Good Day!

I hope everyone bought fannie and freddie stock after it tanked. Once the bailout was announced –it doubled.

Feddie should be Freddie in the headline

There will be plenty of complaining ahead if Obama wins and the Democrats make large gains in Congress. The Republics will put on their deficit hawk costumes and shout loudly about everything economic. Of course, it will all be the fault of the Democrats.

Ian ,
Help me out w/ the math ,things get fussy with so many zeros.
!00 bill / 300 mill =$ 3,300 for every man woman and child in the US ?

The republicans can point their fingers all they want, but even the most ignorant of voters will remember just who or whom has had the majority everywhere for the last 7 1/2 years, so I’m not sure it will have an impact on the general election.
Or maybe I’m just be delusionally hopeful this morning.

Hi Ian.

What a lovely subject with which to start my computer day.

But I too am confused.

This… little trifle will never fit in Herr Nitquist’s bathtub.

Should we give him a call for suggestions on the matter?

Just how will this effect the market and the value of the dollar.
How much and how fast should the Dollar drop? When will the Fed start raising rates and by how much?
If they raise rates before the election it helps us but it also shows how desperate they are.
Desperation is good its Much better than Denial.

You’re dleusional hoepful this morning I fear,
those who only listen to Right Wing Talk are still being led astray — “the Pelosi Premium” as if it’s the Dems fault for high gas prices is a good example of their successful disinformation campaigns

and I can’t type either.

Morning Ian

!00 bill / 300 mill =$ 3,300 for every man woman and child in the US ?

If your math is right then Bush just passed a huge tax increase debt is a tax, a future tax but none in the GOP outside of Milton Friedman understands that.
Although that might be the only thing he was right about.

Hey Things…I agree about desperation over denial. It’s closer to acceptance of reality. The only ting that can come from denial is more ruin.
Good perception on your part.

Don’t mean to rain on your parade but the dittoheads will be out in force and don’t try to bother them with facts

OT
Muaksey hearing with the HJC started
link to webcast

Marcy’s liveblogging, btw

How likely is it that this bailout will fail? Or that someone else might need bailing out? First BearStearns then Freddie and Fannie, maybe a Major hedgefund will do a Long Term Capital suicide swan dive?
Can we afford another bailout? Or are we out of fingers to plug the dike?

Good morning, Ellie.
Have some coffee, here ya go.
Or can your lefty fingers just not wrap themselves around the words Delusionally Hopeful?
(I’m teasing ya.)
Also, catch me up on this Mukasey hearing. Didn’t he speak (but not share much) last week? Was that the Senate and this one is the House?
I should know, but I don’t.

It’s amazing how the Goopers can turn on a rhetorical dime and somehow the MSM never notes it.

Thanks :)

I know Hugh has his monumental list of repugnican scandals.

Has anyone made a list in re junior’s path of wanton destruction thru the realm, or is it too early?

To hear him talk, he’s not finished. And then there’s that face-shooter’s agenda to consider.

There’s no headache remedy strong enough.

There’s no heartache remedy at all. Oh sigh.

The FED is bailing out banks every day

Feddie is the new Freddie.

fyi, here is what i sent marcy this morning – the direct url for hjc hearing webstreams:

http://boss.streamos.com/real-…..070212.ram

100 b / 300 m is $333.

Good Morning Ian and Firedogs,

Ian – thank you for that fabu Numerian post last night. carrumba !!

did you catch Roubini yesterday ?

When criminals print money, it’s called counterfeit – when the government does it, it’s called policy

i think hugh’s list is what you are looking for. do you see any missing items?

Hi demi. Nice to see your shining face this morn.

Have some fresh blueberries with that coffee, folks. Our bush runneth over. We’ll have to share with our crazy catbird here ’cause he’s got youngins on the way, but there are plenty to go around. ;->

I have to say that I still don’t understand the Freddie/Fannie bailout. My understanding is that Freddie and Fannie buy “prime” mortgage loans from banks, which frees the banks up to make more mortgage loans, thus keeping the housing market going. Freddie and Fannie specifically do NOT buy “subprime” loans, so they should have been insulated from Big Shitpile, but Big Shitpile has gotten so bad that people are now walking away from what were once non-shitty mortgages, and Freddie and Fannie are stuck holding the bag. Now we’re being told that if we don’t bail out Freddie and Fannie, the banks aren’t going to be willing give people non-shitty mortgages anymore.

