Friday, February 4, 2011

The Federal Government: A Party to Fraud

Responsible governments bring down criminal enterprises.  In America, the government sponsors them

The Fannie and Freddie cronies, who walked away from the crash they caused with tens of millions stuffed in their pockets, are being defended against fraud charges by the federal government.

Here's a statement from a criminal if I've ever heard one:
"I understand the frustration regarding the advancement of certain legal fees associated with ongoing litigation involving Fannie Mae and certain former employees. It is my responsibility to follow applicable federal and state law. Consequently, on the advice of counsel, I have concluded that the advancement of such fees is in the best interest of the conservatorship."  (NY Times)
That isn't a Fannie or Freddie official, folks.  It's the acting director of the the FHA, a government organization!  The federal government is defending these criminals from fraud charges with your tax dollars, to the tune of over $160 million dollars.  If you're not mad as hell, you're not paying attention.

Some Slogans for the Weekend

I just love ideological slogans.  Here are some of my favorites, with a twist...

Keep your hands off of my discourse!

Celebrate Perversity

Imagine Whirled Peas

My Gun, My Choice

And my favorite (I designed it myself), a takeoff of those irritating and sanctimonious "Diversity" bumper stickers plastered on the back of Volvos, Priuses, and Subarus...

Post your own favorites in the comments section!


Divine Theatre said...

It's only money. They can always print more.

Lisa said...

Oh those Wall Street Crooks!

Christopher - Conservative Perspective said...

The 2nd Amendment, Remedy from the Start

Jersey McJones said...

Fannie and Freddie played relatively small parts in the Mortgage Meltdown. Just the same, there seems like there was criminal activity there that should be investigated.

When you look at all this, though, one can not not escape the facts the laizzez faire government allowed this to happen. It was a failure of libertarianism, conservatism, and neo-liberalism. The repeal of Glass-Steagal, the ambivilance toward the derivatives markets, the inside trading, the riskless lending mechanisms, these are what caused this.

You guys are just chasing waves while ignoring the big stone that hit the water.


Divine Theatre said...

Jersey, name ONE deregulation. One.

Divine Theatre said...

"In fact, government regulation, restrictions, fees, and other barriers driving housing costs higher even have been recognized by the U.S. Department of Housing and Urban Development (HUD). HUD has done two studies making this point. In 1991 its publication “‘Not In My Back Yard’: Removing Barriers to Affordable Housing” explained: “Millions of Americans are being priced-out of buying or renting the kind of housing they otherwise could afford were it not for a web of government regulations,” including “a maze of Federal, State, and local codes, processes, and controls.” Among the many controls noted were upzoning, exclusion of multifamily housing, requiring developers to add amenities and pay larger fees, slow and burdensome permitting, prohibitions on accessory apartments, building codes that prohibit rehabilitation of existing buildings, rent control, restrictions on manufactured housing, and environmental regulations."

Raymond J Keating, "The Freeman" March 2006

Silverfiddle said...

As usual, Jersey is full of it and doesn't know what he's talking about.

When you look at all this, though, one can not not escape the facts the laizzez faire government allowed this to happen. It was a failure of libertarianism, conservatism, and neo-liberalism.


The federal government, through fannie and freddie, as well as other federal guarantees to banks allowed them to make stupid loans because banksters know Uncle Stupid would pick up the tab if the loans went bad, and that is exactly what happened.

The federal government now owns over 90% of all mortgages.

You don't even know what libertarianism is, so stop talking about it. You're just making yourself look bad.

A libertarian approach (which we've never had) cuts the banks loose from the government teat and tells them they are responsible for any debt they incur.

Divine Theatre said...

Right Silveriddle, how he can claim that Laissez Faire economics is responsible shows that he neither understands french nor economics.

MathewK said...

Allowing them to defend fannie and the rest is like a thief stealing your money, then the cops charging you for his defense fund.