You know what happened with housing, the banks and the markets, now…

In THEIR words, with pictures, all the lies!

Starring, as Chief Liar,
Ole Round Mouf Barney hisself.

 Look no further than the District of Criminality, headed up by the Community Organizer and Bwarney Fwank and Chris Dodd.

CNBC’s Rick Santelli Rips Key Democrat For Ignoring Fannie/Freddie Reform 

The Donkeys don’t care.

For years, Republicans raised red flags about Fannie and Freddie’s financial condition and proposed responsible reforms only to be thwarted by Democrats who have deep political ties to the worst offenders.  These same powerful Democrats are now pushing for a financial reform bill that doesn’t even address the need to fix these government mortgage companies.  As the Wall Street Journal wrote last week, “reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.”

FREDDIE MAC:
Received: $52 billion from taxpayers
Lost: another $6.7 billion
Needs: $10.6 billion more from taxpayers

Freddie Mac’s Big Losses

The New York Times reports:
If you blinked, you might have missed the ugly first-quarter report last week from Freddie Mac, the mortgage finance giant that, along with its sister Fannie Mae, soldiers on as one of the financial world’s biggest wards of the state. [snip]

The news caused nary a ripple in the placid Washington scene. Perhaps that’s because many lawmakers, especially those who once assured us that Fannie and Freddie would never cost taxpayers a dime, hope that their constituents don’t notice the burgeoning money pit these mortgage monsters represent. Some $130 billion in federal money had already been larded on both companies before Freddie’s latest request. (emphasis added)

Have you heard anything from your local poltroons on the “Bailout won’t cost taxpayers a dime!” How about asking that suckface Barney Frank or the “Sandwich Man” Dodd what’s going on with these numbers.

In the diverse workplace, insensitive rejection of an individual based on one’s sexual predilections will be permanently banned by hate crime laws.

Our Progressive and Sensitive Overlords shall end such homophobic rejection; the advances of medical science coupled with compulsory diversity and sensitivity classes will end such outrageous reactions.

Lend me $15 today so I can pay you back the $10 I owe you Friday! Sounds like a deal made in…the Fed or Congress. You try this s**t with your bank!

Fannie Taps Treasury for $15.3 Billion More After a 10th Loss

Feb. 27 (Bloomberg) — Fannie Mae will seek $15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion, after its 10th consecutive quarterly loss. [snip]

Avoiding Receiver
After the next government payout, Fannie Mae’s borrowings will carry an annual dividend cost of $7.6 billion, which the company said it will repay by borrowing more money from the Treasury. (emphasis added)“ This amount exceeds our reported annual net income for all but one of the last eight years, in most cases by a significant margin,” the company said.

One sound from you like that and the bank would have sent me the papers to grab you car that night! Or out of the parking lot where you work, which I did to many a swell.
So why is the Government able to steal your money and why do you let these thieves in Congress pillage your bank accounts. These people cannot  pay for these houses. They couldn’t afford them in the good times. This Monté game is nothing more than a means of sucking money out of the taxpayers’ pockets and funneling it into the bankers’ purses.
Are you that stupid to vote this ugly ASSHAT back in office every two years? He’s collecting lobbyists payouts (graft) for stealing your dollars.

The company said the ability to tap continuing cash infusions from the Treasury this year “is critical to keeping us solvent and avoiding the appointment of a receiver.”
The loss in the fourth quarter was driven in part by a $5 billion writedown on low-income housing tax credits that the Treasury Department barred the company from selling. Rival Freddie Mac took a $3.4 billion charge for the same reason. [snip]

Losses at Fannie Mae are likely to grow with rising unemployment and costs to implement President Barack Obama’s plans to reduce foreclosures, the company said.

Obama is hiding in the attic. He is totally clueless as to what is next through the door.

The only world Obama lives in is one conjured up by Tim Burton.

