Palin Makes Her First Gaffe: Claims Fannie/Freddie Are Taxpayer Funded »
Posted By Neophile 1 year, 2 months ago in NewsSpeaking before voters in Colorado Springs, the Republican vice presidential nominee claimed that lending giants Fannie Mae and Freddie Mac had "gotten too big and too expensive to the taxpayers." The companies, as McClatchy reported, "aren't taxpayer funded but operate as private companies. The takeover may result in a taxpayer bailout during reorganization."
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Neophile
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busterggi1 year, 2 months ago
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Neophile1 year, 2 months ago
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Beau78901 year, 2 months ago
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altruisms-enemyComment removed: Hard Banned1 Reply
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UnusualSuspect1 year, 2 months ago
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And how many other areas are there that she simply doesn't know about, considering she could be sitting in the "big seat"?
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Bill O'Reilly said last night he has high hopes of getting an interview with her. I can't wait to see that one...
Question her, people...please, question her hard... -
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not2needy1 year, 2 months ago
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Spinward1 year, 2 months ago
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Sh!t from shinola?
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As Fred Smith, president of the Washington, D.C-based Competitive Enterprise Institute, has noted, these financial beasts are a textbook example of “profit-side capitalism and loss-side socialism.” When things go right for Freddie Mac and Fannie Mae, they keep the profits. But when things go wrong, taxpayers — not just private shareholders, managers, and employees — will be on the hook.
Freddie Mac and Fannie Mae each receive $2.25 billion lines of credit with the U.S. Treasury. These special pipelines give the institutions an implied federal guarantee available to no other private sector competitors in the mortgage market. That protection makes them immune to the costs normally associated with riskier and riskier behavior. Moreover, Fannie Mae and Freddie Mac are not required to pay state and local income taxes. The two corporations receive an estimated $10 billion a year in hidden taxpayer subsidies.
Sorry, no gaffe. -
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lfergie8121 year, 2 months ago
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John McCain stated that he did not think the government should help people that are losing their homes but jumped at the opportunity to help the companies that put the buyers in the position to lose their homes. Go figure. If they would have stopped the large increase in oil by releasing some of the strategic reserve earlier, people wouldn't be losing their homes.
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BTW Has anyone noticed how the price of gasoline is coming down just before election?? Just like two years ago. LMAO
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AntiNeoCon1 year, 2 months ago
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altruisms-enemyComment removed: Hard Banned7 Replies
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vor1 year, 2 months ago
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After seeing the clips of her speaking at her church that are posted on You Tube I don't just disagree with this woman I am alarmed by her! Her state isn't right until its residents are right with God! And there is no wiggle room as to which God she refers, it is a purely Christian version? She then asks them to pray for the funding of a huge natural gas pipeline. This is so far from a Jeffersonian view of America it should alarm every right thinking citizen.
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She comes off like a bad comedienne as well. Fine for her to be spouting such drivel to kids and adults in her church but she is the governor of the state for crying out loud! (and was at the time these tapes were made)
A reformer? Her views suggest she would like to reform America into a Christian theocracy. As if such people would be any more tolerant than the Taliban if they took the reins of power. The only difference is that they would have that stupid crocodile smile mask that she continually wears. I see that same smile everyday at work worn by the self righteous drones these beliefs produce.
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spkguy1 year, 2 months ago
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"A John McCain campaign aide tells Jay Carney that she sees no reason why Sarah Palin should have to answer reporters' queries:
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According to Nicole Wallace of the McCain campaign, the American people don't care whether Sarah Palin can answer specific questions about foreign and domestic policy. According to Wallace -- in an appearance I did with her this morning on Joe Scarborough's show -- the American people will learn all they need to know (and all they deserve to know) from Palin's scripted speeches and choreographed appearances on the campaign trail and in campaign ads.
Did you get that...
According to Nicole Wallace of the McCain campaign, the American people don't care whether Sarah Palin can answer specific questions about foreign and domestic policy. AND The American people will learn all they need to know (and all they deserve to know).
