Crooks & Liars: A Cap On Health Care, 'Unlimited' Assistance for Housing Agencies. Whee!

[Amerigo Vespucci]

Run time: 00:57 https://www.youtube.com/watch?v=Wbi4Gk47xsI   Posted on YouTube: December 26, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: December 26, 2009 By DU Member: Amerigo Vespucci Views on DU: 1142

 

A Cap On Health Care, 'Unlimited' Assistance for Housing Agencies. Whee!

http://crooksandliars.com/susie-madrak/cap-health-care-unlimited-assistance

By Susie Madrak Saturday Dec 26, 2009 1:00pm

So we continue to prop up the housing market, probably because it provides the only positive economic news lately. Is this good for the long-term economy? I dunno, I guess it depends on how talented you are at pretending:

The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.

The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.

But even as the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that they had received approval from their federal regulator to pay $42 million in Wall Street-style compensation packages to 12 top executives for 2009.

The compensation packages, including up to $6 million each to Fannie Mae and Freddie Mac's chief executives, come amid an ongoing public debate about lavish payments to executives at banks and other financial firms that have received taxpayer aid. But while many firms on Wall Street have repaid the assistance, there is no prospect that Fannie Mae and Freddie Mac will do so.

The administration faced a congressionally mandated deadline of Dec. 31 to increase the amount of aid it could provide to Fannie Mae and Freddie Mac, which together have already received $111 billion in assistance.

Treasury said Thursday that its decision did not mean the firms would need $200 billion or more apiece, but that it instead was seeking to assure markets that the government would stand behind the companies. In a statement, Treasury said the move "should leave no uncertainty about the Treasury's commitment to support these firms as they continue to play a vital role in the housing market during this current crisis."

[clear eye]

1. As opposed to giving rent vouchers to people in trouble from predatory mortgages

and better regulations.

Putting this through this way reminds me of Bush's recess appointments of judges.

Why should a Democratic President have to skirt around a solidly Democratic Congress?

[ananda]

2. The inmates are running the asylum.

Insanity rules.

[defendandprotect]

3. Insane farce continues on: +Obama supporting Charter schools and $50 million for abstinence !

$636 BILLION for our corporate-privatized military --

And still haven't heard a word from Obama about America's homeless????

:eyes:

[amborin]

4. $57,000 per minute spent on Afghanistan War

http://motherjones.com/politics/2009/12/afghan-war-cost...

[bjobotts]

5. They could pay off every mortgage in the country for what they are giving wall street execs

[bjobotts]

6. There is no job in America that is worth paying that kind of compensation. We are being robbed

[bjobotts]

7. Thousands of qualified workers in America that would do these jobs for 10% of their CEO pay.

[bjobotts]

8. That kind of greed should be rewarded with unemployment. Taxpayers should fire them all.