Really? What about the miracle of capitalism? Making non-shitty loans is pretty much the whole reason a bank exists in the first place. That’s how they make money. Are people seriously saying that capitalism just doesn’t work without the government being involved?

Furthermore, $100,000,000,000.00 is a lot of money. Instead of bailing out two failing companies that did a lousy job identifying non-shitty loans, why not just ignore Freddie and Fannie, and use the money to fund sensible non-shitty loans? That would provide immediate assistance to people who are trying to buy houses right now, which would help both the buyers and the sellers in the housing market, as opposed to helping two companies who made lousy business choices.

GET OUT!!! Someone’s stealing all the R’s! Woot!

It may not have an impact on this election. It will, however, be loud and long in the coming years as the Republics work to shape the story in their favor.

Well, here’s from Marcy’s

Today’s hearing should be contentious. I expect Dems will want to talk about why Karl Rove feels he can blow of Congress, why Michael Mukasey begged Bush to invoke Executive Privilege to protect Cheney’s FBI interview reports, torture, and voting rights. Mukasey, undoubtedly, is going to want to talk about how HJC should drop all of those issues and instead focus on his call for Congress to redeclare war against Al Qaeda and to legalize keeping detainees indefinitely even if their habeas petitions say there’s no reason to hold them. I’m sure the Republicans on the Committee will alternate between supporting Mukasey’s call to redeclare war and interfering with the hearing generally, as they did with the Dougie Feith hearing last week.

Interesting note from Marcy

One more relevant announcement: Governor Don Siegelman will be joining us at FDL tomorrow at 12 ET/9 PT for a live chat–we expect to talk about contempt for Karl Rove, as well as anything that comes up in today’s HJC hearing.

That’s it. Thanks for the link. Hope you’re doing well today selise.
These are trying times. eh? Thank goddess for the Lake.

It’s alright, I’ve got my umbrella of hope up and in protection mode from that rain.
And, with the facts in my pocket.
With their big spin machine in place, why can’t they use it for something useful, like pushing that big old hurricane back out towards the ocean?

the velociraptors are already testing the wires -

yesterday Malkin attempted to blame Wachovia’s troubles on their alignment with the reconqistas via La Raza

and yet another one blamed it on those touchy feely Dems outlawing redlining . . .wait for it . . .in 1977 !

It looks like they started buying subprime loans only recently (in 2007).

heh. all our $$ is under the mattress, figuratively speaking, in pennies.

did you catch Roubini yesterday ?

shit.

thanks for the link… i think.

Thanks Elliot. I’ll be keeping my ear to the ground. Can’t watch or read the play by plays…I’ve got a few things that I have vowed to accomplish today. (How can I be a good role model for getting jobs done if every time they walk through the livingroom , I’m sitting at the computer?)

Yeah, me too. It’s a good thing we’re not princesses, right? Ha. Thinking the princess and the pea.

Today’s hearing should be contentious

i don’t expect more than a bit of faux conflict. i do expect another ineffective frustrating hjc hearing.

that said, i’m both listing and recording it.

You and other need to see this and explains it all why money = debt and how it got that way.

http://video.google.com/videop…..2583451279

Was Malkin even hatched by 1977? Whut crazy historicalifragilistic book is she getting this junk from, or does she just make it up as she goes along?!

Oberlin is hanging its head in shame over this wayward wench.

Thank you so much, Selise. ‘Cause what with all the Dolly coverage today, the msm might not get a chance to report on that hearing. Is this ME being snarky?

With the whole real estate or as they call it “housing market” deflating in value ALL mortgages are now moving toward being “upside down”. Not all will get there, but a lot of equity is evaporating and good loans are going bad… especially when people took home equity loans to party as the property value “seemed” to go up oodles.

