Those pesky kids Freddie and Fannie are in deep doo doo....and the government plans to bail them out.

The money for doing that, comes to 5 tillion, and will be added to the Federal debt, which stands at 9 Trillion now, but will be increased by more than half, when it becomes a 'done deal'.

Can you even imagine a debt on our backs of 14 trillion, let alone 'say it'?! What a double barreled legacy for GW Bush and his 'growing economy, and as a load on our kids and grandkid's backs.

As one famous person I know likes to say, 'UNBELIEVABLE!', in his most sarcastic voice.

Loree

I wish the Feds would GIVE AT & T enough money to get fiber optic lines out to my neighborhood, for DSL! Better yet, give them enough money to keep the current lines in working order at all times! The rain here the past 30 hours, found it's way into the phone line that operates my computer...yesterday was a nightmare...I could connect to my server about one out of six times (IF I was lucky), and then the connection would 'hold' for maybe two or three minutes, before it was lost. After checking all 3 lines on MY side of the box where the lines come in, it was readily apparent that it was AT & T's problem, which made me feel much better on one hand, but on a weekend of all times?! That made me feel a whole lot worse.

As of right now, I was able to connect, and so far, it's holding! Ever try to type and walk with 'crossed fingers and toes?!' It sure isn't easy, let me tell you.

By all indications, it began in Bill Clinton's Administration.

Historically, foreign central banks that found themselves with excess dollars as the result of the American trade deficit invested that money exclusively in Treasury notes and bills. As a service, the New York Fed made those investments for them, guaranteeing them the best current price and retaining legal custody of the paper as their agent.

Should the two mortgage firms need a cash infusion, Mr. Paulson could spare the Treasury and dip into a little-known pool of money called the Exchange Stabilization Fund.

However, by the mid-1990s the countries that had large trade surpluses with the United States — primarily in East Asia and the Persian Gulf — began to demand a better return on investment than that offered by Treasury paper. In response, the New York Fed began to buy them “federal agency” paper — including large amounts of obligations from Fannie and Freddie. This paid somewhat better interest, and while it was not officially guaranteed by the government in the way Treasury bills were — well, you know, if push came to shove, Washington could be counted on to do the right thing.

These foreign-government accounts now hold $985 billion worth of Fannie and Freddie paper. It explains why, in mid-July, Secretary Paulson (as well as Senator Chris Dodd, the Connecticut Democrat who heads the Senate Banking Committee) began giving press conferences about how sound the two firms really were, no need to worry. Behind the scenes, Treasury officials overseas made phone calls to the local central banks and finance ministries, stressing that the two mortgage giants would weather the storm.

If by YOUR indications, it's Bill Clinton's fault, then how BLIND was GW Bush for the past almost 8 years, that he didn't see what was/is happening...you know, his 'growing economy and everythings right with this country' horse shit that he AND McCAIN like to put out, over and over?

Or was that another of his GIGANTIC LIES?

Get a grip....no president worth his salt, would continue to let the economy swirl around in the toilet water, and go down the drain!

Give YOUR hero the CREDIT HE IS DUE, and not just blame Bill (surplus) Clinton for GW's ills and problems!

Loree:

If by YOUR indications, it's Bill Clinton's fault, then how BLIND was GW Bush for the past almost 8 years, that he didn't see what was/is happening...you know, his 'growing economy and everythings right with this country' horse shit that he AND McCAIN like to put out, over and over?

Or was that another of his GIGANTIC LIES?

Get a grip....no president worth his salt, would continue to let the economy swirl around in the toilet water, and go down the drain!

Give YOUR hero the CREDIT HE IS DUE, and not just blame Bill (surplus) Clinton for GW's ills and problems!

About all the President can do it make suggestions for fixes to Congress, the branch of government you really are mad at because it's their responsibility, not the President's.

When they come up with a package and legislation to change things, then it's the President's job to accept their legislation or veto it.

I don't just blame Bill Clinton, but I pointed out that this was not a result of "Bush Policy"... it was actually enacted during the Clinton years.

boy, those wer long years, weren't they?