Re: the subprime debacle was a free market disaster:Federal housing data reveal that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis

On Nov 6, 9:42 pm, Beam Me Up Scotty <Then-Destroy-Everyth...@Talk-n-
dog.com> wrote:
> Nickname unavailable wrote:
> > On Nov 6, 6:42 pm, Beam Me Up Scotty <Then-Destroy-Everyth...@Talk-n-
> > dog.com> wrote:
> >> Bert Hyman wrote:
> >>> Innews:91afaf28-5ed1-46fd-8fe6-8db8171ac7c7@33g2000vbe.googlegroups.c
om
> >>> Nickname unavailable <Vide...@tcq.net> wrote:
> >>>>  the subprime debacle was a free market disaster
> >> Fannie Mae and Freddie Mac crashed and burned and are still asking for
> >> more bail out money, they aren't "free market" they are
(GSE)Governmen
t
> >> Sponsored Entities.
>
> >  so is the fdic, but, freddie and fannie were private sector.
>
> They were government "children" and weren't independent private sector.
> Franklin Rains was in the Clinton adminestration and was then appointed
> as head of Fannie Mae where he robbed it of 100 million dollers and gave
> money to Democrats for campaigns.
>

the head of the federal reserve is appointed, but its a separate
independent entity from the government.


> It has been and will continue to be the Democrats toy chest.
>


laugh laugh. it was bush who abused the mortgage markets.


> >> Fannie and Freddie were the reason why the Mortgage markets froze.
>
> >  nope, that market was frozen well before any problems at the macs.
>
> They had deep pockets and they are just a clearing house so teh time
> bomb risky credit they bought and bundled then sold eventually went sour
> and that's when they were no longer to sell their crappy bundled
> investments and then they held a bunch that went bad too.  Mostly they
> just couldn't sell their products. So they couldn't buy new mortgages to
> bundle. Results is a frozen market. Bush and Obama said the markets were
> frozen.
>

they did just as wall street did. ignore that to your own peril,
because most know it as the truth.


>
>
> >> Who will buy their investment vehicles? if they can't sell their produ
ct
> >> then they have no money being freed up to buy new mortgage papers from
> >> banks and other lenders.
>
> >  there are not many buyers of anything today.
>
> You got that right.
>



yep, deregulation always ends the same way, poorly:)

> Would you buy a fannie mae bundle that is risky and will probably lose
> you money rather than make you money?
>

i understand debt and money. that is why markets must be regulated,
and regulated by types like me.


> These Government idiots are still promoting "affordable housing"
 risky
> loans to the poor, they have learned nothing and just lie to everyone
> and themselves.
>

most of the loans that soured, were in the lilly white exurbs.


> Their plan to get houses for the poor failed. Just like their plan for
> government projects failed and we ate the cost of all the giant
> demolished projects that HUD owned.
>


just as we are trillions of dollars in debt for ronnie rayguns tax
cuts for wealthy parasites, and all of the deregulation and free trade
that followed. the hud projects were a drop in the bucket compared to
reaganism:)


> The real question is what is the next scam to get houses to the poor,
> this scam was a PONZI scheme with Fannie Mae buying risky loans and
> reselling them until enough failed that they couldn't sell any more.
>


they were but a part of a much larger picture. of course you know
this. i have proven it to you many times before. you keep lying.
please move to somalia, and see how well things go with millions
living in the streets. you libertarians are cranks, even chimps know
when to scratch each others backs.


> --
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Beam Me Up Scotty (07.11.2009 17:20)