Taxes

[MO<1>]

Okay, we need $1.6 trillion to bail out Fanny and Freddie. How do we do it? What is cut? How will the revenue be raised? What about the fair tax? What about windfall profit taxes just against the housing market? How about windfall profit taxes on hedge funds? What about flat tax?

Your thoughts?

BTW - GO BRONCOS!

[Spider]

Bake sale. if that doesnt work ......... **** em , they got themselfs in this hole ....... let them get themselfs out

[MO<1>]

Bake sale. if that doesnt work ......... **** em , they got themselfs in this hole ....... let them get themselfs out

Whom do you want to bake?

[Spider]

Whom do you want to bake?

Huh ? is this an attempt at humor ?

[TheDave]

Okay, we need $1.6 trillion to bail out Fanny and Freddie. How do we do it? What is cut? How will the revenue be raised? What about the fair tax? What about windfall profit taxes just against the housing market? How about windfall profit taxes on hedge funds? What about flat tax?

Your thoughts?

BTW - GO BRONCOS!

Is that number for real?

Yesterday i heard the ceiling was around $200-$250 Billion

[ColoradoDarin]

Is that number for real?

Yesterday i heard the ceiling was around $200-$250 Billion

$1.6T is the value of all the mortgage assets FNM and FRE hold, those assets still have value, so I don't know why that would be the bailout number. I have heard the $200-250B number from the financial "experts." These GSEs are a mess, either be an actual government program or be a private enterprise, trying to be both has always been a recipe for disaster.

[ScottXray]

$1.6T is the value of all the mortgage assets FNM and FRE hold, those assets still have value, so I don't know why that would be the bailout number. I have heard the $200-250B number from the financial "experts." These GSEs are a mess, either be an actual government program or be a private enterprise, trying to be both has always been a recipe for disaster.


You can bet that the 250 Billion is the LOW end of the actual cost. The LOSSES will be about 1.6 trillion because of the loss in housing values, and the mortgages being , basically, largely unsecured (upside down in value).

This a classic Cluster F*** government deal.

We eat the losses for a badly managed firm, that has government guarantees.

However this eventually goes down , I want some reforms with teeth in them for the subsequent businesses. Put a government oversight committee in charge of and RESPONSIBLE for the actions of these idiots and put rules in place for the mortgages they make that are similar to what we used to have.

Verified income that is 3.5-4 times the PITI or no loan will be given.
And failure to properly oversee results in jail time for the committee that screws the pooch and lets this start happening again.

I also think that the managers of these organisations that got them in this boat should go to prison, for the greedy bastards they are. Unfortunately they will probably get away scot free.

[TheDave]

$1.6T is the value of all the mortgage assets FNM and FRE hold, those assets still have value, so I don't know why that would be the bailout number. I have heard the $200-250B number from the financial "experts." These GSEs are a mess, either be an actual government program or be a private enterprise, trying to be both has always been a recipe for disaster.

Good I just wanted to make sure that this bad situation hadn't turned into a Holy **** situation overnight.