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...


  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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

  7. 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.

  8. 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

  9. IMF conference, May 11th.

    Subject, alternatives to $, SDRs and Gold.

    Hosted in Zurich.

    King world news blog has outline.

  10. Intereting. Thanks for the heads-up. I usually only check King's site on Saturday mornings.

  11. 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?

  12. Agree. Physical demand is starting to overwhelm paper. GSR will at some fall off a cliff very quickly.

  13. 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.

  14. 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.