Officials announce takeover of mortgage giants

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  • Anonymous
    Sept. 8, 2008 5:38 a.m.

    Nancy Petroski and Harry Greed are still running things in Congress I see.. -convicted any ball players lately?
    Sorry- did I say running?
    I meant stumbling and playing their fiddles while the economy burns.. Please don't let us dig off shore oil!
    We have a Democrat Congress and some of you people want a Democrat President?

    Saturday nite live could use that joke.

  • awesomeron
    Sept. 8, 2008 5:21 a.m.

    This is getting more and more interesting.

  • @wrz
    Sept. 8, 2008 3:39 a.m.

    whoa nellie - Fannie Mae and Freddie aren't in the private sector - they are quasi-government organizations- half private half public - there's the private half where the executives and board of directors get rich while running the company into the ground and the public half where the Government assumes all losses associated it with poor management - beautiful country ! also the private half where ordinary shareholders get hosed - what a ponzi scheme the stock market is

  • guess what?
    Sept. 8, 2008 2:55 a.m.

    your tax dollars aren't funding this takeover- they're going to sell more debt to the Chinese and Russians and Koreans and rich oil producing nations (Saudi, Dubai, UAE) and guess what happens when they stop buying American debt? Interest rates are going through the roof.
    Blaming Republicans or Bush is so mindless. I blame Congress as a whole (Dems and repubs) for allowing Fannie and Freddie to buy so many mortgages that weren't viable. Who jammed the idea down the people's throat that everyone needed to own a home?
    I agree with 9:40 am - if you think this is a capitalist society then you're living in a dream world - the Government is subsidizing banks, pharmaceutical companies, farmers, soon to be auto manufacturers

  • Anonymous
    Sept. 8, 2008 1:15 a.m.

    I need a federal bail out too! If the government doesn't take over my mortgage, it could seriously impact my ability to by a future home, a car and other credit purchases.

  • wrz
    Sept. 8, 2008 12:45 a.m.

    Fannie Mae and Freddie Mac were created by the federal government years ago then turned them over to the private sector. Shows how well the greedy private sector conducts business.

  • Garrett
    Sept. 7, 2008 11:56 p.m.

    I am amazed at all the goverment blame going on. The government did not make people pay more for their houses than they are worth today. The problem lies in the fact that large numbers of home buyers are not making the payments they agreed to make. Lots of investors, including retirees have billions of dollars invested in what were thought to be safe investments. You may disagree with the tactics, but FHLMC and FNMA were bankrupt.

    If the investors were to lose out and homeowners were evicted, the drag on the economy would be huge. There is no simple solution. Non-paying homeowners are the source of the problem, aided by underwriting that did not anticipate a nationwide downturn in real estate.

  • Anonymous
    Sept. 7, 2008 10:29 p.m.

    It's time to let the greedy 'capitalist,' 'free-market mongering,' 'privatization' based corporations simply collapse... and let the competitive spirit of the 'free market' start all over again... yea right!

    Those who support neo-con Republican right wing-nuts Corporate socialists just don't get it. By voting for Republicans one is simply voting for the further destruction of our economic well-being in the name of lower taxes (which we pay back by bailing out Republican-led corporate greed caused by 'privatization'), reducing social services costs (which we pay for with increased food recalls, sky rocketing medical costs, etc.), and the list goes on.

    When are the common working middle-class Americans of Utah going to quit letting themselves be duped into thinking that voting for Republicans (especially right wing-nuts) is in their best interests, when it is patently not?

  • Professor
    Sept. 7, 2008 10:18 p.m.

    Dear "Shame On Us" Fannie Mae was created by FDR. It was regulated by the Federal Government, who seem to be fouling up too many things these days. To think socialism will save us is certainly vanity, since it was FDR's flirt with socialism that got us into this mess.

    This bailout will eventually catch up with us and as Brother Chuck points out it could toss us into another Great Depression. I'd certainly not want to be our president for the next 8 years. No matter what party.

  • Chris Corwin
    Sept. 7, 2008 10:18 p.m.

    CONgress has a 9% approval rating among likely voters yet most of you will re-elect the crook that "represents" you in the District of Criminals. Pathetic! All of you who vote party lines are to blame for the robbery of our tax dollars that has taken place in the past year. VOTE 3rd party and truly change America.

