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« Bailout News Links For Saturday Night: Debt Party USA! | Main | Beach Party Bailout! Bailout News Links For Friday »
Friday
Jan232009

Freddie Mac Needs $35 BILLION, Yes $35 BILLION More From Your Kids

 

I'm speechless. Here's a snip:

"Given that they have $4.5 trillion of risk out there, $100 BILLION is a drop in the bucket,” Miller said. “Given the fact that their risk profile on these loans is greater than they led everyone to believe, greater than $100 billion in losses on each institution would not surprise me.”

He's talking about both Phoney and Fraudie above.  For now, only Fraudie is requesting additional funds. And again for the record: Fraudie already received $14 BILLION from your kids in november.  So they are back to the trough quickly.  Fannie's going to need at least $100 BILLION before this is over.  Another snip:

“Their losses are going to be much higher than anyone anticipated,” said Paul Miller, an analyst with FBR Capital Markets in Arlington, Virginia. “The more and more that people are digging into these portfolios, they’re finding out the more and more these guys were doing subprime and Alt-A loans and classifying them as prime.”

"Much Higher than anyone anticipated."  Are you kidding me.  I am so tired of hearing that.  Trust me, there are thousands of people who anticipated it.  The online forums, from the basic at marketwatch and yahoo, to silicon investor and investor's hub, and finally to the blog forums at calculated risk, naked capitalism, the big picture and many others, are full of people who DID anticipate everything we saw last year.  Once Bear Stearns failed in March, it became clear to us that no one else was any different than Bear and so they would all suffer the same fate eventually.  After all, they all owned the same type of assets and at near the same levels of leverage.  What was NOT anticipated, however, was the level of government intervention that would be utilized in an attempt to save them.

So, talk to your kids tonight and ask their permision to give another $35 BILLION of their money away to Fraudie.  Oh, and start laying the groundwork for the big talk with them.  No, not the one about sex and drugs.  The one about Phoney needing perhaps $100 BILLION pretty soon.  Let me know what they say, and then we'll let Obama and Geithner know whether they may have OUR CHILDREN'S FUTURE.

 

Click if you want the gory details of how Fraudie is ripping off your kids for another $35 BILLION.

Inside, you will also find today's second set of bailout links.

 

obama takes aim at wall street bonuses     bloomberg    color me skeptical on this one

JPM execs won't take bonuses...yeah but what about ALL the other employees taking HUGE bonuses by main street standards...see merrill lynch yesterday for a similar situation....bloomberg

Roubini a big hit in Japan      bloomberg

Citi raises $12 Billion in bond alse backed BY YOUR CHILDREN via the FDIC

Ackman ends 7 year bet against MBIA     bloomberg

Thain outrage form the financial times

 

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Reader Comments (5)

will it ever end. ii am beginning to have my doubts..

firsty!!

Jan 24, 2009 at 2:21 AM | Unregistered CommenterJZ166

@ JZ

not going to end for awhile.
will be talking about bailouts for next 5 years.
so much MORE pain to come.

Jan 24, 2009 at 5:15 PM | Registered CommenterDailyBail

@ JZ

but here's what we are doing about it:

"So, we're trying to do something about it. We're going to document it. All in one place. Every Day. Sure, there will be snark, and bad attitudes. Yeah, we know we'll probably get sued for saying something libelous about some low-life, scumbag, on-the-public-dole, CEO. But that's just how we roll. Bring on the pain. We're ready to find it, read it, sort it and then give it to you all day long.

And since nobody obsesses in quite the way we do, we expect to remain the only news aggregation source for all stories related to the institutionally dysfunctional, painfully inept and completely counter-productive taxpayer bailout of failed people, ideas, businesses, pensions, municipalities, states and ultimately, we fear, of our federal government.

Tell your friends about us. Seriously, if you care about your future and that of your children, please help us spread the word about the site. We don't run Ads on the site, so we make NO MONEY. So please consider posting our homepage link in a few good spots around the web, if you believe in our cause. It would mean the world to us! And to your children!"

Jan 24, 2009 at 5:16 PM | Registered CommenterDailyBail

who really cares about their kids?

Jan 24, 2009 at 10:01 PM | Unregistered Commenternorma
This mess reminds me of the Titanic tragedy and how the ship's owner ordered full steam ahead despite iceberg warnings, after all, the ship was unsinkable. Today, the owner (government leaders and Wall Street) have navigated their ship (the economy) just as effectively as good old Captain Smith with the same disasterous result. Our only hope is that in our case, the damage to the economy hasn't flooded too many watertight compartments and we will just flounder for a while instead of plunging into the abyss.

Greed and arrogance. Could have played a role in the Titanic disaster. Most definetly played a role in this disaster. Just like that tragedy it is the regular people - middle and lower class - that pay the ultimate price.

My twelve year old is angry with me and other adults for the burden her generation will bear. She asks why people bought bigger houses and cars than they needed or could afford? Why didn't people wait until they had the money to buy something instead of using credit? What kind of life am I going to have?

I can only hope and pray that we find a way out of this mess and that every last bastard (government and business) that took excessive risks that landed us here get what is coming to them.
Jan 25, 2009 at 6:52 PM | Unregistered Commenterlarry in Indy

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