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(The New York Times)   U.S. dumps toxic mortgages it bought back when we were trying to avoid a recession. Your grandchildren will have to pay off the ... uh... $25,000,000,000 profit the Treasury just landed on that deal. Wait, win?   (nytimes.com) divider line 127
    More: Cool, Treasury Department, Federal Housing Finance Agency, mortgages, recession  
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7770 clicks; posted to Politics » on 20 Mar 2012 at 5:53 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-20 02:31:57 PM  
the Federal Housing Finance Agency projects the ultimate cost to the taxpayer for Fannie Mae and Freddie Mac could be $121 billion to $193 billion, depending on the strength of the housing market and other variables.

OK, so it only cost us $96 billion to $168 billion.
 
2012-03-20 04:03:23 PM  
Wow, nice. Glad that worked out. We need the money.
 
2012-03-20 04:25:39 PM  
I blame Obama for doing too much and/or not enough to either prevent or promote this series of events.
 
2012-03-20 04:28:50 PM  
Cool. Now how much more money until all the stuff from the recession is paid off? Is it $850B? Lots of number in that article, I was told there would be no math.
 
2012-03-20 04:30:42 PM  

Jubeebee: I blame Obama for doing too much and/or not enough to either prevent or promote this series of events.


Also, let us make sure to commend the Republican Governors for all they did to push this through in spite of Obama doing too little/much.
 
2012-03-20 04:38:30 PM  
And yet we still have the same bankers and CEO's controlling the same companies that got us into this mess.

Great job, guys!
 
2012-03-20 05:24:11 PM  

I Havent Killed Anybody Since 1984: Jubeebee: I blame Obama for doing too much and/or not enough to either prevent or promote this series of events.

Also, let us make sure to commend the Republican Governors for all they did to push this through in spite of Obama doing too little/much.


This just proves Obama is the worst empty suit/dictator false president this country has ever seen.
 
2012-03-20 05:29:39 PM  

Endrick: This just proves Obama is the worst empty suit/dictator false president this country has ever seen.


If he wasn't a mastermind/total incompetent none of this would have happened in the first place, that's for damn sure.
 
2012-03-20 05:43:45 PM  

Endrick: I Havent Killed Anybody Since 1984: Jubeebee: I blame Obama for doing too much and/or not enough to either prevent or promote this series of events.

Also, let us make sure to commend the Republican Governors for all they did to push this through in spite of Obama doing too little/much.

This just proves Obama is the worst empty suit/dictator false president this country has ever seen.


I'm loving/hating this. It's been quite enlightening/disheartening. I shall enjoy/kill myself, now.

/amidoingitright
 
2012-03-20 05:49:30 PM  
In other words, when the banks that bought the toxic mortgages have to be bailed out again, we profit?
 
2012-03-20 05:56:40 PM  
I blame Barney Frank.
 
2012-03-20 05:56:57 PM  
I remember when these were passed and people on FARK were saying "None of this is going to be paid back at all!". Of course I doubt anyone who said that then will fess up about that.
 
2012-03-20 05:57:14 PM  

EnviroDude: In other words, when the banks that bought the toxic mortgages have to be bailed out again, we profit?


it means obama has stolen 25 billions in profits from the banking industry to pay off the debts incurred in hiding the one true birth certificate.
 
2012-03-20 05:58:07 PM  
It's OK to use the word "billion," subby. We don't actually need to count out the zeroes to know it's a lot of money.
 
2012-03-20 05:58:41 PM  

adiabat: the Federal Housing Finance Agency projects the ultimate cost to the taxpayer for Fannie Mae and Freddie Mac could be $121 billion to $193 billion, depending on the strength of the housing market and other variables.

OK, so it only cost us $96 billion to $168 billion.


Sounds like a good deal for us not falling into a 2nd Depression. We probably easily made that in tax revenue we would of lost.
 
2012-03-20 06:01:13 PM  
www.attackerman.com
 
2012-03-20 06:01:41 PM  
I'm sure SpendBama will blow it all on subsidies to Arugula farms or Black Panther meetings.
 
2012-03-20 06:01:59 PM  
Wow, that's almost as much money as Dick Cheney looted from the treasury.
 
2012-03-20 06:02:27 PM  

Tymast: EnviroDude: In other words, when the banks that bought the toxic mortgages have to be bailed out again, we profit?

it means obama has stolen 25 billions in profits from the banking industry to pay off the debts incurred in hiding the one true birth certificate.


The 25 billion are going to fund a dramatic presentation of the life of Saul Alinsky, sponsored by ACORN and Planned Parenthood, and broadcast on NPR. George Soros is putting up matching funds.
 
2012-03-20 06:03:49 PM  

Corvus: I remember when these were passed and people on FARK were saying "None of this is going to be paid back at all!". Of course I doubt anyone who said that then will fess up about that.


