What does it say about our capitalist system?

[kentuck]

When the very banks that are the cornerstone of capitalism go under? And then the government then requests the largest socialist program in history to bailout the capitalists? Isn't that truly what is happening with the "FannieMAe and FreddieMac" bailouts? Oh how great socialism must be! To guarantee that no capitalist can ever fail, because there will be a government program to protect them from loss? And the hypocrites that ask the American taxpayers to pay $5 trillion dollars to the bank turn their backs on the American people when they ask for a small crumb like healthcare for the people? Oh, what a great capitalist nation that we live in!

[liberal N proud]

1. This comes to mind for our future...

[pitohui]

2. capitalism, like taxes, is for the little people

the big boys shouldn't have to dirty their hands by competing in the marketplace, they are entitled to public hand outs

do i really need to add this :sarcasm: tag?

[redqueen]

3. Privatize the profit, socialize the cost.

USA! USA! USA! USA!

[kentuck]

4. The American people are fools...

to fall for such nonsense.

[NashVegas]

5. Fannie and Freddie

Were used to prop up bad loans and bail out Morgan Stanley and all their friends.

from FEBRUARY

http://www.usatoday.com/money/companies/earnings/2008-02-27-fannie_N.htm

Fannie Mae (FNM) and Freddie Mac (FRE) could have billions of dollars more to finance home purchases after the government on Wednesday on the amount of mortgages the government-sponsored companies can hold on their books.

The restrictions were lifted despite Fannie Mae's staggering quarterly loss of $3.6 billion as defaults and foreclosures surged. The company also warned there could be a "significant" worsening in the real estate market.

Fannie Mae and smaller rival Freddie Mac have lobbied their regulator to lift the restrictions on their combined $1.4 trillion portfolios to give them the ability to buy more mortgages from lenders and support housing.

The caps were imposed in 2006 in response to the government-sponsored mortgage companies' multibillion-dollar accounting lapses, thereby limiting their participation in the market for securities backed by home mortgages.

Fannie Mae's chief executive said the company will be conservative in using its capital to buy loans as it wants to limit losses.

[Runcible Spoon]

6. time to let the Big Boys reap what they have sewn.

:grr: Time to nationalize industries vital to our survival and invest in the interests of the people! OR make all banks go credit union, I say.