Now they are saddled with debt they can’t pay, just like all the people who are in the credit game of borrowing and trading and so forth.

As long as there is interest and so forth there will be bubbles and crashes. This one is very broad and affects almost everyone.

This is a petty good explanation of how Fannie and Freddie got in trouble

http://www.econbrowser.com/arc…..e_and.html

(How can I be a good role model for getting jobs done if every time they walk through the livingroom , I’m sitting at the computer?)

oh har! I got caught and trapped yestidie – ended up sanding all the walls in our kitchen, cough cough. Finally, sweating bullets & blinded by dusty, fogged-up goggles, I discovered how to use our whole-house exhaust fan to survive the last of the process – barely. Gaw-lee what a mess I made! Kitties and honey were trapped on the porch during the process, looking thru the windows as if they were sure I’d finally, truly lost my mind. teh true. whut else is new? Today it’s honey’s turn. Patching lil dings here & there.
And I sneak in s’more Lake visiting. ;->

actually, it was Sowell (an african american) blaming the poor billionaire’s losses on The Community Reinvestment Act 1977 (you know, that thingy that helped african americans)

“forced them to lend in places where they did not want to send their money “

I kid you not :D

You’re fixing up your house for the move? Is that right?
Bless your heart, dear Adie. And, thanks for the blueberries.
I’m off to start on my list for today.
See all of you smart pups later.

yep. thank heaven we’ve got a year yet to prepare. it’s been a good home, but mostly we’ll miss the grounds: veggie garden, deep woods and deliberately overgrown with wildflowers and berry-&-nut-producing shrubs which make the whole place a haven for wildlife. after 35 yrs of this, the critters regard us as family, and the neighbors no-doubt think i’m nuts, but they do have to concede that, yes, the birds do indeed come in very close and talk back to me as I putter around outside.

much of it was a bare field when we moved here. Now, the conservation easement stewards are a bit slack-jawed, when they visit, at what can be done by living gently on a relatively small plot of land, and at the long list of resident and migrating wildlife we host year round.

yep. ahead of ya. we’re taking plenty of pics before we leave.

Anyone out there want a terrific 2-bedroom house with a huge fireplace, incredibly efficient kitchen, full basement, screened porch, more hummingbirds than you can count, thriving veggie garden, berries and hazelnuts and walnuts, mature maple-beech-hickory woods, chickadees & catbirds who come when you call, butterflies galore? Contact Adie in about a year or a little less.
northeast OH.

((( Ian )))

Brother, can you spare a dime coupla hundred Billion ?

No taxpayer alive today, or tomorrow for that matter, will pay the money used to bail out Fannie Mae or Freddie Mac stockholders, bondholders or whatever. You cannot get blood from a stone and you cannot get new value into a federal government operating at a deficit without raising taxes. Since that seems to be off the table, we are left with printing money. That can get hairy especially if our middle eastern oil suppliers decide their oil for our paper is not a good deal.

I got yer friggin tax rebate right here

Good on Sowell. Lump of coal for Malkin.

We’ll be moving to Oberlin, where she supposedly learned something. Can’t wait to hear what they say on the street corners around there about her.

Her bile-spewing absolutely stuns me. How could anyone….?! oh well

;-P

Kinda in the line of this thread:
I caught the second half of an ad on the captive-audience screen in the elevator a little bit ago:

… because Warren Buffett is NOT Jimmy’s brother!

Teddy upstairs/ http://firedoglake.com/2008/07…..-and-then/

We can’t afford this or the additional bailouts to come. We are drowning in debt. Doubling the debt will not solve this problem. Wiping out Fannie Freddie and the investor class might help a little in the long term.

Our dollars will be worthless soon. How will we buy anything then? Gas, Food? Hmm…..armegeddon is on the way. Get some ammo and stock up on canned goods. (Never thought I would be saying this.)

We have to stop this bail out. Don’t know how but we have to…

11 Reasons America is a new Socialist economy…losing AAA credit rating of USA is all over the internet…Scary.

http://www.marketwatch.com/new…..atrick.net

Compare it to the value of the US mortgage market instead.

Thanks Cbl2.