Hoorah! for communism

[NewbieChris]

Government Takes Control of Fannie, Freddie - Markets * US * News * Story - CNBC.com

[NewbieChris]

You know that horrible national debt we are in. We just doubled it, WOOT!

[Bouncer]

that is why i am glad i live in a country that would never do that. the peoples republic of new jersey is the greatest country in the world.

[The_Grinder]

We are all about to get sucked into a black hole anyway so fuck it! :drunk:

[Turbo3000]

Got to love it when big government will bail you out.

[Shibby]

Could someone give me the layman's explanation please?

[Bouncer]

Could someone give me the layman's explanation please?

the government took over a company to "help" the public and the economy. aka.. something china would do. :P

[Stonecold54]

yeah after the govt probably TOLD them all those years ago to give people that couldn't afford mortgages them anyway....and now they are backpedaling cuz people can't make payments....gee I wonder how hard that was to see in the future....our wonderful 24 hour politicians...they can't see in front of their own asses.

[Shibby]

So the people that have money invested in the falling company get it all back, just because? Is all the money coming in from the houses being resold going to the govt or the companies investors?

[NewbieChris]

So the people that have money invested in the falling company get it all back, just because? Is all the money coming in from the houses being resold going to the govt or the companies investors?

Fannie Mae was founded back in the 30's as an answer to the Great Depression. Basically, the government was the lender of mortgages so that people could afford them. As time went on, Fannie Mae went public and became publicly held in the stock market.

Fannie Mae and Freddie Mac are government guaranteed loan companies anyway. Meaning that if you default on your loans, the government pays off your loan for you. The only difference is now they are operated by the government and all the shitty loans that this company took on while public are now your and my debt.

At that the government is giving the people at the top the 'out' and saving their asses, along with the idiots that took out these loans. Leaving this all in the American public's hands. Keeping the rich, rich and the poor, poorer and the average American pissed off.

No stock holder of Fannie Mae or Freddie Mac is going to get any money, don't worry about that. However, I mad a bundle by buying UBS Friday. :)

[biased]

great, buy momma some non filtered camels, move out, and quit bitching!!!