Does Anyone feel like Bailing

[TheMercenary]

Great, this shit has to stop sooner or later...

Fannie Taps Treasury for $15.3 Billion More After a 10th Loss

Feb. 27 (Bloomberg) -- Fannie Mae will seek $15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion, after its 10th consecutive quarterly loss.

The mortgage-finance company posted a fourth-quarter net loss of $16.3 billion, or $2.87 a share, Washington-based Fannie Mae said in a filing yesterday with the Securities and Exchange Commission.

Fannie Mae, which owns or guarantees about 28 percent of the $11.8 trillion U.S. home-loan market, has been hobbled by a three-year housing slump that wiped 28 percent from home values nationwide and led to record foreclosures. The company, which posted $120.5 billion in losses over the previous nine quarters, and rival Freddie Mac were seized by regulators in September 2008.

“Our financial results for 2009 reflected the continued adverse impact of the weak economy and housing market, which has resulted in record mortgage delinquencies and contributed to our recording significant credit-related expenses and net losses during each quarter of the year,” Fannie Mae said in the filing.

For the full year, Fannie Mae’s loss widened to $74.4 billion from $59.8 billion in 2008.

http://www.bloomberg.com/apps/news?p...d=alet_UTqF04M

[tw]

Originally Posted by TheMercenary

Great, this shit has to stop sooner or later...

It was. Cheney types are no longer saying, "Deficits don't matter". Now we must wait for the resulting flood to withdrawal. According economists who studied these events some 114 times in al OECD economies, we still have maybe eight more quarters of this until improvement begins. Cheney proved that deficits do matter. And cause massive economic malaise four or ten years later when economic forces takes revenge on fiscally mismanaged economies.

Time to complain about our economics mistakes was when this could have been averted and was being created in and after 2003.

Originally Posted by tw

Time to complain about our economics mistakes was when this could have been averted and was being created in and after 2003.

You mean the Bush tax reform that was pushed through Congress through the reconciliation process:

Economic Growth and Tax Reform Reconciliation Act of 2001
and
Jobs and Growth Tax Relief and Reconciliation Act of 2003

and which contributed an estimated $1+ trillion to deficits and did not result in either economic growth or jobs?

[tw]

Originally Posted by Redux

You mean the Bush tax reform that was pushed through Congress through the reconciliation process:

Economic Growth and Tax Reform Reconciliation Act of 2001
and
Jobs and Growth Tax Relief and Reconciliation Act of 2003

and which contributed an estimated $1+ trillion to deficits and did not result in either economic growth or jobs?

As Warren Buffet so accurately noted, the only tax cut is one that cuts spending.

Cutting taxes (welfare to the rich) means economics takes revenge on everyone typically four and ten years later. Deja vue.

[classicman]

Incorrect Merc, That is their final payment - We can only hope that the virtually worthless stock we currently own makes up the difference between the $50 billion given and the $6.7 billion that GM paid back. If I understand this correctly, basically we need this stock to equal $43 Billion just to break even.

Doesn't this mean that the Gov't now has a vested interest in giving GM all the advantages they can even over other American car companies, especially Ford who took no money?