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Wednesday
Jun162010

Total Cost To Taxpayers Of Fannie, Freddie Bailout Could Reach $1 Trillion; NYSE Announces Delisting; Shares Fall 50% (WATCH)

Video:  June 14 (Bloomberg) -- Anthony Sanders, a professor of finance at George Mason University, talks about the potential costs of fixing Fannie Mae and Freddie Mac after the biggest bailout in American history.

Click HERE to watch the clip  >>

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Bottom line = possible $1 trillion taxpayer bailout.

Seriously.  Idiots.  I speak of current Fannie & Freddie shareholders.  Daytraders and swing traders mostly, though there are thousands of get-rich-quick wannabees who thought they were getting a bargain at a buck.  How's that working out for your account this morning?  Stock price carnage is here.  A quick look shows they are only down about 45% now.

Gives us a chance to mention the report from Monday that puts the total Fannie & Freddie bailout at $160 billion (so far), with a worst case scenario of $1 trillion before we're done.

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Source:  Washington Post

NEW YORK -- Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange.

The companies' regulator, the Federal Housing Finance Agency, said Wednesday that it expects Fannie Mae and Freddie Mac shares to trade on the Over-the-Counter Bulletin Board, an electronic quotation service.

The move to delist the shares isn't a surprise. The crash in the housing market has pounded Fannie Mae and Freddie Mac with heavy loan losses since 2007. Fannie shares have been below the $1 average price level for 30 trading days. NYSE rules require a company to take action to boost its shares or delist.

The government took over the pair in September 2008 under the authority of a law passed by Congress. So far, taxpayers have poured $160 billion into Fannie and Freddie to keep them afloat and to buoy the overall housing market.

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Reader Comments (16)

San Francisco moved a step closer Tuesday to becoming the first city in the nation to require that retailers post in their stores notices on the level of radiation emitted by the cell phones they offer.

http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2010/06/16/MNIT1DVPKE.DTL
Jun 16, 2010 at 2:04 PM | Registered CommenterDailyBail
San Francisco moved a step closer Tuesday to becoming the first city in the nation to require that retailers post in their stores notices on the level of radiation emitted by the cell phones they offer.
Wow i thought it was funny when we got the letter NO SMOKING .well in the garage biz thats like putting a band aid on
on a gun shot wound with all the co2. I read a piece about the bee hive problem due to the cell phones .I guess to many busy bee
cell users .LOL

Me .The next idiot million dollar invention anti radiation foil hats.LOL
Jun 16, 2010 at 2:12 PM | Unregistered CommenterJTS
http://www.dailymail.co.uk/news/article-1286784/Muslim-protesters-brand-war-heroes-murderers-homecoming-parade-turns-violent.html

Into the jaws of hate: Soldiers' parade marred by Muslim extremists

----

These radical islamic protestors me off...and I don't even support the wars...
Jun 16, 2010 at 2:14 PM | Registered CommenterDailyBail
The next idiot million dollar invention anti radiation foil hats.

----

That is not a bad idea...i guarantee you some people would buy them and use them when talking on their phones...i'm paranoid about my phone...my ear gets hot after about 10 minutes talking...so i try to use the speaker phone option whenever i can
Jun 16, 2010 at 2:16 PM | Registered CommenterDailyBail
As tax payer bailer outers, when do we get our dividend checks?
Jun 16, 2010 at 3:05 PM | Unregistered CommenterS. Gompers
Hell, just today they tell us that in 2012 anything we buy over $600. we the people have to get the store id tax # and turn in a 1099 on the store. Part of Boma-Care new rules.

& this should scare the crap outa ya's.......

http://articles.mercola.com/sites/directory/EMF/default.aspx

Check out the new info on cell phones and proof they do caze all kinds to proublums not just cancer....
Jun 16, 2010 at 3:32 PM | Unregistered CommenterTexas Dar
"Total Cost to Taxpayers..."

The American taxpayer CANNOT fund all this financial dementia without impoverishing themselves in the attempt. And even if the U.S. government was willing to go to that extreme, the resulting additional tributary income would STILL not be sufficient to finance current (and PAST) levels of spending.

This indicates that the ONLY solution left (according to current U.S. financial thinking, that is) would be to print, print, print and then print some more in order to fuel , well, basically EVERYTHING. All economic activity in the United States would wind-up being ultimately financed by our ability to access and endless supply of TREES. And then switch to fucking PAPYRUS once we run out so that we can 'extend and pretend' another 5 years or so.
Jun 16, 2010 at 9:36 PM | Unregistered CommenterRecoverylessRecovery
.i'm paranoid about my phone.

I dont have one DB as much as i answer the phone here when i am done that is the last thing i want to do.
What i said about the bee hive story i read was true .They think radio waves are messing up the way they
find there way back.
Jun 17, 2010 at 1:30 PM | Unregistered CommenterJTS
What i said about the bee hive story i read was true . They think radio waves are messing up the way they find there way back.

