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Fannie Mae taps $7.8 billion from Treasury, loss widens
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(Reuters) - Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $5.1 billion.
The government-controlled firm also attributed the deeper cash drain to losses on derivatives used to hedge its exposure to interest-rate swings and on expenses related to home loans made prior to the 2008 financial collapse. In the year-earlier quarter it had a loss of a $1.3 billion.
Fannie Mae has now drawn $112.6 billion in bailout funds from the Treasury Department since being seized by the government in 2008 as mortgage losses mounted, and it has returned $17.2 billion to taxpayers in the form of dividends......
...Their regulator estimates that the bailout could reach about $193 billion through 2014, with dividend payments taken into account.
While many of the members of OWS are loons, they do have some good points. Why are they not protesting Fannie and Freddie, two of the worst examples of irresponsibility and greed in the country?
While many of the members of OWS are loons, they do have some good points. Why are they not protesting Fannie and Freddie, two of the worst examples of irresponsibility and greed in the country?
Because they are backed by the Liberals. But it is the Conservatives fault that they did not stop it and were aggressive in their attempts to stop what they were doing and they did not do enough to sound the alarms to all of this crap with F&F
While many of the members of OWS are loons, they do have some good points. Why are they not protesting Fannie and Freddie, two of the worst examples of irresponsibility and greed in the country?
The average person does not have a clue who the greedy Mr. Big and his friends are. The people that ruined the system are so low profile that no one will ever figure out who the cultprits are...so the protesters really don't have a chance at getting to the bottom of the barrel of rotten apples...nor do most polititians...most are NOT in the loop - and only a select few understand the workings of this huge enterprise called America INC.
They should. Perhaps it's because Fannie and Freddie are beind the scenes players. You really have to do research and go out of your way to find out who was involved and to what extent. Wall Street is obvious. They are both involved but one is behind the curtain, so there lies the explanation.
This is from the Barry Ritholtz blog, (Barry is a famous Wall Street money manager):
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Occupy Wall Street has been the subject of debate with friends and colleagues. Some confusion and misconceptions are out there regarding the protesters’ message: I’ve heard that the OWS movement is anti-capitalist, anti-Semitic, Pro-Socialist, Pro-Marxist, or a combination thereof. Or that they’re just — as Atrios re-popularized the phrase long ago — Dirty F*ckin’ Hippies.
As Barry has described it, “there is an unfocused financial rage in the United States” — and you see it in both the Tea Party and the OWS movement. Rather than mischaracterize why so many Americans — on the Left and the Right — are unhappy, let’s go to the actual data to see what is underlying this negative general sentiment:
Gini Index
Let’s start with the Gini Index, “the degree of inequality in the distribution of family income in a country.” Here’s our place in the world:
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By way of comparison, Germany is #126 (of 136) with a Gini Index of 27, and Japan is #76 at 37.6.
Within the United States, this is what income inequality looks like from a Gini Index perspective:
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Well, How’d the Gini Index Get So Out of Whack?
In brief (footnotes removed):
In recent decades, CEO pay has grown dramatically in the United States. Between the 1930s and the 1970s, CEOs of the largest companies received approximately $1 million in total annual compensation (adjusted for inflation in year 2000 dollars). During this period, the ratio of CEO-to-worker pay narrowed as workers’ wages grew and CEO pay rose modestly. By the 1990s CEO pay grew dramatically. Business Week estimated that CEO pay at the largest companies grew from 42 times the average worker’s pay in 1980 to 531 times the average worker’s pay in 2000. In 2010, large company CEOs received $11.4 million, or 343 times worker pay, according to calculations by the AFL-CIO’s Executive Paywatch website.
They should. Perhaps it's because Fannie and Freddie are beind the scenes players. You really have to do research and go out of your way to find out who was involved and to what extent. Wall Street is obvious. They are both involved but one is behind the curtain, so there lies the explanation.
BINGO! These protesters are STUPID! They have no idea what or who they are even protesting, they just listen to the guy next to them and run with it like it is truth. Typical Useful Idiots. Lenin would be VERY VERY proud of these morons!
Have you ever been to the entrance to Fannie and Freddie? I have. There is a very, very mean dog that lives next door. He is constantly trying to jump over the fence to get at people visiting Fannie Mae. The owner just sits on the porch and laughs.
No, sir. Better to be downtown Manhatten, where dogs are scarce.
Let’s start with the Gini Index, “the degree of inequality in the distribution of family income in a country.” Here’s our place in the world: .
and the gini index has been RISING on almost EVERY country
why
because some people make money, some save money, some spend money... and some dont
why are the poorer becoming poorer....because the GOVERNMENT keeps raising costs
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