  • Anonymous
    Sept. 7, 2008 10:08 p.m.

    Brother Chuck Schroeder | 6:10 This is Bush's solution. He's your man!

  • Phil
    Sept. 7, 2008 9:52 p.m.

    How come nobody has brought up that these two companies were bailed out a few years ago, by CONGRESS? That is why they aren't working right. Who has to run a business right when you think and have been bailed out every time. CONGRESS is most at fault for bailing them out in the first place, which helped from this housing mania.

  • Anonymous
    Sept. 7, 2008 9:46 p.m.

    This can be laid at the feet of us. Americans. We wanted the nanny state and we got it in spades. Now we will live with the consequences that no party can save us from. Get ready for hyper inflation.

  • David O
    Sept. 7, 2008 7:53 p.m.

    The conservative leadership of this country has allowed unregulated Capitalism to turn into Socialism they claim to be against. Heck of a job.

  • Brother Chuck Schroeder
    Sept. 7, 2008 7:40 p.m.

    This is just another example of people simply not accepting responsibility for their own actions.

    Do we make the liquor stores responsible for problem drinking? The fast food shops responsible for obesity? Society liable for nervous breakdowns?

    Can we sue the sun for causing skin cancer?

    I'm certainly not taking the side of the gaming industry, but just because they exist is no reason for someone to blame them for their losses. If you go into a casino and stay there long enough you're going to lose.

    I know they show you the pictures of the people who won a million dollars on one pull of a slot machine handle, but where do you think that million dollars came from.

    Out of the pockets of other suckers, that's where it came from. I hear the term "compulsive gambler" and I have no doubt that these people exist, but I don't believe that everybody who loses money on a blackjack table is a compulsive gambler.

    If someone is a compulsive gambler they are going to lose their money. Like with the the government's planned takeover of Fannie Mae and Freddie Mac.

  • Brother Chuck Schroeder
    Sept. 7, 2008 6:10 p.m.

    This could toss us into another Great Depression and a run on the banks folks. ARE YOU ALL HAPPY NOW?. When you borrow learn to pay off your own loan's, not stiff the tax payer's with em. All because of your greed of home equity loans, that came due after 5 years, all you paid on them was the interest only, before the bubble bursted, when it went up in value's, you played your cards wrong, because in higher education they don't teach you "common sense 101" and your to stupid to figure it out on your own. So here's your liberalism 101 class here - HERE WE GO AGAIN FOLKS, when they say the government, they mean the do nothing liberal Congress looking for a quick "tax the middle class and spend" families for the next 200 years to pay for their "I had a dream" crap, as they boast "the government's planned takeover of Fannie Mae and Freddie Mac, expected to be announced as early as today." How about break it all apart, regulate the smaller parts, and do away with liberal de-regulation?. Or is that to Republican for their socialist utopian world?. I think so.

  • Sith
    Sept. 7, 2008 4:16 p.m.

    there goes the promise of less government, down the toilet and they keep saying that the economy is not bad?

  • not that long ago
    Sept. 7, 2008 4:14 p.m.

    Not that long ago the Bush administrationw was singing, "Everthing is beautiful..."

    and now this. I pray that my children will not live under any more republicans. what a bunch of idiots and corrupt officials.

  • Arven
    Sept. 7, 2008 3:49 p.m.

    It was not Clinton it was the two administration before him. Clinton just rode the waves is all.

  • We are being mislead
    Sept. 7, 2008 3:07 p.m.

    I refuse to believe that the leaders of freddy and fanny did a bad job. They made millions in pay, and had their taxes cut, which is what republicans said was necessary for them to be able to have the motivation to lead well.

    So there must be some other reason for the failure.

  • Carl
    Sept. 7, 2008 2:00 p.m.

    Clinton left Bush a budget surplus. Yes, a liberal democrat. And 8 years of Bush and 6 years of a Republican controlled Congress left us this huge deficit and economic wasteland. I don't want to hear any more Republican talk about "tax and spend" liberals anymore. The Republicans take that honor. NEXT?

  • Trickle down
    Sept. 7, 2008 1:46 p.m.

    Having a VP that can gut a moose will help us!

    You were promised a booming economy from trickle down economics. This was going to rise salaries and the average America's standard of living. "All boats rise in a rising tide."

