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The Patriot
I'm not pretty, but neither is the truth.
09:41 AM on 10/24/2011
Governments (and their citizens, by taxes, against their will) should stop financing banks.
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HUFFPOST SUPER USER
WhatDaBleep
Right is Wrong and Left is Correct
09:36 AM on 10/24/2011
Regulation is the only way to keep things from falling apart!
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HUFFPOST SUPER USER
shankapotomus
09:40 AM on 10/24/2011
Yes, and its a shame the democrats blocked Bush from regulating Fannie and Freddie or we wouldn't be in this shape.
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BBackSoon
Hello, I must be going.
09:43 AM on 10/24/2011
So with everything that happened, it was all Fanny and Freddy's fault?
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HUFFPOST SUPER USER
Needawinner
Bon Vivant and BMF
09:47 AM on 10/24/2011
this shows how they know zero--F and F only guaranteed mortgages, they never wrote mortgages or loaned money. Lack of regs on the banks and wall street caused the 1929 crash and 2007 crash, with the republicans at the helm.
HUFFPOST SUPER USER
free reign
My country tis of thee!
09:36 AM on 10/24/2011
Volckner is dead on! Look at whart happened when conservative Wilmington Trust, was infected with the scurge of the mtg mkt scammers. That bank, of DuPont cash was lead down the toxic waste dump.
Who in America deposits hard earned equity, TO HAVE IT USED IN EXTREMELY HIGH RISK POOLS, AND TO OIUTPRICE OUR OWN LIFE'S NECESSITIES? Who voted to assume debt for this lecherous profiteering?
HUFFPOST SUPER USER
democratsaint
The GOP-The Humpty Dumpty of economics
09:36 AM on 10/24/2011
let me explain how the housing market works,banks make loans,they have so much capital to make loans with once it used that capital,it can't make new loans.that's where fannie and freddie come in,they do NOT make loans,they BUY them,an d give cash back to the banks who then in turn can now MAKE new loans.the problem happened when the banks in search of huge profits,said hey if we make BAD loans,than they will buy the bad loans ,that's where the deregulation came in,the creating of the paperless loans.only credit check required no income verification nothing. then to make loans they went to appraisers and said appraise the house at what we have the LOAN at not the value,ie they and the appraisers conspired to commit fraud.
fannie and freddie expected the banks to do due dillingence,that didn't happen. so yes if you look at it if fannie and freddie DID NOT buy the loans than the banks could not have made bad loans.in actuality deregulation did not force them to make bad loans,the banks made a choice,the deregulation gave them the oppurtunity to MAKE a bad choice.but in the end it was the banks who made the bad choice.
so yes regulation does costs,but until companies can prove they do NOT need it,and can act in the best interest of the workers without regulations,we need to regulate them.this bank mess showed they still cannot act responsible,
09:46 AM on 10/24/2011
You dance around the REAL reason banks made loans to people with absolutely no way of paying. During the Clinton years, banks were forced to lower their lending standards and open the gates to everyone, no matter if they could not pay. You know, the American dream of home ownership and the liberal viewpoint that people have a RIGHT to own a home.
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HUFFPOST SUPER USER
AFRescue143
Live long and prosper, IN PEACE
09:53 AM on 10/24/2011
And you, in your very first sentence, hit it on the head. THE BANKS made the loans, NOT Fannie & Freddie. You sit back and blame the Liberals when it fact it was the banks and the loan officers who were instructed to under report expenses and inflate income to make the loans look better. This was PROVEN in a Congressional Hearing on CSPAN. Memo's and E Mails were shown in evidence where PRIVATE BANK Loan Officers were directed to make as many loans as possible to insure that everyone got the maximum Bonus. And that was what the entire thing was about. Make risky loans, grab your bonus, and then bundle the loans and sell them off.

You can try to blame the Liberals all you want, but it is just another lie from a very desperate Conservative.
09:58 AM on 10/24/2011
For your own sake, you need to do more research, perhaps from sources other than rightwing talking points.
Encouraging inner-city folks to buy $30,000 row homes didn't cause any problem.
10:24 AM on 10/24/2011
Your rambing, poorly written post is factually incorrect on a number of points. (For clarity on history,look up Fannie Mae in Wikipedia. It's reasonably accurate.) An important point that you omitted is that Fannie and Freddie (GSE's) did not start the poor underwriting of subprime loans. That started first on Wall Street by private securitizers who were selling the crap around the world. The GSE's got into the act when they lost huge market share and when they were urged to help bail out sick Wall Street paper, by government operatives. For years, (since 1938) the GSE's played a major role in building homeowership and stability for middle America. It is only lately that they strayed from their hugely positive contribution.
09:35 AM on 10/24/2011
Sort of a no-brainer, considering how entangled Freddie/Fannie are in the global mess.
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HUFFPOST SUPER USER
AFRescue143
Live long and prosper, IN PEACE
09:54 AM on 10/24/2011
the only no brainer is your post.
09:29 AM on 10/24/2011
govt should also stop financing green jobs in finland
09:38 AM on 10/24/2011
First, You should stop watching Fox news

then maybe you wouldn't look like such a F00/ mindlessly repeating easily disproven lies 

