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  • No-More-Bailouts Bill Springs a Leak: Fannie and Freddie Ask for More

    Supporters of Sen. Chris Dodd’s financial regulation bill say it will end financial bailouts. In fact, the Senate — anxious to reassure Americans on that fact — even added an amendment last week with a stated purpose “[t]o prohibit taxpayers from ever having to bail out the financial sector.” But someone forgot to tell the folks across town at Freddie Mac and Fannie Mae. Freddie last week announced it had lost $8 billion in the first quarter of the year, and would be asking for another $10.6 in taxpayer help. And today, its twin Fannie announced a $11.5 billion loss, and asked for a further $8.4 billion in aid from taxpayers. That’s in addition to the nearly $145 billion in aid to Fannie and Freddie have already received.

    So did the two government-sponsored enterprises slip this bailout in under the wire before Congress stopped them? Not quite. In fact, the plan does nothing to reform either Fannie or Freddie. That apparently is not a priority. Sen. Mark Warner, in fact, said that a plan for reform of these out-of-control firms will have to wait until next year.

    Sens. John McCain, Richard Shelby and Judd Gregg are planning to introduce an amendment to the Senate legislation to require action to address Fannie and Freddie. It’s not expected to pass.

    This is a serious hole in the USS Dodd. And it’s the American taxpayer who will be drenched as a result.

    Posted in Economics [slideshow_deploy]

    18 Responses to No-More-Bailouts Bill Springs a Leak: Fannie and Freddie Ask for More

    1. brian buckley, melbo says:

      Dr Udd's research in Rail Transport is deficient in knowledge of Transport

      Economics and Rail Technology:

      . Rail uses less than one third of the fuel per ton of passengers and freight carried, cf with cars and trucks

      . Rail is much safer with less than 4 per cent of the deaths and injuries and

      hospital admissions, cf road transport

      . Rail has a light footprint which canssubstantially reduce the US $300 Billion Road Congestion bill

      . Rail in China is a serious competitor with air transport, with the advantage

      that it takes commuters directly into the heart of cities

      . Road Transport is also heavily subsidised

      Would you please email this on to your Director of Research?

      Thanks

    2. brett says:

      Had never heard the word until now— Type it into Google and start reading. Pretty interesting. Note that Muslims and certain other religions are exempt from the Obamacare penalties and it is supported by law. We are surrendering from within! The boy is leading us right down the path to total control!*

      Word of the Day: Dhimmitude

      Dhimmitude is the Muslim system of controlling non-Muslim populations conquered through jihad. Specifically, it is the TAXING of non-Muslims in exchange for tolerating their presence AND as a coercive means of converting conquered remnants to Islam.

      The ObamaCare bill is the establishment of Dhimmitude and Sharia Muslim diktat in the United States . Muslims are specifically exempted from the government mandate to purchase insurance, and also from the penalty tax for being uninsured. Islam considers insurance to be "gambling", "risk-taking" and "usury" and is thus banned. Muslims are specifically granted exemption based on this. How convenient. So I, Ann Barnhardt, a Christian, will have crippling IRS liens placed against all of my assets, including real estate, cattle, and even accounts receivables, and will face hard prison time because I refuse to buy insurance or pay the penalty tax. Meanwhile, Louis Farrakhan will have no such penalty and will have 100% of his health needs paid for by the de facto government insurance. Non-Muslims will be paying a tax to subsidize Muslims. Period. This is Dhimmitude.

      Dhimmitude serves two purposes: it enriches the Muslim masters AND serves to drive conversions to Islam. In this case, the incentive to convert to Islam will be taken up by those in the inner-cities as well as the godless Generation X, Y and Z types who have no moral anchor. If you don't believe in Christ to begin with, it is no problem whatsoever to sell Him for 30 pieces of silver. "Sure, I'll be a Muslim if it means free health insurance and no taxes. Where do I sign, bro?"

      I recommend sending this post to your contacts. This is desperately important and people need to know about it – quickly.

      I checked out this article on Snopes…see what you think.
      http://www.snopes.com/politics/medical/exemptions

      is this true?

    3. Pingback: Must Know Headlines 5.11.2010 — ExposeTheMedia.com

    4. Lawrence Ford Roland says:

      Bring on November!!!

    5. Drew Page, IL says:

      Now you know why Fannie and Freddie were conspicuous by their absence from Dodd's bill.

      If Chris Dodd had exercised the same financial prudence in a private sector corporation that he excerized in the Senate over Fannie and Freddie, his actions would have landed him in jail.

