We Have Met Santa "Clause" And He Is Us

Unfortunately, large numbers of American taxpayers won't be able to have a Fannie Mae, Freddie Mac Christmas, in part due to the ones our Federal Government has opted to give those two organizations time after time. Isn't this the old stomping grounds of Rahm Emmanuel? We have met Santa Clause and he is us. It's time to start checking our lists.

The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.

But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.

Update: I added the quotation marks in the title so as to not be mistaken with this guy.

Comments

[MarkJ]

Memo for Obamabots: How's that hope 'n' change workin' out for you so far?

You guys wanted Obama to deliver "socialism" this year. Instead, Lord Zero gave you "national socialism."

Karma is a bitch, ain't it?

[Fredo]

Merry Christmas MarkJ. I don't blame you for being stupid and angry. It's in the GOP worldview to be both a concern troll and a pious POS. Anyway, I hope today is a good day for folks like you.

BTW: Anyone with a brain would gladly take the sputtering start of obama to the abject failure of your cowboy look-alike president.

[kent jenkins]

Fredo you are a horses ass , just like your Idol Obamao

[iowntheworld]

Thank you, Dan, for being a friend to iOwnTheWorld.
Merry Christmas!
http://iowntheworld.com/blog/?p=12908

[Joseph Brown]

Fredo, it must really suck to be you. Good luck in paying my medical insurance. Try not to be late with your payments.
I'd rather have a cowboy in the WH than a little boy dressed up in Daddy's suit.

[Pasadena Phil]

Obama has been jawboning and bludgeoning banks to go back to making risky loans for months but to no avail. The bank regulators have been forcing banks to rebuild their depleted reserves and lower their risk profiles. Rock versus hard place.

About three weeks ago, Barney Frank re-authorized Fannie and Freddie to begin buying sub-prime mortgages, thus taking them off of the banks' books and onto the taxpayers' books, just as the Fed announced that they would discontinue that part of their "stimulus". It was supposed to be a test of the markets and how they would respond to being weaned of government stimulus. Weaned? What a shell game.

All of the factors that created this problem in the first place are operating on a larger scale than ever and so the toxic debt balances are correspondingly larger as well but with the abandonment of "mark to market", that toxic debt is now fudged out of the picture. Today's new accounting rules have allowed them to assign (make up) their own value to worthless toxic assets. They have been hoarding cash in preparation of the imminent trillion-dollar oommercial real estate debt meltdown. Then there are the other bubbles, particularly the dollar carry trade bubble financing the emerging market countries. It is soon going to be deja-vu all over again.

That is why earlier this week China declared that the world doesn't have the money to continue buying US Treasuries. The US response to the sub-prime mortgage meltdown has been to turn the world's sovereign sovereign debt into one big sub-prime debt factory. Borrowing our was out of debt as we spend our way out of a spending addiction. Insanity.

[Fredo]

Fredo, it must really suck to be you. Good luck in paying my medical insurance. Try not to be late with your payments.
I'd rather have a cowboy in the WH than a little boy dressed up in Daddy's suit.

Posted by: Joseph Brown

Sooo, you are so poor as to not be able to afford your own coverage? You willingly admit this? Hmmm, if I were a poverty stricken nobody with delusions of a GOP brotherhood, I wouldn't make a big deal out of it. I would keep it rather quiet that I was a blood sucking welfare cheat who can't even support himself. You don't have any kids, do you?

Besides dipstick, I am self-insured. I don't pay an insurance company so you'll have to find another trough to feed at.

You folks just hate the black man in the White House...

[PA]

"Besides dipstick, I am self-insured. I don't pay an insurance company"

Pelosi would put you in prison for doing that. I presume you're good with that, right?

[SpeakEasy]

I do indeed hate the black man in the White House but not because he is black. I hate him because he is ruining this country. When the depression hits, and it is coming soon thanks to government interference (just like the last one), will you still be a fan? You will go down in denial but down you will go all the same. And I do think Bush made things worse but it started with the Clinton CRA and the mortgage meltdown. Obama has multiplied the problem by a power of ten. ALL of the politicians are to blame spending us into oblivion, that includes Obama.

[Fred Beloit]

Fredo means no harm. Fredo is merely a computer in a corner of Rahm Emanuel's office. Every day they upload talking points into it that have been prepared for the purpose by the staff at Muffington Post. Garbage in. Garbage out.
Loved that headline, Dan.

[Joseph Brown]

Nice one Fred! I think you nailed it. Fredo, since you know absolutely nothing about me, not even which part of the country I live in, why make a fool of yourself. Maybe, as Fred B said, you realy are a computer in the ballerina's office.

[Mike Myers]

Well if Fredo is really a computer in Rahmbo's office, then that computer will ultimately suffer the fate of the weak lying dipstick Fredo in the Godfather; only instead of being dumped in Lake Tahoe, it will get dumped in the Chicago Sanitary Canal.

[Fred Beloit]

Or dumped in the Saganashkee (called among certain ethnics the Saganowski) Slough, eh Mike?