(honesty, how many times do they have to lie to you before you catch on?)
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HUFFPOST SUPER USER
too young but old enough
I already know how this is going to turn out...
01:03 PM on 10/24/2011
Most of their viewers are naive enough to be convinced that every other news source is lying, and that FOX is the only place they can trust for the 'truth'.
HUFFPOST COMMUNITY MODERATOR
stopthe
10:06 AM on 10/24/2011
Better yet let's get rid of the government since they don't do any thing well ! Every ash*Le for themselves.
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HUFFPOST BLOGGER
Melinda Gopher
A Progressive for an American Spring
09:28 AM on 10/24/2011
Govt subsidy to banks always is an invitation to greed.
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ohiomark
Rush Geek
09:28 AM on 10/24/2011
Fannie Mae and Freddie Mac and the corrupt people at the helm were part of the reason for the housing bubble crash.

http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related

http://www.youtube.com/watch?v=_MGT_cSi7Rs

Yet, somehow they were left out of the Dodd-Frank "financial reform" bill.

Why is that Barney Fwank?
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HUFFPOST SUPER USER
AFRescue143
Live long and prosper, IN PEACE
09:55 AM on 10/24/2011
WRONG AGAIN.

http://moneywatch.bnet.com/economic-news/blog/maximum-utility/fannie-freddie-and-the-cra-did-not-cause-the-financial-crisis/1513/

You post a Youtube as some type of proof of your backwards comments? give me a break.
10:01 AM on 10/24/2011
Yawn... Fox news viewers and the Chinese are the only ones in the world that think a few poor people in America broke the world' banking system.

You don't mention the value of the dollar...as if it had nothing to do with it.
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ohiomark
Rush Geek
09:54 PM on 10/24/2011
Every time the Treasury prints money or borrows more money and the higher our interest rate goes, thanks to the downgrade, our dollar loses value and prices go up on food and fuel.

The Federal Government broke the banking system.
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HUFFPOST SUPER USER
jcaunter
INTJ
09:27 AM on 10/24/2011
Paul Volcker is right. The government has no business financing anything. The corruption, bubbles, and inefficiencies that flow from government backedstopped loans is one of the things that is making everything more expensive for everyday American citizens and sinking the finances of the federal government.
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BBackSoon
Hello, I must be going.
09:45 AM on 10/24/2011
No business financing anything?

What a stupid comment.

You have no idea what you are talking about.
HUFFPOST COMMUNITY MODERATOR
stopthe
10:15 AM on 10/24/2011
Why have government at all they do nothing right.Efficiencies come from a pure unadulterated markets. Anything the government does will distort markets and redistribute wealth.How are not all taxes a redistribution of wealth? Didn't the Gi bill put wealth into a class of people's hands who didn't earn it therefore causing a bubble in both education and housing. Face it any intervention by government will distort markets.The only solution is to cut the head off the snake!
01:34 PM on 10/24/2011
"Didn't the Gi bill put wealth into a class of people's hands who didn't earn it .."

Didn't earn it? Tell THAT to the Marines. I DARE you!
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HUFFPOST SUPER USER
Needawinner
Bon Vivant and BMF
09:27 AM on 10/24/2011
We need somebody, anybody, with some clout who cares about the middle class and the poor, not just someone who says they do, and then will vote for a tax holiday for the mega-corps who use offshore offices to avoid taxes on huge profits.
HUFFPOST SUPER USER
free reign
My country tis of thee!
09:32 AM on 10/24/2011
Instead of deminishing contributions to American's ss funds the jobs bill, in support of AMERICAN business should raise the credit on legally employed payroll. Not take OUT more from American's retirement cushion. The tax
"holiday"gurther disarms revenues toward what little element in Washington that actually represents and defends the property, and rights of AMERICANS. Guess who paid for that?
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HUFFPOST SUPER USER
Needawinner
Bon Vivant and BMF
09:50 AM on 10/24/2011
right--the tax holiday actually rewards the corps who took jobs and their profits offshore. This clearly demonstrates the power of bribes upon out elected representatives and the Dems are at fault too, especially Reid and Schumer
09:26 AM on 10/24/2011
I agree with Volckner.
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BBackSoon
Hello, I must be going.
09:46 AM on 10/24/2011
Your position means nothing if you can't spell his name correctly.
This user has chosen to opt out of the Badges program
09:24 AM on 10/24/2011
He is so very right.
09:14 AM on 10/24/2011
hate!
HUFFPOST SUPER USER
emanafunk
08:53 AM on 10/24/2011
I'm so far underwater I can't see my shoe laces, I'm not gonna pay anyone anything until someone solves this mess. Btw i saved all misssed payments. Haters begin ya posts asap.
HUFFPOST SUPER USER
Jim NLN
Hillary-Frank 2016
09:17 AM on 10/24/2011
And, you are underwater why?
This user has chosen to opt out of the Badges program
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Marysdude
GySgt USMC (Retired)
09:23 AM on 10/24/2011
Jim NLN,

emanafunk is taking a page out of the TeaPublican book on debt ceiling increases. 'We don't wanna pay our bills anymore, an' we ain't gonna'...he don't wanna pay his mortgage anymore an' he ain't gonna.
ruburnt
Live Free or Die....
09:22 AM on 10/24/2011
Been there, done that 21/2 years ago.....Glad we moved on.....