----

another casualty of modern technology...if we screw up the bees then who's going to pollinate all the crops...we'll really be screwed then...
Jun 17, 2010 at 1:56 PM | Registered CommenterDailyBail
Yes we will Sir. Somebody once said that if the hony bee disapears from the earth, so will its people in four years.......!
Jun 17, 2010 at 2:23 PM | Unregistered CommenterTexas Dar
"What i said about the bee hive story i read was true . They think radio waves are messing up the way they find there way back."

That's certainly one theory about why vast numbers of honeybees nationwide suddenly and inexplicably disappear, abandoning their hives.

"Yes we will Sir. Somebody once said that if the hony bee disapears from the earth, so will its people in four years.......!"

It was Albert Einstein
Jun 17, 2010 at 9:15 PM | Unregistered CommenterRecoverylessRecovery
Yes, thats the guy.... & soon it will not make much differance if we have honey bees left......

Money talk - and more.


http://www.tothepointnews.com/content/view/4119/2/

AMPUTATE OR DIE
Written by Dr. Jack Wheeler
Thursday, 17 June 2010

It was a sobering dinner party last night (6/16). Hosted by a London billionaire in his exquisite home - a Boccaccio hung on the wall behind me - the wine flowed liberally, but the conversation between the ten of us was stone-cold serious.

There were lighter moments, as when I proposed a toast to "a great hero of Europe - Geert Wilders." Every one raised their glass in a smile, but the biggest smile was that of a spectacularly gorgeous super-model (you've seen her in many a high-fashion ad). She was from Holland.

Then a well-known Hollywood producer raised his glass to toast his hero - Ronald Reagan. "We need him again," he commented. I guarantee you've watched one of his TV shows.

But when a self-made billionaire with an 11-figure private equity fund and a clear grasp of Austrian economics starts to talk about America's prospects, you listen. So we all listened.

Being in London, he started there. "To call (new Brit PM David) Cameron a disaster is like calling Hurricane Katrina a squall. He's as much a Conservative as I am a Moslem. I have already started preparing to relocate to Switzerland. If he succeeds in his current push to raise capital gains taxes from 18% to 50% -- and it looks like he will - the British economy and the London real estate market will crash. The best play around will be to short the pound.

"In short, Cameron and Osborne (George Osborne, David Cameron's Oxford classmate and now in Cameron's cabinet as Chancellor of the Exchequer, equivalent to our Treasury Secretary) lead secret lives. Just as they hide from the public that they are homosexual behind the pretense of a marriage, they hide their liberal agenda behind the pretense of being conservative. They will destroy Britain's economy just as sure as Obama is destroying America's."

There followed a spirited exchange about financial escape hatches -- if the euro, the pound, and the dollar fall off their respective cliffs, where does anybody go? The time-worn adage of "buy gold, buy silver, buy Swiss Francs" may work for individuals, but world equity markets are in a trap from which there is no clear exit.

One opinion was, "The best run governments around today are those of Canada and Singapore - having one's savings denominated in their currencies is not a bad idea." Then we got back to America.

"You know what my biggest fear is?" our host asked. "It's not really Obama, for what he's done is to accelerate what the liberals have been slowly doing for decades - so quickly that their socialism is obvious to everyone. Which means the solution is obvious to everyone. My biggest fear is that voters will give Republicans the power to repair America on November 2nd - and the Republicans won't have the courage to do it."

All I could respond with was "Ouch," to shake my head and sigh. I mentioned an email I just got from a friend of many years in Las Vegas. He's a very successful banker and businessman who knows everyone in Republican politics in Nevada - and I had asked his opinion of how Sharron Angle might possibly beat Harry Reid. The reply I got back shocked me. He will do nothing to help her, he said, as she is too "extreme."

Why is she considered extreme? our host asked, not on intimate terms with Nevada primary elections. Because she wants a government restricted to constitutional activities, I replied, which means, for example, eliminating such things as the Department of Education and the Environmental Protection Agency.

Our host leaned over the table to look at me as if his eyes were lasers. "Jack, you need to explain something to your friend. You need to explain something to America and all those Congressmen you know. Amputate or die. That's the choice America has right now. That's the choice Republicans will have after November 2nd, because they're the only surgeons around who can do the surgery."

Everyone was quiet so he continued. "Gangrene will kill you. If you don't amputate a finger or other limb that's gangrenous, it will spread bacterially [via Clostridium perfringens], and you will die. Look at these unconstitutional growths of government on the body public as gangrenous infections that have to be amputated for the body to continue living."

He looked around the table at all of us. "You know that I know all the main players in the world economy. Some are fools who don't know what they are doing like Strauss-Kahn (Dominque Strauss-Kahn, head of the IMF, International Monetary Fund), some are not like Trichet (Jean-Claude Trichet, president of the European Central Bank). America has no adult on the economy's lever - Geithner is more of a hopeless disaster than Bush's Paulson was, and Bernanke is worse than Greenspan.

"So I don't know any player whose smarts I really respect who has much hope for America, who doesn't see an alternative future than the destruction of America's wealth through hyper-inflation. They think elephants will fly before Republican elephants will do what is necessary if the voters give them the power to do it."

