Mortgage Bailout Bill Shreds Property Rights, Fleeces Taxpayers

[W*GS]

http://www.openmarket.org/2008/07/24...eces-taxpayers

Thanks, gubmint.

[alkemical]

The bill will bail out the mortgage giant Fannie Mae, which has used intimidation and deceit, and spent millions of dollars on high-priced lobbyists, to thwart efforts to rein it in, even after its management engaged in a massive accounting scandal that rivaled Enron.

The bill will add at least $42 billion in new expenses to the federal budget, including $16.8 billion in new taxes for taxpayers, and new deficit spending, according to the Wall Street Journal. It will include billions of dollars in new pork for “community development” and “mortgage counseling,” enriching groups like the scandal-plagued ACORN, which engages in vote fraud, and La Raza.

As John Berlau notes, such funds may end up being used to seize homes for the benefit of politically-connected developers, a controversial practice permitted by the Supreme Court’s 5-to-4 Kelo decision, over a dissent by four conservative justices.


_________

That's just f'd up

[orinjkrush]

we are in the midst of a financial meltdown of Biblical proportions.

Banks---subprime mortgages

Lenders....under capitalized, risky loans

Brokerage houses.....graft, lieing and cheating

financiers of all types are fleecing normal people like vultures at a new kill.

and Congress plays the violin...

[Dudeskey]

After this little bailout, watch the dollar take another big ****.

[cutthemdown]

Originally Posted by Dudeskey

After this little bailout, watch the dollar take another big ****.

If freddie and fannie may failed the dollar would take a worst hit. Over 1.5 trillion of that mortgage debt was sold of as bonds to the Chinese, Japanese, Belgium, and some other countries. If they lose there money, it would destroy Americas credit rating and further plunge the dollar.

I'm not sure what that would mean but it wouldnt be good

[Dudeskey]

Originally Posted by cutthemdown

If freddie and fannie may failed the dollar would take a worst hit. Over 1.5 trillion of that mortgage debt was sold of as bonds to the Chinese, Japanese, Belgium, and some other countries. If they lose there money, it would destroy Americas credit rating and further plunge the dollar.

I'm not sure what that would mean but it wouldn't be good

You don't think this sets a bad precedent? It basically tells banking institutions that they can continue to lend with reckless abandon because they know Uncle Sam's going to be there to save their asses. This is an instance where I do believe the 'free market' should be left alone. These lenders should have known better.... **** 'em.

As for the Dollar index, hell maybe you're right. Then again we don't know how much the dollar really is worth since the Fed stopped reporting how much they are actually putting into the economy.