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blank slate
Join Date: Jun 2007
Location: Santa Monica, CA
Posts: 351
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More g-d bailouts!!
D*mnit, how many different classes of bad decision-makers are we going to bail out with tax money?!?!
From here: Earlier this month, the Detroit Free Press reported that the top dogs at Ford, GM and Chrysler had a meeting of the minds and decided that the way out of their current losing streak would be to ask the feds for a lifeline. They figure they'll need $40 billion or so to ride out their current troubles until they reach the promised land of hybrids, the Chevy Volt, and, who knows, maybe even profits. Whatever you do, don't bear the brunt of your bad business decisions. Nooo that wouldn't do, not at all. Toyota, Honda, VW, et al. seem to be doing fairly well. WTF is up with the big 3?? Same old, same old, huh?
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1979 Porsche 911SC 1969 Porsche 912 (gone but not forgotten) |
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08-22-2008, 02:52 PM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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No bailouts for anyone--individual or corporation.
People sure make risky decisions when they don't have to deal with the consequences... coughsavingsandloansbearstearnschryslerindymacfann iemaefreddiemaccough
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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08-22-2008, 02:55 PM
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blank slate
Join Date: Jun 2007
Location: Santa Monica, CA
Posts: 351
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Here's a study showing that the Fannie and Freddie Mac bailouts may cost us up to $2.5 trillion:
A recent study from the Congressional Budget Office (CBO) has zero credibility. It pegged likely taxpayer losses in the Fannie Mae and Freddie Mac bailouts at $25 billion. For those with a sense of history, it is worth remembering that the S&L bailout had a $160 billion price tag. The numbers diverge so far from reality as to be laugh-out-loud funny. Funny, that is, except that the CBO estimate demonstrates a willful disconnect with the actual consequences of federal government actions.
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1979 Porsche 911SC 1969 Porsche 912 (gone but not forgotten) |
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08-22-2008, 03:01 PM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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If the bailout of Fannie/Freddie gets into the trillions, I start to worry about US debt loads and strength of the dollar. Why do people have to be so damn stupid?
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08-22-2008, 03:18 PM
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Dog-faced pony soldier
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Not to worry. "Hope and change" is on the way.
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A car, a 911, a motorbike and a few surfboards Black Cars Matter |
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08-22-2008, 03:20 PM
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Certified Pre-Owned
Join Date: Aug 2002
Location: Nanny State
Posts: 3,132
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No kidding...what a load
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'84 Carrera Coupe |
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08-22-2008, 05:27 PM
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Registered
Join Date: Dec 2001
Location: Cambridge, MA
Posts: 44,301
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Isn't deregulation great!
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Tru6 Restoration & Design |
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08-22-2008, 05:37 PM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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Quote:
The freedom to fail is great. So is the freedom to succeed. You can't really have one without both.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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08-22-2008, 06:12 PM
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Super Moderator
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"Hope" is a strategy. Just ask all the folks buying lottery tickets for retirement.
I wish I could do that. Yeah, umm.. Mr. Congressman? I spent several years ignoring the market demand and got caught with my pants down on my product lineup. Can you float me for a year while I retool? I don't want to have to cut off my Champagne habit.
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Chris ---------------------------------------------- 1996 993 RS Replica 2023 KTM 890 Adventure R 1971 Norton 750 Commando Alcon Brake Kits |
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08-22-2008, 06:23 PM
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Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
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Plain and simple, you don't insure something without rules. Freddie and Fannie are to blame, way back to the Clinton era, as well as the Bush era, for allowing this "Stated Income", no money down, interest only, 40 and 50 year loans. When the lender can get his commission and sell (dump) the bad paper with impunity. Someone else will insure it.
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Hugh |
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08-22-2008, 06:43 PM
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1970 Porsche 911 S 
