he was going to do that for us. The only problem, as far as the people of Ohio and the rest of the nation are concerned, is that it’s not about what he’s going to do for us, it’s about what he’s DOING TO US.

Obama had just come from telling America’s banking industry that the heavy regulatory hand of government will come crashing down on ‘the evil bankers’ who have been basking in the light of special regulatory exemptions. Saying nary a word about the Democrats, who for thirty years systematically created the environment that made Fannie and Freddie BILLIONS in very questionable sub-prime mortgages mandated by the government. Add the suicidally risky practice of the hedge and private equity funds in gambling with tons of this sub-prime paper, and bundling and reselling the same bunk paper. Democrats, meanwhile, taking huge bribes from these banking giants in the form of campaign contributions for running interference against those who sought to control and regulate what some forecast as pending disaster.

Obama In Ohio

Barack Obama, a reasonable person could argue, has not only done nothing to help America to recover from this Democrat created disaster, but everything possible to make it worse.
We can blame part of the problem on the Bush administration for allowing it to occur, not acting forcefully enough to control his own big government and not having guts enough to stand up to the Democrats. Bush did a lot of things wrong. He left us with a total deficit of 2.5 TRILLION dollars through 2008. Still, one must consider this includes the spending for the wars in Iraq and Afghanistan. Barack Obama and George Bush can share the blame for an additional 2.6 TRILLION dollar increase for 2009.

Barack Obama, in what can only be considered to be a purposeful effort to bring this country down given the evidence at hand, is presiding over a drunken orgy of graft and pork-laden government bloat to the tune of an estimated FOUR POINT NINE TRILLION DOLLARS by 2016.
This is a figure beyond the average person’s comprehension.
Unfortunately for Mr. Obama the average people in the nation didn’t have to count the zeros to understand that we didn’t like what he was trying to do to us.
Therein, as they say, lies the rub. President Obama keeps saying what he’s going to do for ‘us’. We keep seeing what he’s doing TO us.

Massachusetts should have been a flare lit tip off, but Barack and that sorry clown Congress just don’t get it.
They are right back out there telling us what it is THAT WE WANT, while they are repackaging the same stinking pile that cost them New Jersey, Virginia and Massachusetts, in what has to be one of the most stunning upsets in politics for decades.
Barack just can’t spin it to where it sounds anything but empty and threatening to Americans and judging by his poll numbers, Americans aren’t buying.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

Obama: Unlimited Funds For Freddie-Fannie.

December 29, 2009

While the rest of the nation stagnates and one out of five Americans is out of a job, President Obama, in the still of the night, approved UNLIMITED FUNDING for mortgage giants Fanny Mae and Freddy Mac. The two entities that are probably singularly most responsible for the crash of the sub-prime housing loan market.

Although they were successful in lining the pockets of many Democratic operatives along the way, in 2008 Fanny and Freddie exploded, taking Bear Stearns with them and leading to the failure of many other smaller entities, as we have seen. Hillary Clinton, Barack Obama and Christopher Dodd were all beholden to Fanny and Freddie for substantial contributions. The US government has bailed Fanny and Freddie out to the tune of ONE POINT FIVE TRILLION DOLLARS in direct and indirect aid. Those are TAXPAYER dollars, it should be noted.

What was going on was these two quasi-government backed Corporations, being major purchasers of SUB-PRIME mortgage paper, were BUNDLING these dubious assets and selling them as bonds. This precarious process worked as long as housing prices continued to rise. As early as 2003, regulators were warning of looming catastrophe “in the unlikely event that the two giants failed”.

Republican efforts to regulate Fanny and Freddie were defeated BY DEMOCRATS, IN PARTY-LINE VOTES. Since their failure in 2008, the two mortgage giants have consumed 1.1 trillion dollars in Fed backing and thus far this year have lost 124.4 billion dollars which has had to be picked up by the Federal Reserve.
Now the treasury has removed the 400 BILLION dollar cap on funding losses AT THE DIRECTION OF THE OBAMA ADMINISTRATION, replacing it with an UNLIMITED FUNDING CAP! That’s like handing a chronic alcoholic a half gallon of booze and telling him to knock himself out.

THIS is Obama’s much vaunted fiscal responsibility?
Fanny Mae and Freddie Mac are headed down the same road as before and we have the SAME Democrats running interference for them. Wonder who they’ll blame it on this time?

Semper Vigilans, Semper Fidelis

© Skip MacLure 2009