By Rabble Rouser Reverend Amy on January 24, 2011 at 6:15 PM in Bailouts, Current Affairs, Economy, Fannie Mae, Franklin Raines, Freddie Mac, Governance, Hoodwinking, Mortgage Crisis, Mortgages, Obama Comrades, President Barack Obama
Who would that be, exactly? Oh, you are going to love this. We, you and I, American taxpayers, are footing the LEGAL bills for the Fannie Mae/Freddie mac executives who drove our economy into the ground for fraud suits filed against them starting 10 years ago. Who would that be, exactly? Oh, you know, people like Obama’s good buddy, Franklin Raines, and Timothy Howard. Interestingly, though, this isn’t even for their efforts to bust the housing market. Nope. It has to do with the financial side of things.
Here is Stuart Varney explaining it all:
Yes, you heard that right – $160 MILLION dollars we have shelled out for these folks thus far. It is in their contract. Nice.
Fannie and Freddie are STILL dragging us down, be it through paying for these executives, or continuing to lost money on mortgages. To recap, in 2008, Fannie Mae lost $58.7 BILLION dollars, and Freddie Mac lost $50.1 BILLION dollars. And we are already in the red to the tune of $145 Billion now since 2008. One can only hope that the bleeding of money from these two institutions will be stanched, and SOON. Until then, though, it is the mother of bailouts since we owe 80% of the two now. You don’t even want to know what the anticipated amount is to fix them. If you can stomach it, click here.
But I am not holding my breath that Fannie and Freddie will get their comeuppance, which is long overdue. Considering Obama is expected to assert he wants to keep his spending ways when he gives the SOTU Tuesday night, I sure don’t see him taking on these two F’s.
Speaking of Obama, why is everyone acting like his actually getting a 50% approval in a few polls is the greatest thing since sliced bread? Is this an indication of our poor performance in mathematics that we see that as a GOOD thing? Many polls still have him below 50%, which is not exactly a glowing recommendation in my book (unless someone is a meteorologist, and then being right half of the time isn’t so bad. Ahem.).
I don’t get it. But that is the meme going into the SOTU – how Obama is doing SO well. Being crappy half the time (or more) at your job is NOT a good report, people, no matter how the pundits might want to spin it. I believe that would qualify as an “F” by most (all?) academic standards. Or at least it was back when I went to school (we didn’t get the “well, even though you failed at your homework, and failed your test, we are still going to pass you because we don’t want to hamper your self-esteem” pedagogy. We had to earn our grades, had to pass our tests, had to do WAY better than 50%, if we wanted to move on. Just sayin’.)
So, we continue to be bilked by Fannie and Freddie. They will continue to get our hard earned tax paying dollars to continue to operate in the red. Obama will continue his spending, deficit increasing ways, and ALL of this is passed on to us.
Gee – and he’s getting close to 50% approval? I guess some people don’t mind throwing their money away, especially to bail out a bunch of guys who lied, lied, and lied some more. But I do. How about you?