The biggest financial deception of the decade

US Promises Unlimited Financial Assistance to Fannie Mae, Freddie Mac


Fannie Mae and Freddie Mac: Just a Four-Letter Word?

Dean Baker, Truthout: "The TARP, along with the much larger lending programs from the Federal Reserve Board and the FDIC, succeeded in preventing the financial system from collapsing. The banks are now back on their feet, with near-record profits and near-record bonuses for the executives who are so skilled in getting public money. The largest banks have now repaid their TARP money, with many smaller banks anxious to follow suit in order to avoid troubling questions about how they have used their taxpayer dollars. The major exception to the happy picture in the financial sector is the plight of Fannie Mae and Freddie Mac."



Fannie and Freddie get bailed out again

The Free Liberal

by Fred E. Foldvary


The US President’s administration announced on 24 December 2009 a holiday gift to American landowners. The government removed the cap it set on subsidies to Fannie Mae and Freddie Mac, the government-backed enterprises that buy mortgages from banks and other originators. The removal of the cap before 2010 avoided the embarrassment of needing Congressional approval. This policy move can be understood if one recognizes the main aim of government policy since the beginning of American history. The main purpose of the US government is to subsidize land values for the big players...


The biggest financial deception of the decade


Freedom's Phoenix
by Jeff Clark

Enron? Bear Stearns? Bernie Madoff? They’re all big stories about big losses and have hurt a lot of employees and investors. But none come close to getting my vote for the decade’s most dastardly deception …


Informant: Thomas L. Knapp


Bernie Madoff, Free at Last

"F--- my victims," he said, loud enough for other inmates to hear. "I carried them for twenty years, and now I'm doing 150 years."


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