Behind closed doors on Capitol Hill, a massive lobbying effort is underway. On a seemingly small issue with scant public attention, powerful special interests are looking to cash in their chits and strike a deal – a deal that will come at the expense of taxpayers.
Freddie Mac and Fannie Mae executives get bonuses for "modest improvements" despite their large bailouts.
Consider comparing the economy to a game of tug-of-war. When there are winners, there are also losers on the other end. And if you’ve played tug-of-war, you know you can be on the winning or losing side of the game just as soon as the momentum swings in the other direction.
Since 2000, many have plowed a lot of money into gold. As fear crept through the economy post 9/11, and post Fannie/Freddie crisis of 2007-08, the velocity of money ran into all commodities. Fear is a powerful motivator. You are now seeing a different kind of fear.
Mortgage giants Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), are currently holding approximately 250,000 foreclosed homes. That’s roughly half of all unsold, repossessed properties. Plus, these government-backed agencies may soon be forced to repossess 830,000 more homes currently in some stage of foreclosure.
S&P downgrades Fannie Mae and Freddie Mac just three days after downgrading the US credit rating.
Many years ago, the Saturday Evening Post was one of the best-known magazines in America. But somehow I learned that the Saturday Evening Post was actually published on Wednesday morning. That was a little disconcerting at first. But it was one of the most valuable lessons, that words do not necessarily reflect reality.
Want to improve the housing market? Evict Fannie Mae and Freddie Mac. Sounds harsh, but without such a serious, drastic step, the market won’t get better anytime soon.
Life has many good things. The problem is that most of these good things can be gotten only by sacrificing other good things. We all recognize this in our daily lives. It is only in politics that this simple, common sense fact is routinely ignored.
Who is to blame for the recent economic crisis? Joshua Rosner says blame quasi-governmental organizations taking advantage of government.
If you want to watch a corruptocrat start sputtering like Porky Pig with allergies, confront him with three simple words: conflict of interest.
As the budget stalemate in Washington continues, Democrats are ratcheting up their class-warfare caterwauling. Time to bring out your earplugs and hypocrisy meters.
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