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02/27/2009 02:47 PM ID: 77286 Permalink   

Fannie Mae Posts $58.7 Billion Loss, Asks Treasury for Another $15.2 Billion

 

Fannie Mae has asked the Treasury Department to give them another $15.2 billion "in order to eliminate our net worth deficit as of December 31, 2008" after the company posted an annual loss of $58.7 billion for 2008.

The company lost $25.2 billion in the fourth quarter, down from from $29 billion in the third quarter. The annual loss in 2008 grew significantly from the $2.1 billion in 2007 on the back of a prolonged soft housing market.

 
  Source: www.news.com.au  
    WebReporter: ixuzus Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  17 Comments
  
  No  
 
n/t
 
  by: Trevelyan   02/27/2009 02:59 PM     
  What does it cost  
 
To buy a used teepee these days?
I'm thinking of putting my cave on the market.
 
  by: White Albino   02/27/2009 03:18 PM     
  Why not let them fail...  
 
I cannot think of a better system within business environments than Natural Selection.

Failed business models need to fail to allow for newer and more efficient ideas to spring forward. Failure should not be rewarded in business. That is just bad business practices.

Yes, these companies are huge but simultaneously, what would happen if they did fail? Maybe instead of propping up these massive failures, we should let them fail and then we can navigate through the bad economic times until we can manage to get out. This method of trying to delay the inevitable is going to make matter worse in the long run. Possible even making the economic downturn last even longer.

The only way for markets to bounce back is to let them fail and then let them also recover on their own. This is how it has worked in the past. I am unsure why the powers that be, think that they can spend their way out of this one.

Personally I am of the opinion that they purposely want to collapse the economy in a big and gargantuan way. This will then allow the bankers to take control of not just nations, but the entire world. This would give them the ability to create regional currencies rather than ones based on nations. These people do not care about borders. All they see is customers and clients that can make them even richer!

Do not be surprised if they try to start pushing the idea of a North American Union and some sort of unified currency (Amero) which is based on the Euro idea. Mexico, Canada and the US could potentially start using a single Fiat currency.

Simultaneously an expansion of the EU and even more building of the AU and ASEAN or other organizations. The first step though is to collapse the dollar and then from here they can introduce a new currency that they will claim is worth more.

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

-Thomas Jefferson 1802
 
  by: slavefortheman     02/27/2009 04:11 PM     
  Slavery?  
 
One of my gf's co-worker just bought a new shinie glorified toolshed for close to 300k on a 40k salary. My gf has no idea how her co-worker will be able to make her mortage payments, as she probably wouldn't be able to do it on her own and she makes more money then her. Add to that the usual pletoria of maxed credit cards and the oh so important brand new car and you have your average willing slave, who has to borrows money to buy lunch when nearing payday.
 
  by: Ryuken   02/27/2009 05:00 PM     
  @ryukin  
 
Good point. Even if she put 20% down her payment will be in excess of 50% of her net monthly income. Not a safe place to be, imo.

BB
 
  by: bbeljefe     02/27/2009 06:35 PM     
  @Slave  
 
TJ is my favorite President. One of the few that knew the score of who and what to watch out for and what to protect.

Fanny? Could they find a bigger rat hole to dump my money down? This sux. Hey Mr. President, I’m trying to start a seed business to help feed the nation. I only need a million dollars and I’ll even hire an employee, helping put America back to work. Send me some stimulus money and I’ll put it to good use.
 
  by: valkyrie123     02/27/2009 09:29 PM     
  @White  
 
About a grand.

http://cgi.ebay.com/...


I lived in one for a year in the mountains above Breckenridge Colorado. They are very comfortable when set up right. We had a pallet floor with 5 layers of carpet, a cook stove and running water from a nearby creek. It was an experience.
 
  by: valkyrie123     02/27/2009 09:48 PM     
  lol.. might be cheaper...  
 
might be cheaper for the government just the buy the banks... they couldn't possibly run them any worse at this point.

repetive bailouts aren't the answer.... buy them out (nationalize a few banks where necessary; and definately nationalize the federal reserve [dont even allow them a choice in their case]) or let them fail.
 
  by: HAVOC666     02/27/2009 10:06 PM     
  @Havoc  
 
If the government couldn't make a go of peddling flesh and booze at the Mustang Ranch do you really think they would stand a chance at running the banks? Let the banks fail and let someone less greedy replace them. That's how the ball bounces.
 
  by: valkyrie123     02/27/2009 10:59 PM     
  @Valk  
 
Yeah but I'd rather have the government buy it rather than just handing over the cash. At least they'll have land and a bunch of foreclosed houses to show for it.
 
  by: Jaded Fox     02/27/2009 11:06 PM     
  @Jaded  
 
What do you figure then....complete Nationalization of those banks, or can the US government be trusted to overhaul their institutional/organizational value system, turn those banks around, and re-sell em ?
 
  by: darkshanker   02/28/2009 12:26 AM     
  @Darkshanker  
 
I'm all for letting this group go bankrupt honestly.
 
  by: Jaded Fox     02/28/2009 05:42 AM     
  Yeah...no thanks  
 
On the Nationalization of anything. I like freedom. I'd like to see the Federal Reserve fail and see some competing currencies enter the market, that alone would bring serious regenerative effects into the economy.
 
  by: blac   03/01/2009 11:03 AM     
  WHY  
 
wouldnt they ask for more money? It is there for the taking and it has been given out before. WHY not ask again?

Am I the only one thinking after all this bailouts, how are we going to repay it back?

Yea I forgot they will just print more money!!
 
  by: chakubanga1   03/04/2009 06:42 PM     
  @chakubanga1  
 
There will not ever be any "Paying Back". Here is an interesting wiki link:

http://en.wikipedia.org/...


It helps explain what would happen if the US government declared bankruptcy. One of the greatest possibilities would be that the military would seize control of the reigns. Another possibility would be the dissolving of the federal government and the creation a provisional government (possibly a fascist variant).

Basically all this has to end somehow and I cannot see it ending in a good way except with collapse of the Federal government.

I would not be surprised to see the Federal Reserve try to step in and try to create their own government. The reasoning my guess is that the Federal Reserve would attempt this is merely because they own more than 60% of the national debt. It would only make sense that this private organization tries to seize what they believe to be their property (the US).

Personally I think that in the event of a national bankruptcy, we will see a seizure by the Federal Reserve but simultaneously we would probably see a rise of the states. Possibly regional unions springing up and confederations of states taking over trying to survive the chaos. The ending result would be a fracturing of the Union into several smaller nations. At least temporarily.

This is all dependent on a national bankruptcy. Essentially we will see an event similar to that of the Soviet Union if we keep going down this path.

Basically the Soviet government went bankrupt and what then happened was the Soviet states started breaking off and declaring their independence.

Here is a good article on this possibility:

http://online.wsj.com/...


Look at the picture at the bottom of the page. He gives a graphical representation of his theoretical breakup.
 
  by: slavefortheman     03/04/2009 07:23 PM     
  hmm...  
 
i did a similar article. i searched fannie mae under short news finder but this article didn't come up.

oh well. i guess you can delete my other article. Ive Been Scooped!
 
  by: teh_epic     05/09/2009 12:06 AM     
  oh wait... nevermind...  
 
this article is from february! it just seems as though history repeats itself....

LOL
 
  by: teh_epic     05/09/2009 12:09 AM     
 
 
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