The McCain campaign says you don't care whether Palin can answer specific questions and they the McCain campaign will decide what you need to know!
ISN'T THAT SPECIAL!
WTF! ONE HEART BEAT AWAY! -
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vor1 year, 2 months ago
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She is going to have to answer ?'s and some tough ones at that. Maybe her supporters will continue to support her but the rest of us need to have a chance to fairly evaluate her. She can't live in a cocoon and then be hatched on Election Day. Too likely a succubus might appear, certainly not a butterfly.
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Spinward1 year, 2 months ago
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What are you talking about? She nailed it.
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The two corporations receive an estimated $10 billion a year in hidden taxpayer subsidies.
Does anyone here on the left actually research this stuff or are you so anxious to find a gaffe that you'll jump at anything?-
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Tangent0011 year, 2 months ago
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Perhaps if you researched a little more than visiting a couple of spin blogs you'd know that Mae and Mac get NO subsidies at all. They get laxer rules for operating their businesses that are VALUED at around $10 billion, but there has been NO cost to the taxpayer.
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http://en.wikipedia.org/wiki/Federal_National_Mort...
"The FNMA receives no direct federal government aid. However, the corporation and the securities it issues are widely believed to be implicitly backed by the U.S. government. In 1996, the Congressional Budget Office wrote "there have been no federal appropriations for cash payments or guarantee subsidies. "" -
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german-shepard1 year, 2 months ago
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As I was saying to a-e,
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I was not talking about partisan politics, but about corrupt capitalists. It is interesting that gwhiddon automatically thought I was talking about Republicans which is understandable. I don't think the Demos or Repubs had anything directly to do with it, but the two at the top did, and they got the ax. However, I wonder if it ends there.
All of the rest of you better cool it and try to figure out what went wrong so we can all finally sleep on our fortunes we're making by contributing to this thread.
G.S.
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altruisms-enemyComment removed: Hard Banned3 Replies
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ic0n291 year, 2 months ago
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Oh my, I can't wait until she is in a debate with Biden. How will she blame the media then (there is no doubt in my mind she'll find a way), lmao. You righties can't even fool yourselves, but we all know why you're defending this idiot. The unspoken truth...
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lovemylibs1 year, 2 months ago
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Reading Comprehension 101 - Please feel free to take notes.
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FTA:
""gotten too big and too expensive to the taxpayers"
Headline of story: "Claims Fannie/Freddie Are Taxpayer Funded "
Summation: The headline can not support the story because it is not the same as, congruent to or even similar.
Expensive can mean many things. You see, Fannie and Freddie have hidden taxpayer subsidies inherent in there make-up. They each have a line of credit per year to the tune 2.25 billion dollars, backed by the good name of American taxpayers. That's expensive isn't it?
Fannie and Freddie each pay lobbyist (approximately 170 million dollars worth) to support their cause in Washington. Since they are not in a competitive market situation, why is this money spent? It could be shown as a profit and delay the need for intervention. Expensive to the taxpayer.
Fannie and Freddie pay no state or local taxes which are called subsidies and these can be expensive to the taxpayer. -
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lovemylibs1 year, 2 months ago
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FTA:
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"Meanwhile, as Baker noted, as of July the two lenders were being offered low market interest rates by the fed again, theoretically, at the taxpayer's expense. But, he added, "I kind of doubt she had any sense of that.""
Why would he think she has no sense of that? Does he think women are dumb and incapable of knowing things?-
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lfergie8121 year, 2 months ago
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"Why would he think she has no sense of that?"
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Maybe it's not common knowledge in Alaska. All the people have been told is that they would get help but that does not make them taxpayer funded. Government agencies are taxpayer funded. Not profit making organizations as banks. A bail out does not make them taxpayer funded. Get real.
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lovemylibs1 year, 2 months ago
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lfergie8121 year, 2 months ago
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People could lose their homes if they aren't protected but why protect shareholders? That's what investments are about. You take a chance when you invest into a company. If they were to protect the shareholders of Fannie/Freddie then they would be obligated to give money to the Enron losers.
