Who all supported Fannie Mae and Freddie Mac?
I blame the cause of the economic crisis on Fannie Mae and Freddie Mac. This is the true cause of the banks closing. In a debate i would like to know as much as possible about this before pointing fingers. I looked up on google and found a few things; however, I would like to know more. Thanks for any help.
Tagged with: banks • economic crisis • fannie mae • fannie mae and freddie mac • Freddie Mac Questions • google • pointing fingers • true cause
Filed under: Freddie Mac Questions
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I blame any bank management that was employed from November of 1999 until the collapse. I also blame 80% of the elected government officials that were in office in 1999, including Bill Clinton.
Joe, that is a flawed logic path. Just because there is only minimal options does not mean everbody supports it. Did everyone support Bush? Based on your line of thinking, yes everyone did. You see what I mean? I’m not trying to be mean.
Barney Frank and democrats with President Clinton.
they were part of the problem but unregulated capitalism & greed were the cause of the current mess.
There was no regulation on new financial products.
Mortgages were bundled and sold as investments.
AIG insured these bundled mortgage investments against loss, because they assumed the housing market would never go down.
And then the fertilizer hit the fan.
Everybody supported them, it was your money. Please understand, if they had gone down, so would the world. If you cant get money from the bank the only way to feed your kids is looting. The collapse of the financial system is the end of civilised society. Money has no value, only dried or canned food, bottled water and a Kalashnikov with about 5M rounds.
In matters like this I believe it’s more important to look at what the Government’s left hand is covering up while the right hand is pointing at the person to blame.
While they were screaming about AIG executive bonuses, and threatening to release the names of employees (even though they had received death threats), they were hiding the fact that several years ago they refused to allow the government to look into Fannie Mae and Freddie Mac’s finances ( maybe to hide that somebody’s boyfriend in charge of Freddie Mac was making ungodly amounts of money and bonus’ from the tax payers), and these agencies both gave out bonuses at the same time as AIG, but for higher amounts.
That same hand is trying to hide the fact that both these agencies began a policy of giving loans to people that they knew could not afford them and in turn pressured other banks to do the same.