Breaking News Saturday 9-6-08 7:40pm PST: Treasury Secretary Henry Paulson is poised to announce that he is Taking Over Fannie Mae and Freddie Mac, and placing them under government conservatorship. This means they are going to make you pay for other peoples criminal activities. More analysis will be added to this post as news is released - So Keep Coming Back! YourMortgageOrYourLife.com
They got rich, you get the bill. And your kids. And their kids. And their kids, etc....
From Feed Reports:
Paulson met with Fannie Mae Chief Executive Officer Daniel Mudd and Freddie Mac CEO Richard Syron yesterday to tell them of the decision to put the companies into a conservatorship, where they would be removed from their jobs, according to a person briefed on the discussions. A public announcement is expected this weekend, the person said.
The decision follows the Treasury chief's repeated comments to lawmakers in July that he wasn't likely to use taxpayer funds to prop up the federally chartered, shareholder-owned firms hit by $14.9 billion in losses the past year. The shares of both companies slid since Paulson won powers to inject unlimited funds in the companies, and their borrowing costs rose.
Pacific Investment Management Co., manager of the world's biggest bond fund, and other large investors may put in their own money once the Treasury decides to inject government funds, Bill Gross, co-chief investment officer at Newport Beach, California-based Pimco, saidyesterday in a Bloomberg Television interview.
``They have to open their wallet,'' Gross said, predicting that the Treasury will act this weekend before the Federal Housing Finance Agency releases an assessment of Fannie's and Freddie's capital.
About 61 percent of Gross's holdings were mortgage-backed securities as of June 30, mostly debt guaranteed by Fannie, Freddie or government agency Ginnie Mae, according to data on Pimco's Web site.
So here are these rich assholes salivating at the chance to rip us off again. They ripped us off when they screwed us on our mortgages. They ripped us off when they told us to pull our equity out of our homes and spend it. They ripped us off when they set up the government to bail out their risky investments with our money.
Now they are going to get rich off of the bailout - investing money they stole from us, taking advantage of their access and influence over the Treasury, the Federal Reserve, the FDIC, the SEC, the Commerce Department, and on and on. Thos same people who like to watch my website, and others (We have have the records if you want to see them...).
They are stealing from us and all of our descendants for as long as you or I can expect to matter to anybody - hundreds of years or more.
You and I, our names and our lives will long be forgotten before the American People will pay off these debts they are foisting upon us today. They are laughing at us and counting their money, they laugh because they know we are lazy, complacent fools who will not lift a finger to defend ourselves from their thievery.
They know we are all more captivated by the prospects of electing the first Black President - even though Barack Obamais not experienced enough. They need to flip that ticket and put Joe Biden on top, or it's all just a show. Experience needs to be the requirement, not camera appeal.
They know we are all too preoccupied with the pretty, bombastic Redneck babe who unexpectedly emerged from the woods of Alaska to burst on to the national political scene - who could be one (very old) heartbeat from the most powerful posts in the world? Are we that stupid?
Are purely superficial qualities like speechifying and good looks more important than knowledge tempered by experience? Are we that ripe for fascism?
They laugh at us because they know they stripped our education system it's effectiveness, and left us all full of factoids, but no ability to string them together into a coherent argument, or coherent thought.
They laugh and count their money because they know we will take it in the ass with a smile - just give us a good fall TV schedule. We'll vote if it's not too inconvenient. We'll vote for the guys who are screwing us blind.
Expect the unexpected in the markets this week - there may be some big winners, depending on Paulson's plan. There are definitely some big losers - You and Me. Read on...
Briefing Campaigns
Paulson gathered with Federal Reserve Chairman Ben S. Bernanke, FHFA director James Lockhart, Syron and Mudd in Washington. The Treasury plans to brief Democratic presidential candidate Barack Obama's campaign team today and has contacted Republican contender John McCain's staff about its intentions.
The meetings come a month after Paulson hired Morgan Stanley to advise on any use of taxpayer funds to recapitalize Fannie and Freddie, which account for almost half of the $12 trillion mortgage market. A government takeover would be the latest attempt to blunt the impact of the yearlong credit crisis, after the Fed provided financing for Bear Stearns Cos.'s takeover by JPMorgan Chase & Co.
Original source: http://yourmortgageoryourlife.wordpress.com/?p=1515
