Fannie Says $100 Billion Pledge From Treasury May Not Be Enough

Fannie Says $100 Billion Pledge From Treasury May Not Be Enough

www.bloomberg.com

Fannie Mae may need more than the $100 billion in funding pledged by the U.S. Treasury to stay afloat after reporting a record $29 billion loss and confronting more difficulty in issuing and refinancing debt.

"This commitment may not be sufficient to keep us in solvent condition or from being placed into receivership,'' if there are further "substantial'' losses or if the company is unable to sell unsecured debt Washington-based Fannie said in a filing today with the U.S. Securities and Exchange Commission.

(visit the link for the full news article)

The US Government holds a 79.9% majority ownership stake in Fannie Mae.
Fannie Mae and its buddy Freddie Mac "own or guarantee about 40 percent of the U.S. home loan market." The gov't also holds a 79.9% stake in Freddie.

Hundreds and hundreds and hundreds of billions of taxpayer money is disappearing and will continue disappearing into the great gaping maw of yet another "bailed out" company.

These numbers are getting to the beyond belief stage very quickly. Hundreds of billions here, hundreds of billions there - and who is paying for all of it? The US taxpayer, their children, and their children's children. Pardon what may seem to be drama, but the more money we pump into failing companies like Fannie, Freddie, AIG, and others, the further into debt slavery we're selling our future generations.

www.bloomberg.com
(visit the link for the full news article)

That's Ok.

We can just give them a blank check and let them add billions more to our national debt. Nothing wrong with spreading the wealth.

Too bad home owners didn't get that cheque,we'd be out of this mess,and decorating our christmas trees.
I thinks it's official ,THE - - - - IS HITTING THE FAN ,brace yourselves
for more very bad news i am afraid


[edit on 10-11-2008 by all2human]

This is like p*****g in the wind. This is what happens every time we bailout out more. We keep digging our economy's grave deeper with each one.

That goes great with the other news of AIG, GM, and Circuit City, etc. All one day. Absolutely freakin amazing. Will I dare ask what tomorrow will bring?

www.abovetopsecret.com...

Originally posted by David9176
That goes great with the other news of AIG, GM, and Circuit City, etc. All one day. Absolutely freakin amazing. Will I dare ask what tomorrow will bring?

Why wait for tomorrow??
Did you hear about Starbucks taking a 97% profit drop?
Why not pile even more horsecrap on the American taxpayer today??

I cannot see a way out of this. I just can't.

Great . . . more of my tax dollars up the old fannie . . .

Yeeeeeee-haw.

reply to post by anachryon

I cannot see a way out of this. I just can't.

I don't either. I hope that something can stop it. It seems like we are almost in a free fall right now. Everything is slowing down...eventually it may just stop cold.

We're screwed.

I've been trying to tell my wife about what is looming around the corner and she basically blew me off saying that i was worrying too much. Today she comes home and tells me that her company had a large meeting for all employees stating that they may start laying off. This place works under a government contract. They make motherboards for military planes and tanks. You'd think that would be a safe job..heh.

Anyway...she's starting to get it now. It may not be effecting everyone yet...but it's coming....oh man is it coming....and it's going to hurt.

Let em drop! Let the big corporation fall off like flies, and see if the others can learn something from it. The government can't even bail themselves out right now, so how can they possibly bail out another handful of companies.

Starbucks: Nothing more than a luxury. If you find that you are jonesing for it after they close, you have too much money.

GM: Union. Nuff said. Being in a union almost guarantees that you will get paid WAY more than you are worth. THerefore, the company has to jack up prices on their products.

Circuit City: Karma baby, karma. That'll teach ya to let three employees stand around and discuss the hottie in customer service while there's five customers standing around waiting for answers.

AIG: What do they do again? Insurance? Oh right, the others will follow, insurance is nothing more than a scam anyway.