Federal Government to takeover F-Mac/Mae.

[jokostel]

Quote:

Originally Posted by pickel

I say NO QUARTER !!! Screw them ALL. Why should I or anyone else be responsible for someone else's problems ????? Especially when they brought it on themselves. No pity, no sympathy here.

AMEN!

[jokostel]

Quote:

Originally Posted by Pexster

FNM now at $1.19, down 83%

FRE now at $1.10, down 78%

Hell, nows the time to buy.

[outlaw2001it]

You could say that, but Warren Buffett ain't jumping on it anytime soon...that must tell you something.

[jokostel]

Who knows.

Back in the 70s, would you have given a dime to Microsoft?


Sometimes, you gotta risk it all to make it big.

[outlaw2001it]

Here's a good article:

US Is "More Communist than China": Jim Rogers - Financials * Europe * News * Story - CNBC.com

[no1_vern]

Screw the shareholders before screwing the taxpayers.

That ISNT the way the world works. Didnt you know this was how it would work out??

[EXreaction]

As for the US being more communist than China. Technically, that is probably correct. I am not fully aware of how things are handled in China.

But full blown capitalism is a terrible thing, as many people in China have realized. If you think companies are bad here, at least we have our government protect us from most of the worst things they can do. In China for example, companies can (or could) dump toxic materials into the water supplies and it is (or was) extremely difficult to prove that they were doing it to force them to stop.

Either way, I don't expect that Capitalism will even exist in the next century. It will either be Corporatism, with 90% of the world's population at or below the poverty line or some form of Communism. If you can't figure out why that will probably happen, think long and hard about what robotic and technological advances will have on employment.

[Theophylact]

John Quiggin nails it:

Quote:

The significance of the event is not in the marginal change in the status of Fannie and Freddie from quasi-private to quasi-public, but in the abandonment of the pretence that the normal operations of financial markets are capable of cleaning up the mess they have created, even with the liberal helpings of public money that have already been dished out. ...

In the boom that created this crisis, every part of the financial system (retail banks and mortgage businesses, major investment banks, the financial engineers who designed new securitisation assets, investment funds, ratings agencies and bond insurers) had a major role to play. All have failed miserably, even though most will get to keep the rich rewards they received when things were going well. The financial sector triumphalism that dominated the 1990s looks pretty silly in retrospect.

(British spellings left unchanged.)

[Pexster]

One thing that I keep looking for experts to explain (and I have yet to see anything about) is how these agencies, which were created to assist and fill in gaps in the mortgage industry, became the sole players. I read that banks can't write mortgages without these agencies. Why not? Why does every mortgage need to be packaged and resold?

[Toadman]

Quote:

Why does every mortgage need to be packaged and resold?

I agree with both Pex and Theo's posts. Land is traded like a commodity and not a homestead.

How many times has your mortgage been re-sold to another financier?