We Now Own 'Mae & 'Mac

Discussion in 'Financial Cents' started by RouteClearance, Sep 7, 2008.


  1. RouteClearance

    RouteClearance Monkey+++ Site Supporter

  2. Jonas Parker

    Jonas Parker Hooligan

    This folks is "the mother of all bailouts", or perhaps "the mutha of all bailouts" ("mutha" being half a word). The banksters, fraudsters, and political hacks now have an open door to the wallet of the American taxpayer. I'm waiting with interest to see what the stock market does tomorrow.
     
  3. Tango3

    Tango3 Aimless wanderer

    Looks like"we" just bought like 5bn in bad mortgages...
     
  4. Blackjack

    Blackjack Monkey+++

    I thought Bush said that he wouldn't bail them out?..... no?
     
  5. RouteClearance

    RouteClearance Monkey+++ Site Supporter

    It is actualy 9 TRILLION dollars worth of bad mortgages, hedge funds, and derivatives that we now own. Just think, on September 7, 2008, we have effectively doubled our "National Debt".
     
  6. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    [kneelsuckers]

    I guess my Social Security check is gonna go up now that the government has made this amazing investment on my behalf. Are there any other industries that need a good bailing out? If so, lets just get them all done at one time so I can see what my future SS numbers will be when I get the printout at the end of the year.

    I am going to Disneyland!
     
  7. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Repeat to yourself three times:

    The difference between Dems and Repubs is shades of grey
    The difference between dems and Repubs is shades of grey
    The difference between Dems and Repubs is shades of grey

    Then click you heals together and close your eyes. When you wake up you will be given the keys to what makes them both tick: Power & Control of other Peoples' Money. That is it.
     
  8. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    We still own a piece of Chrysler, don't we? And some steel companies as well, not to mention the postal service.
     
  9. RouteClearance

    RouteClearance Monkey+++ Site Supporter

    As for Chrysler, no. The loan was repaid fully by the late '80s. The problem with this bailout is that our Congress or Senate did not pass any resoulutions allowing this. The same also goes for Bear Sterns.

    Back in 1979, the Chrysler bailout was approved for by both houses, and signed into law by President Carter. The bailout loan made to Chrysler was only for 1.5bn dollars.

    Now we are backing up "Trillions" of dollars of bad money, and we the people have had absolutly no sayso. What gives?
     
  10. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    "Backed by the full faith and confidence" or words to that effect. Trouble is, the confidence is going down.

    The difference might be in the enabling legislation that set up Mae and Mac. Freely admit I don't know. the X-ler deal was backing a private corporation rather than one backed by the gov't in the first place. I think.

    (Didn't realize the loan to X-ler was paid off.)
     
  11. RouteClearance

    RouteClearance Monkey+++ Site Supporter

    The Xler loan was paid in full August of '83.
     
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