still think bush is republican?

A forum not related to waterfowl for discussing the more controversial and hot topic issues in our world from immigration, politics, the war, etc..

Moderators: Smackaduck, MM

still think bush is republican?

Postby pennsyltucky » Sun Sep 07, 2008 11:17 am

im awful tired of the growing nanny state. the irresponsibility of our entire country will only get worse if the nanny keeps bailing everyone out. its like the government is just taking over the private sector 1 piece at a time.... :mad:


http://news.yahoo.com/s/ap/20080907/ap_ ... nts_crisis

WASHINGTON - The Bush administration, acting to avert the potential for major financial turmoil, announced Sunday that the federal government was taking control of mortgage giants Fannie Mae and Freddie Mac.
ADVERTISEMENT

Officials announced that the executives of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac.

Treasury Secretary Henry Paulson says the actions were being taken because "Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe."

The huge potential liabilities facing each company, as a result of soaring mortgage defaults, could cost taxpayers tens of billions of dollars, but Paulson stressed that the financial impacts if the two companies had been allowed to fail would be far more serious.

"A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance," Paulson said.

Both companies were placed into a government conservatorship that will be run by the Federal Housing Finance Agency, the new agency created by Congress this summer to regulate Fannie and Freddie.

The Federal Reserve and other federal banking regulators said in a joint statement Sunday that "a limited number of smaller institutions" have significant holdings of common or preferred stock shares in Fannie and Freddie, and that regulators were "prepared to work with these institutions to develop capital-restoration plans."

The two companies had nearly $36 billion in preferred shares outstanding as of June 30, according to filings with the Securities and Exchange Commission.
muleskinner wrote:you were born with a silver spoon in your mouth and a benalli in the other.
User avatar
pennsyltucky
Forum Moderator
 
Posts: 3167
Joined: Mon Feb 27, 2006 2:21 pm
Location: stoneboro, PA


Postby rmh » Sun Sep 07, 2008 11:56 am

This is one those "damned if you do and damned if you don't" situations. Let the market totally work and there will be very few mortgages issued for years. I forget the number but the fact that Freddie and Fannie will buy up mortgages allows lenders and brokers to issue a lot more than they normally could. Do what's being done and there is criticism about government intervention. The same thing was said back in the 70's when the government guaranteed Chrysler's debt-the cost in increased unemployment and dislocation was greater than the value of the guarantees. Unemployment nationally is now a bit above 5%, a five year high but still lower than the "golden" Clinton years and way below historic numbers, but the struggling sector is construction. Home starts are way down, home sales are way down, home prices are in free fall. F and F go under and the predictions are even worse, Great Depression numbers for the housing sector.
2013 Totals
1 2003 Ford Focus (harvested by a 6 point whitetail)
1 1991 Chevy Lumina (harvested by a PT Cruiser)
rmh
hunter
 
Posts: 1693
Joined: Tue Dec 25, 2007 3:50 pm
Location: On the Chesapeake

Postby Rat Creek » Sun Sep 07, 2008 1:13 pm

Two things.

(1) I like Bush on national security and he is a Republican, but he is not a conservative on most issues, and this is just another example.

(2) Freddie and Fannie are private organizations with share holders, and should be allowed to implode and go out of business just like any other poorly run company.

This is how the free market works. Trust me, other organizations would have taken their place or a new structure for bundling mortgages would be created by smart people seeing an opportunity.
Rat Creek
Rat Creek
hunter
 
Posts: 4350
Joined: Sun Aug 01, 2004 4:11 pm
Location: Overland Park, KS

Postby pennsyltucky » Sun Sep 07, 2008 1:58 pm

Rat Creek wrote: he is a Republican,
he does have an R behind his name, if thats all it takes anymore :biggrin:
muleskinner wrote:you were born with a silver spoon in your mouth and a benalli in the other.
User avatar
pennsyltucky
Forum Moderator
 
Posts: 3167
Joined: Mon Feb 27, 2006 2:21 pm
Location: stoneboro, PA

Postby SpinnerMan » Mon Sep 08, 2008 9:32 am

GWB is much closer to a traditional Democrat of the JFK and FDR variety than BHO is. Very good on national security, decent to poor on domestic issues.

You can tell this by his mistakes. Maybe too aggressive in defending America, but he's willing to fight. Too much big government on the domestic side - steel tarifs, drug benefit, fannie/freddie (although failure to act in the past may have made this the least bad option today).

BHO will only fight if forced into a corner and then I still don't know. However, you can guarantee he is for every big government program that comes down the pike. BHO is a radical left-wing progressive like none that has ever held the office of President. JEC is definitely the closest, but he is even more radical then him.

We can't accept 4 more years of GWB's failed domestic policies. BHO is definitely going to continue this big government failures to a greater extent than "McSame."
User avatar
SpinnerMan
hunter
 
Posts: 15918
Joined: Mon Dec 12, 2005 11:24 am
Location: Joliet, IL

Postby DuckinFool » Mon Sep 08, 2008 10:05 am

Bush usually talks like a Republican but walks like a spendthrift Democrat. :mad:
Recession-neighbor loses job...Depression-you lose job...Recovery-Obama loses job.
Image
Don't blame me.....I didn't vote for him !!!
User avatar
DuckinFool
hunter
 
Posts: 1460
Joined: Sat Oct 15, 2005 6:47 am
Location: Southern Illinois

Postby brownlou » Mon Sep 08, 2008 5:16 pm

brownlou
hunter
 
Posts: 62
Joined: Mon Sep 08, 2008 5:09 pm

Postby Rat Creek » Mon Sep 15, 2008 6:46 pm

Brownlou:

Just what part of any of the previous posts is incorrect?

Possibly you could read my reference to private company that way, but my intention was to point out that it isn’t a government or public institution, but is owned by share holders like any other company. Maybe a better way to state it would have been to say it is publicly traded.

Other than that, I am still waiting for the history lesson.

And because I speak from personal experience here, don’t assume the people at Wikipedia are a flawless source. :oops:
Rat Creek
Rat Creek
hunter
 
Posts: 4350
Joined: Sun Aug 01, 2004 4:11 pm
Location: Overland Park, KS

Postby Redline29 » Mon Sep 15, 2008 7:43 pm

Rat Creek wrote:And because I speak from personal experience here, don’t assume the people at Wikipedia are a flawless source. :oops:


Wikipedia is a freaking joke...anybody can add to it and say whatever they want as far as I understand it.
20 Jan 2009...the beginning of an error.
User avatar
Redline29
hunter
 
Posts: 232
Joined: Tue May 20, 2008 11:55 pm
Location: NW, PA


Return to Controversial Issues Forum

Who is online

Users browsing this forum: No registered users and 6 guests