I'll totally fess up to that. I don't remember if I actually said it in a thread here or not, but I thought for sure we'd never see a dime of it back -- and I still thought it was worth it to keep us out of a depression.

I'm please to be wrong, that's for sure.
 
2012-03-20 06:03:54 PM  
Big. Farking. Scam.
 
2012-03-20 06:05:16 PM  

Doc Daneeka: Tymast: EnviroDude: In other words, when the banks that bought the toxic mortgages have to be bailed out again, we profit?

it means obama has stolen 25 billions in profits from the banking industry to pay off the debts incurred in hiding the one true birth certificate.

The 25 billion are going to fund a dramatic presentation of the life of Saul Alinsky, sponsored by ACORN and Planned Parenthood, and broadcast on NPR. George Soros is putting up matching funds.


TELEPROMPTERS!
 
2012-03-20 06:05:29 PM  

Doc Daneeka: The 25 billion are going to fund a dramatic presentation of the life of Saul Alinsky, sponsored by ACORN and Planned Parenthood, and broadcast on NPR. George Soros is putting up matching funds.


Bill Maher offered another million dollars to the project, but only if they would abort a fetus directly over his face so he could drink it in.
 
2012-03-20 06:07:43 PM  
If Bush didn't destroy everything, The Republican Congress couldn't turn a profit fixing it
 
2012-03-20 06:11:54 PM  

I Havent Killed Anybody Since 1984: Jubeebee: I blame Obama for doing too much and/or not enough to either prevent or promote this series of events.

Also, let us make sure to commend the Republican Governors for all they did to push this through in spite of Obama doing too little/much.


Thank God for the Bush Recovery!
 
2012-03-20 06:15:25 PM  

TheBeastOfYuccaFlats: Endrick: This just proves Obama is the worst empty suit/dictator false president this country has ever seen.

If he wasn't a mastermind/total incompetent none of this would have happened in the first place, that's for damn sure.


And a radical black Christian/Muslim/atheist to boot!
 
2012-03-20 06:24:22 PM  

adiabat: OK, so it only cost us $96 billion to $168 billion.


You know, except for the negative impact on the economy if government hadn't taken action....
 
2012-03-20 06:25:20 PM  

fusillade762: TheBeastOfYuccaFlats: Endrick: This just proves Obama is the worst empty suit/dictator false president this country has ever seen.

If he wasn't a mastermind/total incompetent none of this would have happened in the first place, that's for damn sure.

And a radical black Christian/Muslim/atheist to boot!


Not to mention he is also a Socialist/Elitist!.
 
2012-03-20 06:29:50 PM  

Arkanaut: I Havent Killed Anybody Since 1984: Jubeebee: I blame Obama for doing too much and/or not enough to either prevent or promote this series of events.

Also, let us make sure to commend the Republican Governors for all they did to push this through in spite of Obama doing too little/much.

Thank God for the Bush Recovery!


hear hear!
he still graces us with his cunning presidenting.
unless of course Obamachev managed to get his hoofs into the picture.
 
2012-03-20 06:30:41 PM  
I actually had a wingnut so-called friend of mine claim that the 25 billion is basically a tax on the banks and the government shouldn't be making a profit off of private enterprise.

/they'll never be happy
 
2012-03-20 06:31:05 PM  
Bullshiat. The banks are just going to sit on these properties, not giving out loans, and the country will have to continue to rent the American dream.

/dnrtfa
 
2012-03-20 06:33:04 PM  
My sarcasm detector just blew up.
 
2012-03-20 06:33:16 PM  
I think you're all losing perspective here. Obama is an illegal president, which means he forfeits credit for everything he does right to the Republicans.
 
2012-03-20 06:38:02 PM  
So what you're telling me is that the companies that bought these didn't learn their lesson from last time.
 
2012-03-20 06:41:38 PM  

Humean_Nature: Corvus: I remember when these were passed and people on FARK were saying "None of this is going to be paid back at all!". Of course I doubt anyone who said that then will fess up about that.

I'll totally fess up to that. I don't remember if I actually said it in a thread here or not, but I thought for sure we'd never see a dime of it back -- and I still thought it was worth it to keep us out of a depression.

I'm please to be wrong, that's for sure.


I'm please to be wrong, that's for sure.

I'm going to green you just for that.
 
2012-03-20 06:42:18 PM  

highendmighty: Bullshiat. The banks are just going to sit on these properties, not giving out loans, and the country will have to continue to rent the American dream.

/dnrtfa


you gotta love the artificially inflated housing prices, i know my landlord does.
 
2012-03-20 06:44:42 PM  

I Like Bread: I think you're all losing perspective here. Obama is an illegal president, which means he forfeits credit for everything he does right to the Republicans.


