The Golden Truth: Freddie Mac Lifts Its Leg on the U.S. Taxpayer

Wednesday, May 5, 2010

Freddie Mac Lifts Its Leg on the U.S. Taxpayer - Again

This quarter to the tune of $10.6 billion:

WASHINGTON/NEW YORK, May 5 (Reuters) - Freddie Mac (FRE.N), the second-largest provider of U.S. residential mortgage funds, on Wednesday asked for an additional $10.6 billion in federal aid after it lost $8 billion in the first quarter...LINK.

"No problem," reflects Whirlybird Ben Bernanke and Tiny Brain Tim Geithner, just crank up the printing press and issue some more "I'll Never" IOU's to the dopes in China, Japan and the UK. Don't forget that on Christmas Eve, late, Geithner released news announcing that the $400 billion cap on Govt injections into FNM and FRE had been removed. You can see where this is going...

Just consider this: the CEO, CFO and Sr. VP of Capital Markets each made $2.03 million, $1.14 million and $2.92 million respectively. Please note: that's money taken from your bank account and handed to these morons who are making seven figures in order to ask for billions each quarter, which is then used to pay the employees at FRE and subsidize the collapsing housing and mortgage industry.

Fannie Mae, Freddie Mac, Ginnie Mae and the FHA are among the biggest wastes of wealth in the history of the planet...Since Fannie is quite a bit larger than Freddie, expect that FNM will soon announce demands for an even bigger hand-out from the Taxpayers...Got gold? I hope so because Banana Ben is on the verge of being forced to punch the button on his famous electronic printing press and gold will go parabolic in price....speaking of lifting one's leg and urinating, I wonder if FRE CEO Charles Edgar Haldeman can lick his own balls...

14 comments:

halWednesday, 05 May, 2010
Interestingly, I was scanning the TV this AM and saw Franklin Raines being interviewed but just cannot remember who was doing the interview-someone considered a heavy hitter in the biz--

just shook my head in amazement and realize the bigger the FU you are the further ahead you get.
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Dave in DenverWednesday, 05 May, 2010
Franklin Raines was Bill Clinton's Frankenstein. Raines should have been investigated and thrown in jail when he was removed from FNM.

I was at a wedding in DC in which he attended back in 2004. I really wanted to go pee on his leg.
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HalWednesday, 05 May, 2010
I just want to know what is Obama's Definition of "enough" money.

Since he and his wife earned more than 3 mil last year, I assume its more than 3 Mil. Or perhaps 250k--or whatever the teleprompter sez at that particular moment.
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Dave in DenverWednesday, 05 May, 2010
I don't think Obama has a definition for anything. He's got his hand out just like every other politician to the highest bidder.

The only difference between W and Obama is that Obama is a liar and a hypocrite.
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HalWednesday, 05 May, 2010
and Obama does speak better--with or without teleprompter. But its more fun to watch him w/o teleprompter , but watching his head swivel from side to side when he is speaking from teleprompter is a joke and he should learn to do then more seamlessly including looking at the cameras.

Perhaps he could learn something from Leno.
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HopiumThursday, 06 May, 2010
Haha Excellent commentary Dave....great post, great pose indeed.

The clock is certainly ticking. I was floating around other blogs yesterday, man there were a lot of pissed off people out there yesterdays. I think it was due to the fact that STOCKS WERE RED AND GOLD WAS GREEN!..Hahaha
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Dave in DenverThursday, 06 May, 2010
LOL Hopium. Just wait for when gold goes parabolic and stocks tank hard. Be fun to watch the puzzled looks on the CNBC crew's face.
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Dave in DenverThursday, 06 May, 2010
WOW Anonymous - thanks for the link. THAT is horrifying because it tells us that behind the scenes the Obama scums are closer than we realize with coming up with some kind of plan to confiscate 401k/IRAs
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AnonymousThursday, 06 May, 2010
IMF conference, May 11th.

Subject, alternatives to $, SDRs and Gold.

Hosted in Zurich.

King world news blog has outline.
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Dave in DenverThursday, 06 May, 2010
Intereting. Thanks for the heads-up. I usually only check King's site on Saturday mornings.
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JoeThursday, 06 May, 2010
Dave,

I think that was the quickest Gold rebound from an downdraft ever. As usual, Silver still looks doggy. Any idea when Gold/Silver ratio will start to decline?
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Dave in DenverThursday, 06 May, 2010
Agree. Physical demand is starting to overwhelm paper. GSR will at some fall off a cliff very quickly.
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AnonymousThursday, 06 May, 2010
Yeah I am starting to get frustrated with my silver holdings. I own gold but I have a larger hoard of silver. Starting to think that maybe silver will not catch up to gold when things really take off.
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Dave in DenverThursday, 06 May, 2010
Hang tough w/your silver. It will be worth it. I have it from a FIRST HAND source that the CFTC was alerted ahead of the Monday/Tuesday smash in silver that JPM was going to take it down. This is pure JPM illegal market manipulation that the Govt/CFTC has been ignoring for years.

Hold tight because the physical market will completely blow up the paper market and it could well come from Hong Kong.
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.