U.S. Government to take over Fannie Mae and Freddie Mac - GoFuckYourself.com

Snake Doctor · 09-05-2008, 07:39 PM

http://biz.yahoo.com/ap/080905/mortg...ts_crisis.html

Expected to be taken over as soon as this weekend.

I, for one, think this is a good idea. NOT because I think the government should be in the mortgage lending business but because I don't want to see my tax dollars used to prop up a publicly traded company that won't pay the money back once things turn around and they start showing a profit again.

At least this way the market will calm down because there is no doubt that these two institutions have the full faith and credit of the U.S. government behind them, AND when this whole mess turns around and Fannie and Freddie are profitable again, Joe taxpayer can get his money back rather than a CEO getting a 100 million dollar bonus.

slapass · 09-05-2008, 07:44 PM

Gonna get real ugly out there.

crockett · 09-05-2008, 07:45 PM

Ouch that sucks, I was wondering why it dropped a dollar after hours today. I still own some FRE not a lot but will suck if the stock dies.

aico · 09-05-2008, 07:58 PM

All part of the plan... First the Fed Reserve takes our money, now this...

fatfoo · 09-05-2008, 08:14 PM

Quote:

Originally Posted by aico

All part of the plan... First the Fed Reserve takes our money, now this...

All part of the New World Order?

notoldschool · 09-05-2008, 08:44 PM

Quote:

Originally Posted by Snake Doctor

http://biz.yahoo.com/ap/080905/mortg...ts_crisis.html

I, for one, think this is a good idea. NOT because I think the government should be in the mortgage lending business but because I don't want to see my tax dollars used to prop up a publicly traded company that won't pay the money back once things turn around and they start showing a profit again.

You must have missed this part.

"Some of the details of the intervention, which could cost taxpayers billions, were not yet available"

marketsmart · 09-05-2008, 08:53 PM

Quote:

Originally Posted by aico

All part of the plan... First the Fed Reserve takes our money, now this...

yep... now the govt owns your house...

and all the shareholders now lose all their stock...

this will go down as one of the greatest govt thefts of all time...

and the taxpayers are footing the bill

Agent 488 · 09-05-2008, 09:19 PM

scammed again - suckers.

don't worry - keep fighting about pre-checked cross sells.

Snake Doctor · 09-05-2008, 09:22 PM

Quote:

Originally Posted by marketsmart

yep... now the govt owns your house...

and all the shareholders now lose all their stock...

this will go down as one of the greatest govt thefts of all time...

and the taxpayers are footing the bill

L-Pink · 09-05-2008, 09:35 PM

Quote:

Originally Posted by notoldschool

You must have missed this part.

"Some of the details of the intervention, which could cost taxpayers billions, were not yet available"

Anytime financial scams cost taxpayers billions I want to see someone spend some federal jail time. Think about the bonuses/commissions some of those assholes walked away with.

Agent 488 · 09-05-2008, 09:42 PM

Quote:

Originally Posted by L-Pink

Anytime financial scams cost taxpayers billions I want to see someone spend some federal jail time. Think about the bonuses/commissions some of those assholes walked away with.

word ...................

pocketkangaroo · 09-05-2008, 09:42 PM

What happens if we don't take them over? Because this is what stands out to me in the article.

A government takeover could cost taxpayers up to $25 billion, according to the Congressional Budget Office.

marketsmart · 09-05-2008, 09:44 PM

Quote:

Originally Posted by Snake Doctor

ok smart guy.. tell me which part of what i said isnt true....

Snake Doctor · 09-05-2008, 10:34 PM

Quote:

Originally Posted by marketsmart

ok smart guy.. tell me which part of what i said isnt true....

I would rather the government be in charge than a corporation in this instance.

We can overthrow the government. The government's purpose is to serve it's citizens, a corporation's purpose is to turn a profit.

The tin foil hat is in response to your suggestion that this is some big government power grab/conspiracy rather than the government trying to save the market from itself like it had to do in the 1930's.

Snake Doctor · 09-05-2008, 10:46 PM

The thing that pisses me off about the current crises in the marketplace, is that the government needs to get completely in, or completely out. This half-assed shit really fucks the taxpayer.

Everytime the government deregulates something, we end up having to bail their sorry asses out years later "for the good of the overall economy/country"...so the taxpayers get fucked coming and going.

Happened with the airlines (several times), happened with Savings and Loan, happened with Energy (Enron), and now it's happening with the financial sector.
Bear Sterns and Fannie/Freddie are just the beginning.

The idiots in Washington (and by idiots I mean republicans) need to realize there is a very good reason certain industries are regulated. Getting rid of all the rules so you can have a free market orgy is almost never the right thing to do. A nation can only be prosperous when there is the rule of law.

So what happens is, an industry gets deregulated, there is then massive investment and expansion in that industry, fortunes are made by the people who were there first....then all of the shady stuff starts, because that's inevitable when there's no regulation or oversight, and then Uncle Sam has to come to the rescue with my money to "save the economy"

So the assholes who lobbied for deregulation get it, make their fortunes, make a complete mess of things, and leave it for the government to clean up. They get to keep their fortunes though, while the rest of us foot the bill.

So yeah, in this case, with Freddie and Fannie, the government needs to take it over completely, or leave it alone and leave it's fate completely in the hands of the market. Giving loan guarantees and pumping taxpayer dollars into the company so the CEO can keep collecting his bonuses and the people who own the stock can keep the price up is ridiculous.

marketsmart · 09-05-2008, 11:17 PM

Quote:

Originally Posted by Snake Doctor

I would rather the government be in charge than a corporation in this instance.

We can overthrow the government. The government's purpose is to serve it's citizens, a corporation's purpose is to turn a profit.

