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Franco
04-26-2011, 08:53 PM
Anyone up to defending the the Wall St bailouts?

http://www.huffingtonpost.com/2011/04/26/fed-lending-helped-wall-street_n_853884.html

I didn't think so;-)

TxHillHunter
04-27-2011, 02:30 PM
Anyone up to defending the the Wall St bailouts?

http://www.huffingtonpost.com/2011/04/26/fed-lending-helped-wall-street_n_853884.html

I didn't think so;-)

Never was.....;)

Franco
04-27-2011, 04:36 PM
Ron Paul on today's Press Conference by Fed Head Bernanke...

"Chairman Bernanke's press conference today was unprecedented, and it demonstrates that Federal Reserve officials are very concerned about growing public criticism of Fed policies. Although Mr. Bernanke predictably provided no substantive information, the American people want real answers about Fed bailouts, lending to foreign banks, and most of all inflation. Mr. Bernanke continues to ignore his culpability for the inflation all Americans suffer due to the Fed's relentless monetary expansion. Rising prices are the direct result of Fed devaluation of our dollar. Yet rather than addressing the Fed's loose dollar policy, Mr. Bernanke continues to assure us that inflation is not a problem.
Without the Federal Reserve's relentless expansion of credit throughout the 1990s and early 2000s, there could have been no excessive borrowing or explosion of subprime lending. Through easy credit, the Fed initiated the economic boom that created the dot-com bubble. When that bubble burst the Fed pumped additional liquidity into the system, which led to a new boom that created the housing bubble. Commodity prices have risen rapidly, producer prices have followed suit and consumers are already seeing the beginning of massive price increases passed on to them. And now the Fed's additional trillions of dollars in monetary pumping is creating yet another bubble. This is the exact opposite of stability in the marketplace and has nothing to do with free markets. It is central economic planning at its worst. And the end result may be hyperinflation and the destruction of our currency.
Now Americans are waking up to the dangers of the Fed's inflationary monetary policy, and they want it to stop. Today's staged press conference will not be enough to stop the growing demand for real Fed transparency, and I hope to build on that grassroots demand by passing legislation that will result in a true audit of the Fed's activities.
Support from my colleagues was vital in the last Congress in making progress towards Fed transparency, and I hope to build on that support in this Congress. It is well past time that we begin to rein in the Fed." - Congressman Ron Paul


Run Ron Run!!!

Gerry Clinchy
04-27-2011, 07:08 PM
Seems Bernacke has changed his mind about deflation & now fears inflation. Duh?? Obviously, he finally noticed the price of gas & groceries.

Fannie Mae has just announced a "sweetheart deal" for purchasing Fannie Mae foreclosures . Govt is going to pay up to 3.5% of closing costs; reducing down payment to .5% to 3%; no mortgage insurance; no appraisal fee; seller can pay up to 6% of closing costs (is usually only 3%). You could buy a $200K house for $6000 cash outlay. Good only through 6/30/11. .... Deja vu much? These loans are for owner-occupants only.

Wouldn't it be smarter to let investors buy these properties WITHOUT the govt backing the loans? Market could use rental properties. Right now rents are up due to high demand.

luvmylabs23139
04-27-2011, 09:07 PM
Seems Bernacke has changed his mind about deflation & now fears inflation. Duh?? Obviously, he finally noticed the price of gas & groceries.

Fannie Mae has just announced a "sweetheart deal" for purchasing Fannie Mae foreclosures . Govt is going to pay up to 3.5% of closing costs; reducing down payment to .5% to 3%; no mortgage insurance; no appraisal fee; seller can pay up to 6% of closing costs (is usually only 3%). You could buy a $200K house for $6000 cash outlay. Good only through 6/30/11. .... Deja vu much? These loans are for owner-occupants only.

Wouldn't it be smarter to let investors buy these properties WITHOUT the govt backing the loans? Market could use rental properties. Right now rents are up due to high demand.


Here we ago again. People with nothing invested in the home. Taxpayers paying other peoples closing costs.
DISGUSTING!

Gerry Clinchy
04-27-2011, 10:26 PM
Here we ago again. People with nothing invested in the home. Taxpayers paying other peoples closing costs.
DISGUSTING!

And it's just a 60-day program, so will boost home sales during the "spring market", and, again, will just be "stealing" sales from July & August. However, what it does tell us is that Fannie Mae has got a LOT of properties still just sitting on the market with no takers.

New home (new construction) sales are back down to 1995 levels according to one of the trade mags I get via email. Builders raped & pillaged during the bubble years with huge profit margins ... but they didn't plan ahead for the historically cyclical nature of the real estate market. Sort of like the govt in that they got further in debt & when the bubble burst ...