    Dear Torn, we wouldn't be bailing out these companies if unregulated business worked. Why aren't you complaining about socialist Utahans? Utah gets more federal dollars than Utahan pay in.

    This is intellectually amazing to observe. At what point will people change their world views if all the facts show their paradigm doesn't work?

    The classic view is that, when faced with problems, people should adapt to over come them.

    In 1776, the GDP of America was small, life was simpler and there was no global economics. You think, the same solutions will work today? You didn't need to worry about health care when doctors used leeches.

    Nowhere on earth you will find a pure form of capitalism. Do you wonder why? People are just inanely stupid? Did economic systems adapt to solve problems encountered with capitalism?

    On the other side; more socialist European nations have free markets. There are no government run cafes in Sweden.

  • Vote Bob Barr
    Sept. 7, 2008 12:58 p.m.

    How long will it take to undo that which the Bush administration has corrupted. Unfortunately Americans have lamented to having to choose between a borderline Communist and a liberal Republican.

    Bob Barr '08

  • Stewart
    Sept. 7, 2008 12:54 p.m.

    This article states that it could cost taxpayers tens of billions, actually it could cost hundreds of billions. I don't believe what it says when they say stock holders lose almost everything, nor do I believe that these executives are leaving without millions of dollars in payoffs.

    Since taxes are not being raised to pay for these hundred billion dollar give aways from the government, it is a good thing that there is a "free lunch." The "free lunch" however, is nothing more than tomorrow's inflation. Watch out you that have been saving and are not the beneficiaries of these government handouts.

  • I'm torn
    Sept. 7, 2008 12:08 p.m.

    On the one hand if these companies failed it really would effect a lot of people on the other hand bailing them out with my tax dollars is pure socialism. All I can say is if I'm part owner in these companies now they had better change their practices so they start making money, meaning no more loans to people who can't pay them back. If that means 90% of the people can't get loans anymore and house prices crash 50% so be it. It's better than turning our country into a socialist nation just because our government deems a company too big to fail.

  • Bush, McCain, Palin
    Sept. 7, 2008 11:52 a.m.

    Thanks republicans. Thanks for the terrible economy, the dead in a war that was wrong, and for a future that is bleak. Thanks everyone.

    Sheep? what is the answer... come on, you know what it is............

  • Clinton's to blame
    Sept. 7, 2008 11:43 a.m.

    I'm sure most conservatives will find a way to blame Clinton. After all, the Republican Party is the party of personal accountability. As long as they are held accountable.

  • Selective
    Sept. 7, 2008 11:41 a.m.

    Put the messages up ALL of them Des News.

  • Question
    Sept. 7, 2008 11:28 a.m.

    What would Sarah do?

  • Shame on all of Us
    Sept. 7, 2008 11:25 a.m.

    So long as Americans insist on electing to office, people who believe in leaving it up to the CEO's, and not to allow government regulators any power, we will continue to see fiascos such as the housing finance crisis.

    We supposedly pay the business leaders tons of money because their expertise merits it, fool me once, shame on you, fool me twice, shame on me.

    Well shame on all of us, we deserve it.

  • kathyn
    Sept. 7, 2008 10:44 a.m.

    It's troubling when the gov't has to bail out all of these giant businesses. What it really boils down to is that the American people are going to have to foot the bill (again.)

    Some regulating is good; but the gov't never did anything more efficiently than the private sector, and I see it as another boondoggle. Wouldn't it be better to let these businesses face the consequences? Brighter minds than mine have struggled with what to do, but I don't see how we can keep pumping money into these businesses that we don't really have. The Fed keeps printing more and more money and it's ultimately going to cause the dollar to tumble. It feels like a house of cards.

  • Robin
    Sept. 7, 2008 10:40 a.m.

    Another Government Layer in the non-Government Republican ideology of privitization to greedy people doing the "right thing".

  • Zacko
    Sept. 7, 2008 10:19 a.m.

    Yeah, I'm sure the Federal Govt can make this all better.

    They are the masters of efficiency.

  • A shining example of capitalism!
    Sept. 7, 2008 9:40 a.m.

    Wow. It's not even socialism anymore; it's just blatant communism.

  • GP
    Sept. 7, 2008 9:39 a.m.

    More deception/ corruption related to Mr. Bush's administration. Not sure how ANYONE could vote to extend the Republican reign after so many complete disasters over eight years.