“The time has come, my little friends, to talk of other things / Of shoes and ships and sealing wax, of cabbages and kings / And why the sea is boiling hot, and whether pigs have wigs / Calloo, Callay, come run away / With the cabbages and kings.” –From the Teleprompter

Remember Barney Frank?  He said Fannie Mae and Freddie Mac were solid right before they collapsed.  He’s back with a new scheme to prop up the municipal bond markets that amongst other things would:

• Create a liquidity facility through the Federal Reserve to purchase municipal bonds, much like what the Federal Reserve does with mortgage-backed and federal government bonds.
• Form a temporary federal government program to reinsure municipal bond insurers…
• Provide additional regulation for financial advisors to municipalities….

What could possibly go wrong?  It’s not like California is on the verge of bankruptcy or anything.  How thoughtful of Representative Frank to put the other 49 states on the hook for the financial train wreck taking place in CA.  He’s just a swell guy helping us perform our civic duty:

House Financial Services Committee Chairman Barney Frank (D-Mass.) is leading the effort and has long touted his investments in municipal bonds that finance public projects as a civic duty.

Civic duty or conflict of interest?  I’m the sure the Heinz-Kerrys appreciate this bailout for ultra rich liberals who use municipals to avoid taxes instead of cheating on them like Turbo Tax Tim Geithner.

This is a prequel to the previous video where all the economic poobahs ridicule Schiff for his prognostications. A compilation shows over time.Listening to them now makes you wonder what planet they were on at that time. The other video is even worse.

After viewing this then view the video that has to come from Canada, since the media and the Dems had Time Warner threaten a law suit (proprietary rights) if it was not taken off youtube.

For all the Bu$hitler name callers, like LL, watch this. Here are your fave people with their own words damning them. Give Barney an enema, unclog his brains!

Here are a couple more videos that need to be circulated around the web. Please email them to all of your friends and family. If they are relying on the mainstream media for their news, they will never be able to make an informed decision on election day.

First up is a new web ad put together by someone on YouTube. The McCain campaign or the GOP should hire him. (HT: RedState)

http://www.youtube.com/watch?v=m9W_6U7GRrI

The next video comes from out of left field (literally). It features ultra liberal Alec Baldwin blaming democrats. If a dimwit like Alec Baldwin can admit this, there may be hope yet for the rest of America. You only need to watch the first few minutes. (HT: Newsbusters)

http://www.youtube.com/watch?v=Yop7ks9N3bk

Previously posted videos can be seen here and here.

Earlier this week, AP told us it is racist to question a black presidential candidate’s friendship with a domestic terrorist who is white.

Now Barney Frank says it is racist to question him about his role in the Global Financial Crisis that he helped create.

Is it any wonder that people lie to pollsters when a black candidate is involved?

Update: Wow, CNN actually ran a mostly unbiased report about Obama and Bill Ayers. They must be racists too!

http://www.youtube.com/watch?v=dvROBLortBQ

I hope Anderson Cooper doesn’t plan on going to any cocktail parties soon.

For all of you that eschewed the formation of a third party, your position has been usurped.

Congress announced the formal conjoining, creating the “Parti de Prostituto” or in honor of all the illegals in the country, the PUTA Party. New symbols are needed to recognize the members so feel free to copy and mail them out to your elected officials.

Harry Reid and Nancy Pelosi befittingly will lead this new group as they are very experienced in such matters.

Oh this is worth it!

Government Fearmongering

This is what all this crap amounts to coming from congress and the MSM. Go find a decent economist to read, start here in the UK paper:

Why propping up banks will not rescue a debauched financial system

This view gives a perspective needed. The only sector really in trouble is the financial section. The persons running the broken banks are toxic and no money will cure them. A large pit burial with heavy liming is in order.

Moving on, from the Next Right…

The financial crisis is beyond my ken, I freely admit.  When the complexities grow too much for the layman, though, I find it useful to remind myself of the basic realities of government.

The government is not responsible with your money.

