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Posts Tagged ‘Freddie Mac’

The world is changing, fast…

September 14, 2008 Leave a comment

“After Argentina was — after a long, drawn out process — denied financial support from the IMF and left with no choice other than default and devaluation, the US Treasury encouraged the IMF to provide a large backstop to both Brazil and Uruguay. That strikes me as the right metaphor for tonight. But rather than worrying about the rest of the world, the US authorities now are worried about the health of the United States’ own financial system.”

Brad Setser

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So tell us how you really feel…

September 10, 2008 Leave a comment

“Like scores of evangelists and hypocrites and moralists who spew and praise family values and pretend to be holier than thou and are then regularly caught cheating or cross dressing or found to be perverts these Bush hypocrites who spewed for years the glory of unfettered wild west laissez faire jungle capitalism (and never believed in any sensible and appropriate regulation and supervision of financial markets) allowed the biggest debt bubble ever to fester without any control, have caused the biggest financial crisis since the Great Depression and are now forced to perform the biggest government intervention and nationalizations in the recent history of humanity, all for the benefit of the rich and the well connected. So Comrades Bush and Paulson and Bernanke will rightly pass to the history books as a troika of Bolsheviks who turned the USA into the USSRA. Fanatic zealots of any religion are always pests that cause havoc and destruction with their inflexible fanaticism; but they usually don’t run the biggest economy in the world. But these laissez faire voodoo-economics zealots in charge of the USA have now caused the biggest financial crisis since the Great Depression and the nastiest economic crisis in decades. So let them be shamed in public for their hypocrisy and zealotry that has caused so much financial and economic damage.”

Nouriel Roubini

China: “If it is not the end of the world…”

August 30, 2008 Leave a comment

Okay.

We admit it.

We are prone to excessive pessimism regarding the impending catastrophe facing you; to exaggeration; to hyperbole – indeed, you can even say we underestimate your ability to muddle, once again, through the dark tragedy which is about to descend on you.

The United States is not Argentina, the Dollar is not the Peso, you say.

Almost.

Read this nasty little item from the Australian site, The Age:

A high-ranking Chinese economist has put his nation’s cards on the table in the global financial poker game by effectively telling the US to fix Freddie and Fannie … or else.

“A failure of US mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system”, Yu Yongding, a former adviser to China’s central bank, says.

“If the US government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,” Yu said in e-mailed answers to Bloomberg. “If it is not the end of the world, it is the end of the current international financial system.”

“Men like Yu Yongding don’t just get up one morning and say this sort of thing.” We are told by the writer.  “He is possibly the most highly accredited economist in China. A list of his positions would fill a little red book.”

Not a word this week from a single member of the elite bosses of the Party of Washington. Not a peep from the economic vandals of the Party of Wall Street.

Not a single response from The Presidency, the office of the Speaker of the House, nor from the office of the Senate Majority Leader.

Not a word of this and its implication for you and those you love from the lips of the nominee of the Party of Washington, who waxed eloquent regarding how life will profoundly change under his enlightened term in office.

He went on for forty-two minutes, we are told, yet found not ten seconds of it where he could have told the nation, “Uh, sorry. The Chinese just sent us an ultimatum: Either we fix our economy, or we are cut off from the spigot.”

Not a peep.

Let us speak frankly, so that you are clear about the stakes for you and your family, when next John McCain or Barack Obama hold one of those town meetings in your area.

There are only two choices here:

  1. Dismantle America’s Empire – withdraw from Iraq, Afghanistan, all overseas bases, pull back the fleets, recall the submarines, and stand down, or,
  2. Starve.

Everything you need to know about the Fannie Mae, and Freddie Mac bailout

July 14, 2008 Leave a comment

The Republicans urinate on us and call it “free enterprise”

The Democrats diligently wipe off the Republican members and place each back in their pants, and call this “regulation.”