He looked at me - so everyone else did. "Are they wrong, Jack?" The question hung in the air as I felt my face redden.

"Thanks, pal," I responded with a smile to gain a little time. Everyone did laugh for just a moment, then I had to jump into the waiting silence. Here's what I said.

"The situation is dire, there is no doubt, the gravest since the Civil War. The only hope I see is with the anger of the TeaPartyers. That anger is directed just as much towards Republican cowards as towards Democrat fascists. We don't have to wait long to see the power of that anger. Just six days from now (6/22) in South Carolina, Nikki Haley the TeaPartyer is going to wipe out Gresham Barrett the RINO, even though the state GOP establishment is doing everything slimy to smear her.

"I think your player-friends have to see things not as Democrat vs. Republican but as the Court Party - the establishment in power be they Democrat or GOP - vs. the Country Party, the TeaPartyers who want an end to all the corruption, Dem or GOP. Your players are part of the Court Party. The TeaPartyers you might think are like those who led the French Revolution - but they are like those who led the American Revolution instead.

"Yes, the TeaPartyers own most of the 300 million guns in America, but they don't want blood unless there's no choice. Note the ‘unless.' November 2nd better be an honest election. What the TeaPartyers must grasp is Churchill's call after the battle of El Alamein [November 1942], that November is only ‘the end of the beginning.'

"So you are right - the only hope is radical surgery to cut out all the metastasizing cancer, to amputate unconstitutional gangrene, or another metaphor, to be like Alexander and cut the Gordian Knot with a swordstroke.

"But the question really is not whether Republicans have the courage to perform the surgery, to defund ObamaCare, to defund the entire Obama agenda, to defund entire agencies like the Department of Education, Energy, and the EPA. It is whether the TeaPartyers have the courage and capacity to force the Republicans to. I mean, how is eliminating the EPA extreme, and EPA unconstitutional fascism not extreme? We'll find out, because they are America's only hope now."

Everyone waited for our host's response. "And the hyper-inflation? The debt's already baked in the cake, no matter what future spending is cut."

"Hyper-inflation is only another word for total default. The only way to avoid it is a government default on its debts only. Then we can switch from a worthless fiat currency to an asset-backed currency." I smiled. "Gold brings freedom."

He smiled in return and raised his glass. "We can all drink to that. To gold, to freedom, and these TeaPartyers - may Jack be right about them. May they amputate fascism before the fascists amputate our freedom."
Jun 18, 2010 at 4:27 PM | Unregistered CommenterTexas Dar
"Gold brings freedom." 16 to 1.
Jun 18, 2010 at 4:52 PM | Unregistered CommenterS. Gompers
"another casualty of modern technology...if we screw up the bees then who's going to pollinate all the crops...we'll really be screwed then..."

Domesticated plants could be hand pollinated which would be both expensive and tedious. The wild flora and fauna would rapidly disappear from the planet. I believe the cell phones are screwing up the homo sapiens as well, where I work many appear to have them surgically implanted to their heads. The parking garages are particularly dangerous, like mice in a maze they attempt to navigate the maze to no avail. There are multiple wrecks and pedestrians hit every day, and the cell phone is always at the side of their heads like some kind of umbilical.

Some pull in, hit the wall, back up, hit it again, then get out and run to the time clocks without ever missing a syllable.

I see why the bees can't find their way...
Jun 18, 2010 at 5:08 PM | Unregistered CommenterS. Gompers
I Just SPIT My Drink all over my key-board, Gumps.........................................that was a "Good-en" !

Hey Gomper's, what if you gotcha a pocket full of gold and yr hungry....? Nobody wants your preshious Gold becouse they already got them self's a pocket full of that Shit....? Pluss a shit load of "Food" !

I still say that when it comes down to "Live-or-Die", food & water will be all that matters. Beer, sex, and Wiskie, pluss TP, WONT EVAN COME CLOSE.

You can use a rag to wipe yr ass, and re-use it. You can smoke some Oak Leaves, but with out food-&-water, its all over. But before that point, that "Sparkley-Stuff" sure looks good in a poor persons eyes, Ha....?

Guess Dar's gettin to fer a head of him's self, Tonight ?
Jun 18, 2010 at 8:28 PM | Unregistered CommenterTexas Dar
"Hey Gomper's, what if you gotcha a pocket full of gold and yr hungry....? Nobody wants your preshious Gold becouse they already got them self's a pocket full of that Shit....? Pluss a shit load of "Food" !"

Go for the silver stuff, I would hate to trade an Oz of the yellow stuff for a belly full of food, that is what would happen if you are hungry enough. I still prefer seeds, things get bad enough, I will be doing some trading... Very few have both, or the determination to succeed.

"I Just SPIT My Drink all over my key-board, Gumps.........................................that was a "Good-en" !"

Truth is stranger than fiction, every morning and evening is truly the most amazing thing I have ever seen. I can only assume they make it home by the way they conduct themselves in the garage.
Jun 18, 2010 at 11:15 PM | Unregistered CommenterS. Gompers

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