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Edwynn -> RE: Fannie Mae wants more taxpayer money (11/9/2011 3:31:21 AM)
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~FR~
All of you DO realize that the Federal National Mortgage Association and the Federal Home Loan Mortgage Association were overrun by the bankers more than twenty years ago, right? (except for the OP; obviously the poor twit thinks he's bitching about "government," when the distinction between corporate and government operations was nullified long ago thanks to the great efforts of Reagan).
Anyone who thinks that either of the GSEs or even both of them together got anywhere near what Goldman Sachs got (bailout to AIG went directly to Goldman via credit default swaps, on top of their own take), actually deserves to lose his home AND job, such as all people who were and still are blabbering about deregulation deserve. You've cost the rest of the country and the world enough as it is.
Was it Fannie and Freddie who lobbied Congress to pass the Banking Modernization Act, or was it Citibank? Not much lobbying expense needed on that one, since Greenspan allowed the Citi-Travelers merger more than a year ahead of Congressional approval. Was it Fannie or Freddie that pestered Congress to exclude vast categories of derivatives from any oversight whatsoever, or was it in fact Phil Gramm who shoved that provision into his own Commodity Futures Trading Modernization act, that little item snaked in while Congress was out of town? Fannie and Freddie didn't invent the CDOs that came out of that, Goldman did.
There is a reason that Paul Volker is calling for the dismantling of FNMA and FHLMC, but I can assure you it's not because he's anti-government.
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