Comments on: The Government Takeover of Fannie and Freddie: Observations of an Unmitigated Disaster http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/ A constitutionalist blog on politics and other miscellany. Tue, 07 Feb 2012 23:33:40 +0000 http://wordpress.org/?v=2.2.1 By: Yusef http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-958 Yusef Thu, 11 Sep 2008 01:41:54 +0000 http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-958 I thought you might like this article (and the two which link from it,) http://www.huffingtonpost.com/hale-stewart/freddie-and-fannie-bail-o_b_124713.html I thought you might like this article (and the two which link from it,)

http://www.huffingtonpost.com/hale-stewart/freddie-and-fannie-bail-o_b_124713.html

]]> By: Yusef http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-957 Yusef Wed, 10 Sep 2008 19:42:32 +0000 http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-957 Here's the way I think the endgame will play out: http://www.youtube.com/watch?v=rH6_i8zuffs (You may need to watch all 12 episodes to get the full story.) The transfer of the banks' bad debts onto the public was the most crucial step in this process, in my opinion. I think the events in Argentina show us that any notion of such a transfer being in the best interests of the public at large is entirely misguided. If such a transfer in the US is not effectively opposed by us now, it will be much more difficult, next to impossible, to oppose it later. Here’s the way I think the endgame will play out:

http://www.youtube.com/watch?v=rH6_i8zuffs

(You may need to watch all 12 episodes to get the full story.)

The transfer of the banks’ bad debts onto the public was the most crucial step in this process, in my opinion. I think the events in Argentina show us that any notion of such a transfer being in the best interests of the public at large is entirely misguided. If such a transfer in the US is not effectively opposed by us now, it will be much more difficult, next to impossible, to oppose it later.

]]> By: Hit Him Again http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-956 Hit Him Again Tue, 09 Sep 2008 02:08:29 +0000 http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-956 Yusef, I call for their resignations because they are incompetent - but it’s done with a cheeky self-awareness that this site is incapable of affecting that result. I advance that position just to contrast how most people believe Bernanke, Paulson, and the House/Senate finance committees are doing a good job. Perhaps in an alternate version I could have suggested instead that they be “burned in effigy,” but I thought it evoked imagery that was unnecessarily violent. As for being orchestrated over the last fifteen years, I agree, and this statement has powerful implications. We are in an economic situation that is the deliberate result of central planning in at least the form of the Federal Reserve and the Treasury. Indeed, the political nucleus of our economic system is so strong, Bernanke cannot sneeze without the Dow swinging 250 points. As such our problems are twofold: not only has there been (A) poor orchestration, there is also (B) the power to orchestrate. Whenever A occurs, we get more of B. Whenever B occurs, we get more of A. How does the endgame play out? Yusef, I call for their resignations because they are incompetent - but it’s done with a cheeky self-awareness that this site is incapable of affecting that result. I advance that position just to contrast how most people believe Bernanke, Paulson, and the House/Senate finance committees are doing a good job. Perhaps in an alternate version I could have suggested instead that they be “burned in effigy,” but I thought it evoked imagery that was unnecessarily violent.

As for being orchestrated over the last fifteen years, I agree, and this statement has powerful implications. We are in an economic situation that is the deliberate result of central planning in at least the form of the Federal Reserve and the Treasury. Indeed, the political nucleus of our economic system is so strong, Bernanke cannot sneeze without the Dow swinging 250 points.

As such our problems are twofold: not only has there been (A) poor orchestration, there is also (B) the power to orchestrate. Whenever A occurs, we get more of B. Whenever B occurs, we get more of A.

How does the endgame play out?

]]> By: Yusef http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-955 Yusef Mon, 08 Sep 2008 20:57:14 +0000 http://www.hithimagain.com/2008/09/07/the-government-takeover-of-fannie-and-freddie-observations-of-an-unimitigated-disaster/#comment-955 Why even bother calling for resignations? That's quite naive and I know you are not. These people aren't going to even go so far as to admit they've made an error, let alone destroy their reputations, careers, or hurt themselves financially. And they needn't. It is clear to me the whole thing has been orchestrated over at least fifteen years. What I wish could be called for would be massive protest, something like a "conversatives' general strike," which would mean your average businessman, your average professional, your average hardworking man on the street, would put their foot down and not go on as if nothing had changed. Why even bother calling for resignations? That’s quite naive and I know you are not. These people aren’t going to even go so far as to admit they’ve made an error, let alone destroy their reputations, careers, or hurt themselves financially. And they needn’t. It is clear to me the whole thing has been orchestrated over at least fifteen years.

What I wish could be called for would be massive protest, something like a “conversatives’ general strike,” which would mean your average businessman, your average professional, your average hardworking man on the street, would put their foot down and not go on as if nothing had changed.

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