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GetLiberty.org >> Editorial: Earth to Obama

The American people simply do not matter to Barack Obama. He said so himself last night as he attempted his first State of the Union Address, declaring, “[W]hen I ran for president, I promised I wouldn't just do what was popular -- I would do what was necessary.” This was a nice way of saying he had heard the overwhelming opposition to his Big Government agenda — and he has decided to plow ahead anyway.

“I will not walk away” from the government health care takeover, he said, and “neither should the people in this chamber.” This, in spite of devastating resistance to the scheme that would ration care, raise premiums, drive people off of their insurance, cut benefits, and bankrupt the treasury with over $1.5 trillion in costs over ten years once fully implemented.

All told, 58 percent oppose the plan in Scott Rasmussen’s last weekly poll on the subject. His tracking has been way ahead of the curve on opposition to the health care takeover. While apologists were claiming majority support for plans like the “public option,” Rasmussen has polled clear opposition for most of 2009.

Barack Obama doesn’t care. With only an occasional glance at the glaring reality that the American people really are not in favor of his plans, Obama’s State of the Union was mostly a “stay the course” campaign rally, coupled with blind assertions as to the correctness of his position. Not to mention his bull-headed insistence that the Democrats get it done and “not run for the hills.”

For example, he came close to prevaricating (to put it kindly) about losses from the Troubled Asset Relief Program: “[W]e have recovered most of the money we spent on the banks. To recover the rest, I have proposed a fee on the biggest banks.” Only, the biggest banks are the ones who have paid TARP back in full, with interest.

Most of the $120 billion in losses have arisen under loans to AIG (not a bank), GM (not a bank), and Chrysler (not a bank). It was Obama’s own Treasury secretary, Timothy Geithner who testified to Congress, “There is a significant likelihood that we will not be repaid for the full value of our investments in AIG, GM and Chrysler.”

But not to worry, Obama says, “I am not interested in punishing banks.” Only, he is. He asserted that “Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis.” By that, he means, take over, regulate, and monopolize. You know, punish.

Despite all of his bald distortions, Barack Obama’s greatest transgression in this speech was more a sin of omission than commission in his historical account of what actually happened. In fact, the only entities Obama is not interested in targeting are those most directly responsible for the mess.

Obama had positively nothing to say about Fannie Mae, Freddie Mac, and the Federal Reserve (government-created entities all), whose errant policies of loose lending and easy money coupled together to incentivize borrowing on an unprecedented level, inflate the housing bubble, sell worthless securities worldwide, and bring the economy to brink of ruin. Not one word.

Even as George Bush was attempting to justify the unprecedented bailouts his Administration ushered in, he at least acknowledged the role played by, for example, too-low interest rates. Instead, Obama presented a bizarre, disjointed address that was almost completely disconnected from reality, save for the touch of icy indifference to the express will of the American people not to proceed on this course.

But then, by now, that is what the American people have come to expect from the imperial, impervious president.The American people simply do not matter to Barack Obama. He said so himself last... more

WeAreChangeKy
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YouTube - The Housing Collapse of 2010 Will Be Worse Than 2008

NOTICE http://www.youtube.com/watch?v=kunB4SnAh4g

BUILDUSMAXIMUS
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Ron Paul 1/14/10 “Monetary System Is A Fraud/Cheats The People By Debasing Currency”

1/14/2010 Ron Paul discusses the monetary crisis and explains how the average citizen... more

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53 comments

Unemployment Funds Going 'Absolutely Broke'

According to the Washington Post, the recession's jobless toll is draining... more

The_Global_Report
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U.S. Pledges Unlimited Funds to Fannie Mae, Freddie Mac

On Christmas Eve, the Obama administration pledged to provide unlimited financial... more

The_Global_Report
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Fannie, Freddie: Too Big To Shrink

The government's Christmas Eve pledge of unlimited financial aid to mortgage... more

atomiclegion
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1 month ago
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Kucinich to investigate Wall Street Bailouts

The following blog post by Jane Hamsher (Founder & Publisher - firedoglake.com) appeared today, December 30, 2009:

If the White House thought they could slip the bailout of Fannie and Freddie through by announcing it in a Christmas Eve news dump, think again. Dennis Kucinich just released this statement:

"As Chairman of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, I'm announcing that the Subcommittee will launch an investigation into the Treasury Department's recent decision to lift the current $400-billion cap on combined federal assistance to Fannie Mae and Freddie Mac, opening the way for additional, unlimited funds through the end of 2012. This investigation will include the role played by Fannie Mae chief executive Michael J. Williams and Freddie Mac chief executive Charles E. Haldeman in the decision, if any, and will seek to ensure that the additional assistance is used for homeowners and not Wall Street."

"Many questions remain unanswered regarding this move by the Treasury. Why suddenly remove the cap? Indications are that Freddie and Fannie, even as millions of Americans lose their homes, have used just $111 billion of the $400 billion previously available to them. Is lifting the cap on assistance a back-door TARP?"

"Additionally, I want to determine whether Fannie and Freddie have a cohesive plan to buy up the under-performing mortgages that remain on the books of the big banks, at appropriate prices, and undertake a massive reworking of the terms of the mortgages so as to stem the foreclosure crisis that continues to plague our country. This new authority must be used responsibly and for the benefit of American families. This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U. S. taxpayers and acting as a back-door TARP."

On Christmas Eve, they also announced $4-$6 million compensation packages for their top executives. But they'll start foreclosing on homeowners again in January.