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most_reasonableComment removed: Spam
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most_reasonable1 year, 2 months ago
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Will Palin be giving her next interview in TONGUES?
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If she winds up in the Whitehouse and on the red phone, will the recipient of her call understand TONGUES?
http://usreligion.blogspot.com/2008/08/by-john-fea... -
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most_reasonable1 year, 2 months ago
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Let's not forget that it was McCain's economic adviser the one that has called Americans whiners about the economy that has led America down the path to Fannie Mae insovency.
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Gramm was one of five co-sponsors of the Commodity Futures Modernization Act of 2000. One provision of the bill was referred to as the "Enron loophole" because the House Agriculture Committee drafted it and it was later applied to Enron. Some critics blame the provision for permitting the Enron scandal to occur. At the time, Gramm's wife was previously on Enron's board of director
Later in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities.
Years later, critics of Gramm point out that this same legislation may have been pivotal in encouraging the corporate practices that led to the 2008 mortgage crises in America. -
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saneman1 year, 2 months ago
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"Fannie Mae receives no direct government funding or backing; Fannie Mae securities carry no government guarantee of being repaid. This is explicitly stated in the law that authorizes GSEs, on the securities themselves, and in many public communications issued by Fannie Mae."
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"Neither the certificates nor payments of principal and interest on the certificates are guaranteed by the United States government. The certificates do not constitute a debt or obligation of the United States or any of its agencies or instrumentalities other than Fannie Mae."-
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DeadXXXManXXXTalkin1 year, 2 months ago
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''"Fannie Mae receives no direct government funding or backing;''
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'direct'
*sniff sniff*
I smell semantics
if as a taxpayer my money takes the scenic route to its destination and not the expressway, all I care about is still where it ends up
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Osbama_lin_BidenComment removed: Spammer, Hard Banned
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pt109rick1 year, 2 months ago
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It makes no difference if Gov Palin knows anything. I hope she wears tighter dresses. Sex sells and will probably win McCain this election. You've got to give McCain credit, he learned that from watching Record sales after a Rap video is made with those type women in them.
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simonsez1 year, 2 months ago
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Both entities are in the business of buying mortgages from private lenders. Where the hell do you think the money comes from to do that? From profits? Hardly.
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This is where sub-prime began ... Democrats forcing both to be responsive to lower income people wanting mortgages. Many areas of cities were red-lined and private lenders wouldn't lend money there without government guarantees.
So ... you want to help the poor until it hurts ...-
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simonsez1 year, 2 months ago
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There aren't 20 people in the whole country that understand how these entities work.
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They are immeasurable black boxes of hocus pocus ... with platitudes coming out of one end and crapola falling out the backside.
Typical Government. I will say that there are tons of folks who wouldn't have a mortgage if they didn't exist.
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neilkent1 year, 2 months ago
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That was no gaffe, that was ultimately the absolute truth!!!!!
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The media are idiots!! Maybe if the gaffes that come out their mouths could be monitored and ultimately paid directly from their pockets, they would get the concept.
TAXPAYERS are on the HOOK!!!!! Who do you think the Congress and Senate make pay for their mistakes.
GO BACK TO SCHOOL, LEARN SOMETHING, ANYTHING that makes SENSE. Those in the media don't have a clue, they just want you to think they do. -
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simonsez1 year, 2 months ago
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Anyone want to explain credit default swaps? Maybe Obama or Joe or even John could.
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I doubt it though ...
http://www.nytimes.com/2008/09/09/business/09credi...-
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quackpot1 year, 2 months ago
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The BIG problem is the statement at the end:
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"If bonds rally and trade close to par, recovery could be close to 100 percent"
In today's foreclosure-heavy market that is a VERY big "if". The low probability of that "if" being true is the very reason that these tow companies have gone belly up.
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stacylohanComment removed: Hard Banned1 Reply
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