This goes into the “Best of Santelli” CNBC Rant Hall of Fame…
Rep. Paul Kagorski (D-Pa.) told CNBC viewers that “Democrats’ couldn’t reform Fannie & Freddie in their financial regulation bill, because it was too complicated.”
Santelli blasts Kanjorski, asking… “Do you think taxpayers that go to work to pay the money you are subsidizing are going to buy complicated as an excuse?”
The taxpayer funded bailouts directed towards the toxic wasteland known as Fannie and Freddie are seemingly endless. The Financial Times reported…
“Fannie Mae said on Monday it would need an additional $8.4bn in aid, as the US government-controlled mortgage finance company continued to suffer heavy losses on its bad loans… Fannie Mae’s appeal for help comes on the heels of a similar plea last week by smaller rival Freddie Mac, which asked for an additional $10.6bn cash infusion. The latest requests for aid bring the total amount of taxpayer dollars drawn down by these companies to $148bn since the 2008 government-led bail-out.”
Total taxpayer liability for Fannie & Freeddie is approximately $8 trillion dollars, including public debt and loan guarantees. And there seems to be no end in sight, as noted by the New York Times:
“Fannie Mae’s request on Monday for another $8.4 billion in federal aid comes at a politically inconvenient time for the Obama administration, which is pressing to pass sweeping financial legislation without resolving the company’s future…. Democrats want to defer an overhaul of federal housing policy until next year, after the midterm elections. But Republicans have seized on the continuing losses to argue that a plan for the two companies should be a priority of the current legislation.”
Republicans have been pushing for an end to Fannie & Freddie bailouts that would get the government out of the mortgage business once and for all. However Democrats are not only unwilling to budge on reforming Fannie and Freddie, they’re hellbent on throwing good money after bad, by doubling down on the failed government mortgage companies and burning through hundreds of billions of taxpayer dollars.
A House Republicans plan would phase out taxpayer subsidies of Fannie Mae and Freddie Mac over a number of years and end the current model of privatized profits and taxpayer losses…
Bought and paid for political shills like (D-Pa.) Rep. Paul Kanjorski are no longer able to come on national television and shovel their scripted talking points upon the public without going unchallenged.
The American people know the bankers used Fannie & Freddie as a toxic waste dump to unload worthless mortgage paper that they wouldn’t dare carry on their own books.
They know the Obama administration and Congress tried to sneak yet another Fannie & Freddie bailout past them on Christmas Eve and they know it won’t be the last.
And they know the bailout of Greece isn’t a bailout of the Greek citizenry, but yet another Bank Bailout.
Kudos to Rick Santelli for continually having the courage to speak up for Main Street into Wall Street’s ongoing Lootapalooza.
SliderOnTheBlack
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