Tell the truth now. Did you know there was trouble brewing in the housing market? Did you see the coming economic storm? We’re you shocked when not-so-smart people in our government started espousing the need to ‘bailout’ certain financial companies? Seriously?
The signs have been there for a couple of years. If you’re one to keep your head in the sand (like many politicians on the House Financial Services Committee) you might not have seen those signs, but for those of us who happen to have more than a pea for a brain, we saw the signs. We knew it was just a matter of time before lending institutions would begin to crumble, and now it has happened.
Financial institutions are crumbling and it’s all because Fannie Mae and Freddie Mac have imploded. Maybe things wouldn’t have gotten so bad if Fannie and Freddie were not required to purchase all of those bad loans in the first place. Then again, things could be much worse. The A...
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Excerpts from The Financial Times’ View from the Markets online interview with Jim Rogers:
FT: It’s a year since we last interviewed you. You were aggressively bearish about the dollar, but you thought there would probably be a rebound and you would take that as an opportunity to further get out of the dollar. Have you made a further exit from the dollar?
JR: Not yet, no. And the reason I haven’t is because we’re in a period of forced liquidation of ... more
WASHINGTON, Nov 21 (Reuters) - The Washington Post included the following items on the front page of its business section on Nov. 21. Reuters has not verified these stories and does not vouch for their accuracy. Fannie Mae and Freddie Mac announced …
( Read More … )... more
Owner builder construction loans have become harder to find as the mortgage industry has all but done away with these highly specialized products. The owner builder programs that remain strong are using the industry titan, Fannie Mae, ...... more
Fannie Mae (FNM) and Freddie Mac (FRE) the mortgage-finance companies at the center of the current economic mess wish you a happy holiday season. The government-sponsored enterprises will suspend foreclosures and evictions from November 26th to January 9th. The agencies own or guarantee about $5.2 trillion of the $12 trillion US home mortgage market and were placed under government control September 6th. Fannie and Freddie are working with HOPE a coalition of major US mortgage servicing companie... more
UK mortgage lending down 44 pct from a year ago - The Associated Press
Telegraph.co.uk
UK mortgage lending down 44 pct from a year ago The Associated Press - 8 hours ago LONDON (AP) — Mortgage lending in Britain was down 44 percent in October compared to a year ago, further evidence the economic downturn is hurting an … October mortgage lending picks up BBC News Mortgage lending in UK increases, Council of Mortage Lenders reveal Teleg... more
Former US Republican presidential candidate John McCain has retaliated against Jackson Browne for filing suit against him for allegedly using his 1977 hit song ’Running On Empty’ in his advertising campaign without his permission. ... more
CBS News
GOP Faithful Like Palin, Romney, Huckabee in 2012Gallup Poll News, DC - 48 minutes agoRomney and Huckabee unsuccessfully sought the presidential nomination versus John McCain, and McCain tapped Palin as his vice-presidential running mate. …Mike Huckabee in 2012? guardian.co.ukBlogging the Right Thing: “I Love Iowa” Culture11Huckabee won’t rule out 2012 run for president [...]... more
In a new series, which I just decided to start today called “Idiocracy Watch,” I plan to chronicle stories that expose the fact that the U.S. of A. is still a nation of stupid people who blend anti-intellectualism with racism to create ignorance and intolerance.
Today’s entry comes via Editor & Publisher , which has, since the election, been tracking stories of hate and bigotry related to our country having somehow elected a black man to the presidency. Here are some l... more
I think Holger Awakens says it all.Â
Did you get that? Only 2 percent of all muslims in America voted for John McCain - guess my vote for McCain was just justified once more! This poll is published over at C.A.I.R.’s website, which I refuse to link to here at Holger Awakens, so I will post the entire article at the bottom of this thread. But here’s a bit of the data:
The American Muslim Taskforce on Civil Rights and Elections (AMT) today released the results of a poll indicat... more
Something is wrong with Barney Frank. I’ve suspected for years now that he’s not all there. I don’t know if it has something to do with serving in the House as long as he has, or not, but he’s just not right.
As the discussion of a possible bailout started circulating Washington, Rep. Barney Frank (D-MA), who just happens to be the chairman of the House Financial Services Committee, was “instrumental” in working to amend the plan so it had a chan... more
Do you remember last week, when the U.S. House of Representatives failed to pass the $700 billion bailout and the Dow Jones dropped 777 points?
A whole lot of people, including President Bush, Treasury Secretary Paulson, Speaker of the House Nancy Pelosi, and Senate Majority Leader Harry Reid told us we needed a bailout bill and we needed it as soon as possible. They said if the bailout bill did not pass, we would be facing a certain financial downfall in our country.
The Senate added the... more
Were They Wrong? From: feeds.feedburner.com Post Date: 2008-10-06 09:55:53
Last week, the sky was falling. Congress had to hurry and send any bailout bill to the President’s desk for his signature. Remember. It was mission critical. Without the bailout bill, the economy (ours and the entire world economy) could come crashing down at any moment.
On Friday, enough members of the House of Representatives capitulated and the bailout bill passed. So everything is okay now, right? We’re good to go, yes?
Here are some of the pertinent ‘bre... more
Imagine for a moment that a Republican member of the U.S. House of Representatives sitting on the House Banking Committee which had jurisdiction over Fannie Mae had a wife who served in a high level positon at Fannie Mae.
Would the shit hit the fan or what? Democrats would be calling for him to step down from the banking committee and calling for a a probe into his ethical conduct while serving on that committee.
But what if the same thing happened, but it was Rep. Barney Frank (D-MA&... more
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