    6. Tim Az says:

      The bailouts will continue until a sufficient number of liberals have been purged from D.C.. The liberals are so closely tied to Fannie and Freddie that any damage to these entities will result in equal and undiminished damage to their liberal parasites. It will be left to the new members of Congress to remove this cancer from our society. So long as the current regime has not amassed enough slush funds to maintain their pet projects with out continued funding from the new Congress.

    7. stirling, Pennsylvan says:

      Fannie and Freddie are great examples of why Governmental Socialism in Any Sector of our economy never works (Unless it's monopoly money being used.) Until these progressives that run our government are tossed out on their ears (from voting) until none of them are left in government our country will continue to be a money pit for corruption and waste. It sickens me that what should be "reformed" like Fannie/Fredie, and all that does need reforming is never what is actually reformed.

    8. Billie says:

      It was funny when Obama and his buds used the fact that John McCain owns a number of homes. The key word "owns." Which means he left no tax payer accountable. Thank you, John McCain!

      When do we get to meet Fannie and Freddie and all behind them? The president holds the banks accountable and yet the real perpetrators are government WHO HASN'T THE DIGNITY OR EVEN MATURITY TO STAND TO BE HELD ACCOUNTABLE…TO THEIR OWN!

    9. Ken Kensington-- Wil says:

      Just can't wait until November and pull the lever in the voting booth, hopefully the shock will wake up the Washington politicians and send them back to where they came from, there will be lots of new faces and a new breed of representives coming to take there place and really represent their working stiffs back home.

    10. velma moore 1820 s. says:

      tell dodd since he purposely left freddie and fannie out of the bill he can pay for them himself. we the taxpayers have had enough. also tell him the tea party will not forget and we will be coming for him when his time is due.

    11. velma moore 1820 s. says:

      TELL DODD SINCE HE PURPOSELY LEFT FREDDIE AND FANNIE OUT OF THE BILL HE CAN GIVE THEM THE MONEY OUT OF HIS OWN POCKET. THAT WE THE TAX PAYER HAVE HAD ENOUGH OF WASHINGTON AND THEIR OVER SPENDING. ALSO TELL DODD WE THE TEA PARTY WILL NOT FORGET AND WHEN HIS TIME COMES WE WILL COME FOR HIM.

    12. Laura says:

      These criminal acts are unforgivable. Fannie Mae and Freddie Mac and their supporters MUST BE STOPPED. Do the liberals in D.C. really they are immune to the poison that they are spreading in the country. And to the GOP who have not taken a stand against these crimes your day is coming. I am ashamed that there are no MEN or WOMEN strong enough to stand up to these criminals. When are the people we hired to do what is right going to do their job? November….I can't wait.

    13. Lee Silen says:

      A guy I knew years ago had a son that was a serial screw up and kept having run ins with the law. finally the courts told him that they were through trying to work with him and he had two choices. Ten years in jail or Join the service.

      Rather than going to jail, he joined the Army. Wallah! When he had no-one that could bail him out, he became a model soldier. Years later, the next time I saw him, he was a sergeant first class and doing great.

      Turns out that when his "Daddy" was taken out of the equation, and he was allowed to sink or swim, he managed without help and straightened up his act.

      There was one small hitch. Each time he came home on leave, He managed to cross the law, just short of going to jail. He finally got loaded and killed himself while driving drunk,

      It's like the millions of black birds that have been swarming around the open fields in the area that we live in. If ya give them just a little reason, they are in your back yard and you'll play H__l getting them out! Fannie and Freddie etc, etc, are no exception. Keep bailing them out and there will be no end to the enterprising freeloaders that will beg you for a bailout.

      Leby

    14. Ron Wilner, New York says:

      We must cleanse the body politic if we as a nation are to survive. Their unscrupulous actions to deceive under any other circumstance would be criminal. I just added an Ode to Our Dishonorable Congress and Our Infamous Leaders on my website. It summarizes why we have little control as long as these Bums stay in office. Visit my website:

      http://www.throwallbumsoutofoffice.com

      and decide for yourself in my portrayal is representative.

      They you will know what you have to do on November 2nd.

      Throw All Bums Out of Office.

    15. Pingback: Where’s The Regulations on Fannie And Freddie?

    16. Pingback: Today in Washington - July 13, 2010 | RedState

    17. Pingback: More Analysis of Dodd-Frank | A Free Nation Under God

    18. Mary Sosebee, Atlant says:

      Why is Chris Dodd still allowed to author laws in this country? Wasn't he involved in deals with mtg. co. involving payback? Is Dodd above the law? Is Congress? Is there no safeguard against this corruption that will protect our country, our financial system and the tax paying citizens of the US? There is no accountability.

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