The tin foil hat is in response to your suggestion that this is some big government power grab/conspiracy rather than the government trying to save the market from itself like it had to do in the 1930's.

here's what you missed by my statement...

fannie and freddie were profitable entities until this point. they will be profitable again.

shareholders are going to lose all their stock.. do you know the difference between common stock and preferred stock?

i am willing to bet that the big institutional investors are going to be made right by the govt..

its the little guy that gets fucked and shareholders are getting fucked twice..

once by losing their shares and then having their tax dollars used to clean this shit up..

i agree that people need to go to jail over this, but i doubt its going to happen..

finally, if you dont see an issue with the govt now holding the mortgages on peoples property, you need to take a second look at how well the govt has done running social security, the VA, and the general economy which is now deeper in debt then ever before..

Snake Doctor · 09-06-2008, 11:00 AM

Quote:

Originally Posted by marketsmart

here's what you missed by my statement...

fannie and freddie were profitable entities until this point. they will be profitable again.

shareholders are going to lose all their stock.. do you know the difference between common stock and preferred stock?

i am willing to bet that the big institutional investors are going to be made right by the govt..

its the little guy that gets fucked and shareholders are getting fucked twice..

once by losing their shares and then having their tax dollars used to clean this shit up..

i agree that people need to go to jail over this, but i doubt its going to happen..

finally, if you dont see an issue with the govt now holding the mortgages on peoples property, you need to take a second look at how well the govt has done running social security, the VA, and the general economy which is now deeper in debt then ever before..

You're contradicting yourself there....the government runs the whole economy?

You're basing your anger on alot of assumptions, like shareholders being wiped out, and shareholders being made whole with tax dollars....interesting how they're opposite things and you're mad about both of them.

Anyways, we're not going to agree on this....but my view is that these companies were going to go into the shitter and not be able to raise capital...they were quasi government agencies anyways, so it's not like the gov't is taking over microsoft........this way if the taxpayers foot the bill for a bailout, stockholders don't get to benefit from the tax dollars.

If I have to choose between the government and a corporation, I'm choosing the government.....lest you forget this is a democracy and we can vote to throw out the people running the government, you have no say in who runs the corporation.

09-05-2008, 07:39 PM	#1
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	U.S. Government to take over Fannie Mae and Freddie Mac http://biz.yahoo.com/ap/080905/mortg...ts_crisis.html Expected to be taken over as soon as this weekend. I, for one, think this is a good idea. NOT because I think the government should be in the mortgage lending business but because I don't want to see my tax dollars used to prop up a publicly traded company that won't pay the money back once things turn around and they start showing a profit again. At least this way the market will calm down because there is no doubt that these two institutions have the full faith and credit of the U.S. government behind them, AND when this whole mess turns around and Fannie and Freddie are profitable again, Joe taxpayer can get his money back rather than a CEO getting a 100 million dollar bonus. __________________ sig too big

09-05-2008, 07:45 PM	#3
crockett in a van by the river Industry Role: Join Date: May 2003 Posts: 76,806	Ouch that sucks, I was wondering why it dropped a dollar after hours today. I still own some FRE not a lot but will suck if the stock dies. __________________ In November, you can vote for America's next president or its first dictator.

09-05-2008, 10:46 PM	#15
Snake Doctor I'm Lenny2 Bitch Join Date: Mar 2001 Location: On top of my soapbox Posts: 13,449	The thing that pisses me off about the current crises in the marketplace, is that the government needs to get completely in, or completely out. This half-assed shit really fucks the taxpayer. Everytime the government deregulates something, we end up having to bail their sorry asses out years later "for the good of the overall economy/country"...so the taxpayers get fucked coming and going. Happened with the airlines (several times), happened with Savings and Loan, happened with Energy (Enron), and now it's happening with the financial sector. Bear Sterns and Fannie/Freddie are just the beginning. The idiots in Washington (and by idiots I mean republicans) need to realize there is a very good reason certain industries are regulated. Getting rid of all the rules so you can have a free market orgy is almost never the right thing to do. A nation can only be prosperous when there is the rule of law. So what happens is, an industry gets deregulated, there is then massive investment and expansion in that industry, fortunes are made by the people who were there first....then all of the shady stuff starts, because that's inevitable when there's no regulation or oversight, and then Uncle Sam has to come to the rescue with my money to "save the economy" So the assholes who lobbied for deregulation get it, make their fortunes, make a complete mess of things, and leave it for the government to clean up. They get to keep their fortunes though, while the rest of us foot the bill. So yeah, in this case, with Freddie and Fannie, the government needs to take it over completely, or leave it alone and leave it's fate completely in the hands of the market. Giving loan guarantees and pumping taxpayer dollars into the company so the CEO can keep collecting his bonuses and the people who own the stock can keep the price up is ridiculous. __________________ sig too big

09-05-2008, 07:44 PM	#2
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,625	Gonna get real ugly out there.

09-05-2008, 07:58 PM	#4
aico Moo Moo Cow Join Date: Mar 2004 Location: Washington State Posts: 14,748	All part of the plan... First the Fed Reserve takes our money, now this...

09-05-2008, 09:19 PM	#8
Agent 488 Registered User Industry Role: Join Date: Feb 2006 Posts: 22,511	scammed again - suckers. don't worry - keep fighting about pre-checked cross sells.

09-05-2008, 09:42 PM	#12
pocketkangaroo Confirmed User Join Date: Jan 2005 Location: Chicago, IL Posts: 8,452	What happens if we don't take them over? Because this is what stands out to me in the article. A government takeover could cost taxpayers up to $25 billion, according to the Congressional Budget Office.