Fannie and Freddie have been corrupt cesspools for years, a place where presidents of both parties parked friends like Dennis DeConcini and Rahm Emanuel, giving them lucrative spots on the board of directors as political payoff. As government sponsored entities (GSEs) selling shares to the public, they operate like hedge funds that socialize losses and privatize profits. From the LA Times last year:

"This week … news broke that until August, the lobbying firm owned by McCain campaign manager Rick Davis was paid $15,000 a month by Freddie Mac, one of the mortgage giants implicated in the current crisis (now taken over by the government and under investigation by the FBI). Apparently, Freddie Mac's plan was to gain influence with McCain's campaign in hopes that he would help shield it from pesky government regulations."

It appears they kept looking. The Democrats have been too intimidated by leadership to start looking into the utter corruption at these entities, but Kucinich just doesn't care.The following blog post by Jane Hamsher (Founder & Publisher - firedoglake.com)... more

asherp
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GetLiberty.org >> The Blight Before Christmas

http://blog.getliberty.org/default.asp?Display=1894 ‘Twas the blight before... more

Monkey_Films
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Government lifts bailout cap for Fannie and Freddie - WAVE 3 TV Louisville, KY |

Merry Christmas, Fannie Mae and Freddie Mac, Obama plans to lift the limit of the... more

Monkey_Films
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1 month ago
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'A SERIOUS GAP IN OVERSIGHT' Fannie and Freddie Fire Their Own Inspector General

There is no independent auditor overseeing the federal agency responsible for some $6... more

atomiclegion
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3 months ago
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Obama Administration denies Goldman Sachs $3 billion tax break

The Treasury Department told Goldman Sachs last week that it could not use Fannie Mae's tax credits to reduce its own tax liability. An official with the Obama administration explained that the proposal "would result in a loss of aggregate tax revenues that would be greater than the savings."

This is the right decision. Had the Treasury Department allowed Goldman to reduce its tax liability by using Fannie Mae's tax breaks, it would have potentially opened the door to a severe loss of tax revenue, as other profitable companies would likely have sought to follow suit.

As reported earlier, Goldman Sachs had offered to purchase up to $1 billion of low-income housing tax credits that Fannie Mae had itself purchased during the housing bubble but can no longer use. More recently, the Wall Street Journal reported that Warren Buffett had joined Goldman Sachs in a bid to purchase $3 billion in credits. The credits, designed to encourage additional investment in low-income housing, are useful only if the company claiming them is profitable. And with Fannie Mae currently a very unprofitable company, it does not have much use for the credits. It has lost $59 billion so far this year, and the U.S. government has already given Fannie Mae and Freddie Mac, its related government-sponsored entity, almost $100 billion since September 2008.

Goldman Sachs had portrayed its offer to purchase Fannie Mae's tax credits as a "win-win" proposition. It argued that Fannie Mae would benefit because it could take these credits, which are losing value by the day, off of its books, while Goldman would benefit by reducing its tax liability by the amount of the credits.

Unfortunately, Goldman failed to include the interests of the taxpayer in its calculations. For every dollar that Goldman saves, the government -- and, by extension, the U.S. taxpayer -- loses a dollar. This is hardly a win-win situation.

more at link...

http://www.politicsdaily.com/2009/11/09/obama-administration-denies-goldman-sachs-3-billion-tax-break/The Treasury Department told Goldman Sachs last week that it could not use Fannie... more

WakeUpPeople
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3 months ago
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Sign of the Apocalypse...Government to rent your foreclosed home back to you......

WASHINGTON, DC -- Fannie Mae (FNM/NYSE) today announced the establishment of a new... more

vincius
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3 months ago
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7 comments

Goldman Sachs Looks to Buy Fannie Mae Tax Credits

"WASHINGTON -- Goldman Sachs Group Inc. is in talks to buy millions of dollars of... more

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Bush In 2002 Pushing For Government & Freddie Mac Fannie Mae In Homeownership

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Freddie and Fannie to Get Government Clean Slate - Ready For More Housing Bubbles?

Has the political class learned nothing from the housing debacle? ***This article... more

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Fannie, Freddie Plan to Pay $210 Million in Bonuses

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Fury Builds Over Crisis at Banks

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Whistblowers at Fannie and Freddie Mac were fired for their warnings

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Eviction day in Manassas

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TAGS

tagged w/ Fannie Mae

GetLiberty.org >> Editorial: Earth to Obama

YouTube - The Housing Collapse of 2010 Will Be Worse Than 2008

Ron Paul 1/14/10 “Monetary System Is A Fraud/Cheats The People By Debasing Currency”

Unemployment Funds Going 'Absolutely Broke'

U.S. Pledges Unlimited Funds to Fannie Mae, Freddie Mac

Fannie, Freddie: Too Big To Shrink

Kucinich to investigate Wall Street Bailouts

GetLiberty.org >> The Blight Before Christmas

Government lifts bailout cap for Fannie and Freddie - WAVE 3 TV Louisville, KY |

'A SERIOUS GAP IN OVERSIGHT' Fannie and Freddie Fire Their Own Inspector General

Obama Administration denies Goldman Sachs $3 billion tax break

Sign of the Apocalypse...Government to rent your foreclosed home back to you......

Goldman Sachs Looks to Buy Fannie Mae Tax Credits

Bush In 2002 Pushing For Government & Freddie Mac Fannie Mae In Homeownership

Trust is Not Really a Control, Neither is Luck

Freddie and Fannie to Get Government Clean Slate - Ready For More Housing Bubbles?

Fannie, Freddie Plan to Pay $210 Million in Bonuses

Fury Builds Over Crisis at Banks

Whistblowers at Fannie and Freddie Mac were fired for their warnings

Eviction day in Manassas

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