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bruce MN
Veteran Advisor

Re: Debunking the Freddie/Fanny Myth/ew Taibbi

I didn't say it...Simon Johnson did.

 

Well worth reading everything he's put out in the aftermath of Sept. 2007. One of those guys who was there right in the thick of it ,as well as at the creation of it all...knows where all of the bodies are buried.....and who did the killin'.

 

Have you ever watched the Fronline episode "The Warning'  that features Brooksley Born?

 It's streamable from PBS.

dagwud
Senior Contributor

The latest on Fannie and Freddie

I see on last nights NBC news that since the government took over Fannie and Freddie two years ago (under Bush) they have spent $150 billion to bail them out and it will require even more money.  One Congressional estimate says the bail out for the two could run as high as $390 billion of tax payers money.   The news report also said that critics are puzzled why Fannies is currently purchasing new mortages in three states from first time home buyers that in some cases have put down as little as $1000.   One of the critics on the news cast was a former officer at Fannie who felt they simply perpetuating their existing problems.

hardnox604008
Advisor

Re: The latest on Fannie and Freddie

I don't make any representation that therre weren't, and aren't huge problems with the GSEs.

 

Merely that the notion that the GSEs caused the Wall Street crash is a myth promulgated for purely partisan purposes.

 

Best,h

dagwud
Senior Contributor

Re: The latest on Fannie and Freddie

I'm not trying to say the GSE's were the lone cause of the crash nor was any single politician, Wall Street bank or ratings agency.  The main guilt I believe should be aimed at politicians and people appointed by politicians that do the bidding of Wall Street banks and often have worked for Wall Street banks before and after their stint with the government.  We need to close that revolving door between Wall Street and the fed.  Maybe we could try some academic types in the future.  Another thing I would love to see is making it illegal for Congressmen and women to become lobbyists after leaving office.  While doing some reading the other day I saw where **bleep** Gephardt is now working for Goldman Sachs.

kraft-t
Senior Advisor

Re: The latest on Fannie and Freddie

Why would that be wrong. Richard Gephard working for Goldman Sachs/ If I were you I would be more concerned about your current congressmen that are working for Goldman Sachs and othe wall Street entities. I think at least one has an R behind their name.

dagwud
Senior Contributor

Re: The latest on Fannie and Freddie

Do I really need to explain why I think it is not good for the tax payers to have ex-Congressmen working as lobbyists?

 

I agree Don that there are Repubs and Dems (I know you don't want to hear that) that are doing the bidding for large Wall Street banks.  I'm curious if you read Nox's link by Matt Taibbi whom I'm sure you are familiar with from being a reoccurring guest on Bill Maher's show.  I like Matt as he tells it like it is and is not afraid to step on the toes of some powerful people be they Dems or Repubs.   

 

tomtoolbag
Veteran Advisor

Re: The latest on Fannie and Freddie

  Matt Taibbi deserves the well earned term of Muckraker. It's too bad that there aren't more people in the media just like him. 

kraft-t
Senior Advisor

Re: The latest on Fannie and Freddie

No I think you have a good argument. Just wonder why you single out Gephardt when there are so many current congressmen in wall streets pocket.. I guess Gephardt must be special, hunh?

kraft-t
Senior Advisor

Re: The latest on Fannie and Freddie

I think many journalists are plumb lazy. Instead of investigating the facts they are prone to interviewing the spinners and passing it along. It so much easier to report the BS than search for the facts.

dagwud
Senior Contributor

Re: The latest on Fannie and Freddie

I was not trying to single out anyone Don.  By chance I had just come across an article the day before that mentioned that Gephardt was now working for Goldman Sachs and felt it fit in with what  I was talking about how I think our presidents need to wean themselves off the "expert" advice of Wall Street bankers and shut down the revolving door between a couple of very large Wall Street banks and the Treasury Dept.  These guys worked for the banks before and know they will be back working for them again as soon as their gig in DC is up.  Not hard to figure out which side they look to protect.  I have always been against Congressmen and women and their spouses working as lobbyists.  Just look at the trouble we have with regulators in the oil and mining industry when they have too close of ties with the industry they are supposed to watching over.