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Old 07-24-2008, 03:28 AM   #21
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To all who see only see stupid individuals who bought houses into a shell game, I would offer that there are stupid blokes all over the shell game. People that bought into high bond ratings on funny packages, for example.

While one wants to beat up on Joe Blow, American greedy citizen, this shell game fooled supposedly "intelligent" financial movers and shakers who bought these bad investments and put them in your retirement savings funds and other places. Now, it's taxpayer money and that is you.

Were you a victim of the CON? It wasn't just the "I want a house or I want to flip a house crowd" that was adding greed to this CON/Ponzi scheme. Anyone buying the housing bubble in its numerous hidden forms was part of the "dumbed down by greed" crowd. Yes, many sold high and avoided consequences - these are the winners until it became a taxpayer problem. But in my opinion people who didn't see the shell game in time to bail, were among the CON-ed. That is my opinion. The consequences fell on more heads, all trying to buy into a dream that was not necessarily a house. That dream - "air" has more value than tangible assets.

I think most of us at RE won on this bubble, including me. But none of us are winning at the public debt window or at the devalue the dollar window. America, you have been one of the shells being pushed around in this experiment.
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Old 07-24-2008, 07:27 AM   #22
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The 'free market' is the big lie. I read Bernstein's - Birth of Plenty. Con game of Kings to finance wars.

The ying and yang pendulum is swinging toward more regulation - it will depend on the skill set of Congress et al as to how well it gets done and the yuckiness quotient of unintended consequenses.

I listened to Dimon of JP Morgan on Charlie Rose - I'd go further on punishment than his recommendation.

Bring back the bare breasted French chick at the barricades and her relatives with the Guillotine - off with their heads!

A little PacNW - 47 states and the Soviet of Washington humor.

heh heh heh - I mellow after my first of coffee . They're gonna do what they're gonna without my opinion.
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Old 07-24-2008, 07:59 AM   #23
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Just a quick glance at my Vanguard pile, I'm down about 5-6%. Where's my bailout? How come the home flippers get help, the too big to fail get help and I get to what?? Pray?

Unclemick, you're right about the free market. If it was free, the bagholders, the house flippers, the shell game con artists would not get any help. That would be a lesson to 'em almost as good as the guillotine.
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"The Fannie Mae Gang"
Old 07-24-2008, 09:12 AM   #24
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"The Fannie Mae Gang"

This is a good historical account of how Fannie Mae and Freddie Mac have been able to successfully rip off the American taxpayer.



The Fannie Mae Gang - WSJ.com
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Old 07-24-2008, 09:21 AM   #25
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They're gonna do what they're gonna without my opinion.
I'd say that's some of the only factual inormation in this whole thread.
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Federal Housing Finance Agency
Old 07-25-2008, 09:52 AM   #26
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Federal Housing Finance Agency

New legislation passed by the House and expected to be approved by the Senate will establish the "Federal Housing Finance Agency," which will regulate Fannie Mae, Freddie Mac and the Federal Home Loan Bank Board. Some major regulatory changes will be: 1) The regulator will be able to raise capital requirements for Fannie & Freddie 2) Procedures for placing the companies in Receivership have been established 3) Executive pay may be restricted 4) A slice of company profits will be directed into a fund to enable low-income people to purchase homes 5) The maximum loan amount in a high cost area will be set at $625,500 on January 1, down from the temporary current maximum loan amount of $729,750. Needless to say, this is a major change in strategy from the Reagan years when the direction of the country was moving toward less regulation and smaller government.
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Old 07-25-2008, 09:55 AM   #27
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5) The maximum loan amount in a high cost area will be set at $625,500 on January 1, down from the temporary current maximum loan amount of $729,750. Needless to say, this is a major change in strategy from the Reagan years when the direction of the country was moving toward less regulation and smaller government.
Wow. That could cause some serious weakness on housing in the $700-900K range as it could make it harder to get financing. Of course, many of those are already in high-priced areas where the bubble is rapidly deflating already.
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Old 07-25-2008, 10:27 AM   #28
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New legislation passed by the House and expected to be approved by the Senate will establish the "Federal Housing Finance Agency," which will regulate Fannie Mae, Freddie Mac and the Federal Home Loan Bank Board. Some major regulatory changes will be: 1) The regulator will be able to raise capital requirements for Fannie & Freddie 2) Procedures for placing the companies in Receivership have been established 3) Executive pay may be restricted 4) A slice of company profits will be directed into a fund to enable low-income people to purchase homes 5) The maximum loan amount in a high cost area will be set at $625,500 on January 1, down from the temporary current maximum loan amount of $729,750. Needless to say, this is a major change in strategy from the Reagan years when the direction of the country was moving toward less regulation and smaller government.
if you don't want to be regulated, don't run to the government begging for a bailout. seems all bankers who stonewalled regulation a few years ago because the free market was supposed to make it work are now begging everyone from the fed to congress to bail them out from all the bad loans they made

this was the reason for the increased regulation from the 1930s to the 1970's. people took on too much risk and then it blew up and hurt a lot of people who lost their life savings in the bank runs of The Great Depression
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