Four years ago, privatization of Social Security was scuttled in large part because Congress thought it unfair to toss the average taxpayer into the volatile marketplace with his/her retirement savings.  Now, the government is forcing us all to participate in the financial markets, but only allowing us to invest in the worst assets.  Just great.

As University of Chicago economist Casey Mulligan points out, if there is no bailout, it’s Wall Street, not Main Street that will take the brunt of the punishment. This isn’t 1929, folks, and the non-financial sector of the economy seems to be doing fine. Why?

We need the Donald to go to DC and tell Paulson, “YOU’RE  FIRED.”

Ed Mann has one of his more mild posts on this rescue.

Wall Street doesn’t need a bailout; it needs to dryout. That’s when the DT’s will go away.

The last bump of this size Bush called an adjustment; that was Lehman Brothers tilting over. This is nothing more than another adjustment.
However, this one will involve a bunch of swells cutting up their credit cards, selling (if they can beat the repo man) the M3, the Lexus or the Mercedes, the plasma screen TV and every bell and whistle they couldn’t do without because “Bob had one.”
Have you ever seen a stockbroker bang nails or replace a 20-amp breaker? Life inside the “gates” is going to become amusin’.
Here’s a flash for you. The only ones that will get it in the neck are those living on next year’s income. IRA’s, 401k and pensions will take a hit but only those without diverse holdings will drop severely.
If you were flipping houses or specing condominiums, greed gotcha.

In Europe, the elite, those that can tell all how it should be, have their knickers in a wad.

Bailout failure ‘will cause US crash’

The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.

The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added. [snip]

Well they certainly are busy telling us what to do. For good reason it seems when one looks at their markets. But, they seem to have it a bit backwards, for their markets visited the loo quickly and in earnest.

Investors fretted about contagion into Europe, where Fortis, which was part of the consortium that bought ABN Amro last year, fired its chief executive after liquidity concerns pushed shares down more than 20pc to a 14-year low. Holland’s ING and BNP Paribas are looking at buying the bank this weekend.

London investors have warned that the FTSE could suffer falls of as much as 1,000 points - a fifth of its value, if the deal falls through.

Peter Spencer, economic adviser to the Ernst & Young Item Club, said: “This is the time you have to bail people out and ask questions later. It is very difficult to see how the US banking system would survive without that.This has the potential to make 1929 look like a walk in the park.”

Of course, it’s the bloody colonials doing it again. Have we no shame! Well, this time we’ll be generous and let the Tories have the soup lines.

[snip]
Markets were anxious about Britain’s fast deteriorating economic outlook and the stability of its banking sector as B&B followed Northern Rock in being nationalised. The worries followed the fire sale of HBOS, the nation’s biggest mortgage lender to Lloyds TSB, and led to the London stock market succumb to a fresh hammering of its leading shares. [snip]

The euro also fell heavily against the dollar amid concern over the eurozone’s banking strife and the adequacy of arrangements for bank rescues in the 15-nation bloc. The euro lost as much as 1.8 per cent against the dollar, falling to levels of about $1.4340 from a US close of $1.4613 on Friday.
Tokyo’s Nikkei 225 index was down 1.3 per cent at 11,743.61, and Hong Kong’s Hang Seng Index shed 2.1 per cent to 18,286.90.
“They’re worried that another fire is starting in Europe,” said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong.

I guess this is how the government will fund the bail out of AIG, the next bank (which will be either Citi or WB).

Go here for the hand in your wallet.

BTW, the bail out of Freddie  and Fannie were not put on the government books. Seems that would have blown the budget. Nah, who would have thunk it? Lets see you keep some of your earnings off the books.

“The reason Social Security isn’t on the books.” says that brilliant economist, Barney Frank, “is that it is ‘voluntary’.”

Isn’t he great! He’s appearing all week; give him a big hand and don’t forget to tip the hatcheck girl on the way out.

We have our own idiots in Vermont like Welch and Leahy, but your clown is in a class by himself.