Fannie Mae loss widens, asks taxpayers for $7.8B

[sarcasmo]

Source: AP

Snip< WASHINGTON (AP) — Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to covers its losses in the July-September quarter.


Snip< Taxpayers have spent about $169 billion to rescue Fannie and Freddie, the most expensive bailout of the 2008 financial crisis. The government estimates that figure could reach up $220 billion to support the companies through 2014 after subtracting dividend payments.

Read more: http://news.yahoo.com/fannie-mae-loss-widens-asks-taxpayers-7-8b-221752510.html

---

No way Fannie, time to fail. If we the tax payer goes in the red we file bankruptcy, time for Freddie to do the same.

[Angry Dragon]

1. Go to the banks, they have the money

[OhioChick]

2. They sure as hell do! n/t

[Philosopher King]

3. Yes they do--your government gave it to them.

(After they stole it from the future)

[Firebrand Gary]

5. Starting with Reagan, then HW Bush and then W

Conservatives are the greatest threat to our nations democracy. They have spent this nation into hell.

[Philosopher King]

10. In truth, conservatives and liberals "have spent this nation into hell."

Moreover, I urge you to review Article 1, Section 8, of the US Constitution. You will discover that the power to spend is vested in the Legislative, rather than the Executive Branch.

[No Elephants]

15. If you mean conservatives of both Parties, I agree. As far as the spending power,

like anything that Congress passes and the Executive signs, it is usually a two way street.

The Executive recommends legislation, including a budget, uses his bully pulpit and his popularity to support or denigrate a bill with the public and then either signs or vetoes. And, depending upon his courage and ability to lead and his popularity with the public and within his own party, can get a lot done. More so, of course, if his Party has the majority in Congress.

So, in reality, as well as under the full system set up by the Constitution, the separation of powers is less separate than just reading the ennumerated powers of Congress in isolation makes it seem at first blush.

[Philosopher King]

17. Conservatives...liberals; do those terms really matter any more?

In anything, I would say that most elected officials at the federal level are simply in favor of conserving the status-quo.

It is true that the Executive proposes, but as the adage goes, Congress disposes, (e.g., President's budget sinks, 97-0 - http://thehill.com/homenews/senate/163347-senate-votes-unanimously-against-obama-budget). On the other side of the equation, the last three Executives (Bush, Clinton, Bush, Obama) have a total of seven vetos combined.

So while I agree that the concept of the separation of powers had become muddled, it has nothing to do with the Constitution; rather, there is something terribly wrong with our legislature. (Power corrupts)

[No Elephants]

14. You forgot Clinton and Obama

Repeal of Glass Steagall (aka Gramm Leach Bliley) led fair directly to the banksters sucking the life (and many bucks) out of the American economy and then to near global economic collapse.

Clinton demanded repeal of Glass be on his desk ASAP and exerted pressure on Democrats in Congress to vote for it. (See Senator Harkin's account of how much pressure came from Clinton and Alan Greenspan on that point--and, by that time, Greenspan was Clinton's appointee.)

Clinton should have done the opposite--pressured Democrats and Republicans to vote against Gramm Leach Bliley and then vetoed it if and when it did get to his desk.

As far as Obama, W said he would not give out the second half of the TARP unless Obama told him to. Obama obliged.

[Hydra]

4. And just to put this in perspective

This is how much they're blowing in Iraq every month.

[emilyg]

6. I'd like to give them

a kick in the ass.

[slipslidingaway]

7. Fannie Mae, Freddie Mac shell out big bonuses - 12.79 million

http://www.bizjournals.com/washington/news/2011/11/01/fannie-mae-freddie-mac-shell-out-big.html

"The go-go days of the housing market are gone, but the extravagant pay to executives at Fannie Mae and Freddie Mac lingers on..."


Mortgage Giants Leave Legal Bills to the TaxpayersBy GRETCHEN MORGENSON
Published: January 24, 2011

http://www.nytimes.com/2011/01/24/business/24fees.html?_r=1&ref=franklindraines

"Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress..."

[razorman]

8. No!

[onethatcares]

9. go to the banks

nothing more needs to be said.

[Magoo48]

11. No more money...

[sarcasmo]

13. Should be a OWS chant.

NO MORE MONEY.

[meow2u3]

12. Go ask the banks who stuck you with the bill, Fannie

We won't pay for the mess you created.

[No Elephants]

16. Doncha just love these partly private entities?