ABCNews.com Credits Fannie Mae, Freddie Mac for 'Propping Up' Housing
Apparently, Fannie and Freddie are the new Batman and Robin. At least they seemed more like heroes than villains in a July 6 ABC News story about the troubled housing market. Reporter Rich Blake gave the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac credit for "propping up" the flailing housing sector: "As perplexing and disturbing as this economic brainteaser may…
Clyburn, Boiled Down: We'll Never Stop Blaming Bush
Real Clear Politics currently has a video highlighting statements by Democratic Congressman James Clyburn Jr. of South Carolina. It teases the video with a question asked by Candy Crowley of CNN. Once one sees the entire sequence, it's clear that Clyburn really answered Crowley's question before she even asked it. Here's the full transcript of the vid, which begins after Indiana Republican…
Man Who Predicted 2008 Financial Crisis Says Today's Sell-off Is 'Just
The man who predicted the bursting of the housing bubble as well as 2008's economic collapse says that what happened in the markets around the world today is just the next stage in the financial crisis."The first stage was this massive re-leveraging of the private sector that led to the financial crisis and which has responded now with a massive re-leveraging of public sectors with budget…
Media Neglect: Populist Rage Aimed at Wall Street as Democrat-Controll
As congressional Democrats press on with their attempts to get financial legislation reform passed, a key component has been lacking from the debate: how to handle the government-sponsored enterprises Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). Although some Republican lawmakers have cried foul over the fact nothing has been included in a bill sponsored by Senate Banking Committee…
CNBC's Cramer Predicts Goldman Sachs to Get Record-Breaking $2-3 Billi
While questions swirl about the ins and outs of the Securities and Exchange Commission charges against Goldman Sachs (NYSE:GS), and the eventual result is no clearer. According to CNBC "Mad Money" host Jim Cramer, after the release of several e-mails from Goldman traders, including Fabrice Tourre, who described the investments at the firm "like Frankenstein," the investment bank finds…
Pentagon Rescinds Franklin Graham’s Invitation, Al Sharpton is Welco
The Pentagon rescinded the invitation of evangelist Franklin Graham to speak at its May 6 National Day of Prayer event because of complaints about his previous comments about Islam. The Military Religious Freedom Foundation expressed its concern over Graham's involvement with the event in an April 19 letter sent to Secretary of Defense Robert Gates. MRFF's complaint about Graham, the son of…
Orman Blasts Greenspan for 2004 Mortgage Remarks; Still Blames Banks f
Everyone is still looking for a scapegoat for the financial crisis that precipitated the current economic malaise. And one of the popular targets has been former Federal Reserve Chairman Alan Greenspan. Greenspan recently testified on Capitol Hill and was pressed about how he may have contributed to the financial crisis. According to Suze Orman, host of CNBC's "The Suze Orman Show," some of…
CNBC's Rick Santelli Blasts Financial Reform Proposals for Excluding F
Back on Christmas Eve of 2009, Obama's Treasury Dept. said it would lift the limits on what the federal government could provide in "emergency aid" to Fannie Mae and Freddie Mac - without seeking Congressional permission. Very few reporters noticed, except for The Washington Post's Zachary Goldfarb who reported the story on Christmas Day and CNBC CME Group reporter and tea party inspiration…
Friday Debt Dump, Part 1: Shhh -- Fannie Mae Lost $72 Bil in 2009, Nee
After the closing bell on Friday, just in time for everyone to stop paying close attention, mortgage behemoth and ward of the state Fannie Mae ("Fan") released its fourth-quarter and full-year financial results. Its press release (PDF) informs us that its $74.4 billion loss in 2009 (inclusive of dividends paid to the government) followed a $58.8 billion loss in 2008. For those keeping score at…
New Homes Sales Decline; the 'U-Word' and 'S-Word' Appear Again
The adverb that begins with a "U" made yet another appearance yesterday in connection with an economic report. The related noun that begins with an "S" came along for the ride. The news concerned sales of new homes. They fell "Unexpectedly" to their lowest level since 1963, when the U.S population was about 40% lower. The decline was a "Surprise" to economists, who had predicted an increase. It…
Media Let Duncan Off the Hook for Katrina Comment, Blasted GOP Rep for
On Saturday, NB's Noel Sheppard reported on this statement made by Education Secretary Arne Duncan: "I think the best thing that happened to the education system in New Orleans was hurricane Katrina. That education system was a disaster. It took hurricane Katrina to wake up the community and say we have to do better."CNN host T.J. Holmes read that quote aloud during a broadcast. "Of course I…
Fox News' Wallace on White House Effort to Spin Brown Victory: 'I Have
Since Republican Scott Brown won the special election Jan 19 to fill Massachusetts' U.S. Senate seat vacated after the death of Ted Kennedy, President Barack Obama and high-level White House staffers David Axelrod and Robert Gibbs have been on the media circuit in damage control mode. But according to "Fox News Sunday" host Chris Wallace, efforts to spin this in a positive way are futile.…
AP Publishes Columnist's Rip At Govt.'s Permanent Break for Home Relie
The Obama administration's Home Affordable Modification Program (known as "HAMP" to lenders and services, and MHA, or "Making Home Affordable" to the general public) is "failing." I only learned this because I looked at the Associated Press's feeds on Christmas evening and saw this headline -- "No consequences for lying borrowers." In an item time-stamped December 25, AP national business…
Relief Without Limits: Fannie Mae, Freddie Mac Get Blank Checks; NYT P
On Thursday, the Treasury Department issued a press release, called "Update on Status of Support for Housing Programs." Its fourth paragraph reads as follows: At the time the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship in September 2008, Treasury established Preferred Stock Purchase Agreements (PSPAs) to ensure that each firm maintained a positive…