Close but no, the process is actually outlined in the presidential book of secrets:

And I quote, "...In the event that the forces of tyranny are such that a usurper from the region of dark skins, perhaps Kenya-land as an arbitrary example, should rise to the seat of President of the United States; upon exposure of the ruse, the next in line for that party, provided he is of proper melanin characteristics, shall take the presidency for the remainder of the term after severing the head of his predecessor at no lower than the 3rd neck vertebra."

So, clearly, Joe Biden will be president following the Quickening. I am sure this is an equally amendable prospect to my fellow Americans of the Republican persuasion.
 
2012-03-20 06:45:21 PM  
TAX CUTS! TAX CUTS NOW!!!!

And Deregulate everything! Get the big, intrusive government out of my life!
Get the big, intrusive government into the lives of gays and pregnant women!

best part................. forever
 
2012-03-20 06:53:25 PM  

adiabat: the Federal Housing Finance Agency projects the ultimate cost to the taxpayer for Fannie Mae and Freddie Mac could be $121 billion to $193 billion, depending on the strength of the housing market and other variables.

OK, so it only cost us $96 billion to $168 billion.


Better than the full $700 billion announced cost of TARP the Republicans continue to blame on Obama.
 
2012-03-20 06:54:24 PM  

CygnusDarius: fusillade762: TheBeastOfYuccaFlats: Endrick: This just proves Obama is the worst empty suit/dictator false president this country has ever seen.

If he wasn't a mastermind/total incompetent none of this would have happened in the first place, that's for damn sure.

And a radical black Christian/Muslim/atheist to boot!

Not to mention he is also a Socialist/Elitist!.


Who wants to turn all our women into lesbians and give them free abortions!
 
2012-03-20 06:54:35 PM  
Crisis aversion granted. Mission success.

Now, for once can we get the end game right? Let's see, what has been done to ensure that this cannot happen again?

Anyone?

Who's being held to answer for what was done?

Anyone?

And they sold the CDOs back onto the market? WTFF? Why don't we just keep the Fed Funds Rate hovering around zero until it all happens again, too.

Lucky farking me. It looks like I'm gonna live to see total world oil depletion too.
 
2012-03-20 06:55:40 PM  
Treasury also spent about $414 billion to buy bad assets and restore confidence in American financial institutions via the Troubled Asset Relief Program, also known as TARP. That program, though much hated by the public, has received significant revenue from its sale of stakes in participating institutions and from interest payments. The nonpartisan Congressional Budget Office expects it to ultimately cost taxpayers about $34 billion.
 
2012-03-20 06:55:48 PM  

mudesi: [www.attackerman.com image 440x349]


Every time I see that image, I get obsessive about how poorly cropped it is. I don't know why. I'm not a major photo-buff or anything. It just annoys me.
 
2012-03-20 06:57:03 PM  

weave: I actually had a wingnut so-called friend of mine claim that the 25 billion is basically a tax on the banks and the government shouldn't be making a profit off of private enterprise.

/they'll never be happy


No, they won't. At least not until another Republican is in the White House. Then they will be told all is will be well with America once again. They will be told to sit back and relax, and they will. They'll be quietly content until they need to be riled up again.
 
2012-03-20 07:02:01 PM  
I just want to know when Obama's gonna give my my free stuff?
 
2012-03-20 07:08:24 PM  
remember GOP math:

US Government earns 25 billion-> not a big deal, not that much money, drop in the pond
US Government spends 25 thousand-> OH MY F*CKING GOD THE DEBT
 
2012-03-20 07:08:43 PM  
Just to save Mitt, Newt, Ron & Frothy the time;
If _______ succeeded then it's because of the GOP and if ________failed it's all Obama's fault. (Just fill in the blanks with the name of the issue)
 
2012-03-20 07:08:45 PM  

make me some tea: Wow, nice. Glad that worked out. We need the money.


I don't want to be on the side of the crazy wingnuts, but I'm pretty sure that the money the banks "paid" the government for those assets was essentially given to them BY the government. It wasn't a direct handout where someone wrote them a check labeled "free money for the fat cat terrorists who held the world's financial system hostage" but it was still free money via interest rates and loans and all the complex games that do the same thing but with so much paperwork normal folks like me cross their eyes. And as has been mentioned, those farkers are still in charge unless they died of excessive fatness or retired to wallow naked in piles of money.
 
2012-03-20 07:08:58 PM  
I'm still angry at Obama for taking my 40 cakes, 40 cakes.
 
2012-03-20 07:09:41 PM  

EnviroDude: In other words, when the banks that bought the toxic mortgages have to be bailed out again, we profit?


Weak sauce. You can do better.
 
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