About Me

Name: Sue
Location: San Juan Capistrano, CA
Biography
Loading...

Create Your Own Blog Find Other Townhall Blogs

Comments

What Say You Biden?

Posted by Sue on Sunday, December 13, 2009 3:15:59 PM
Well, once again our esteemed Vice President has opened his mouth and some more "words of wisdom" have come out. If Dodd is a leader, please keep him.

Struggling Sen. Chris Dodd (D-Conn.) is "getting the living hell beat out of him" in his campaign for re-election, Joe Biden said yesterday.

Speaking at a fundraiser for Dodd in Connecticut, Biden urged supporters to rally behind Dodd, whom he called "the single most gifted legislator in Congress."

"Chris is getting the living hell beat out of him, the living bejesus beat out of him,'' Biden said, according to a pool report. "Why? Because he's being a leader."

Dodd has put himself front and center on both healthcare reform and financial regulation. He's also come under fire for taking a controversial loan from Countrywide Mortgage before it folded.

Biden predicted that Dodd would ultimately win re-election. "This is going to be a hell of a race and it's an uphill race,’’ the Veep predicted. “But Chris Dodd will prevail.''
 
 

Email ItEmail It | Print ItPrint It | CommentsComments (9) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Oh Stimulus...Why We Don't Love You...

Posted by Sue on Tuesday, December 08, 2009 10:01:10 PM
Well, here it is December 2009. Seems like just yesterday Congress was running (trying to cram down) around trying to pass (in the blink of eye) the $787 stimulus package. This package was going to guarantee jobs and unemployment was going to stay in the single digits. And we know that did not work out very well.
 
We also know that way, way back in February 2009 when this "stimulus" package was ready to go, Obama gave the reins to the Vice President to oversee the implementation.
 
"The fact that I'm asking my vice president to personally lead this effort shows how important it is for our country and future to get this right." Obama also told us that "nobody messes with Joe." Obama also told us that around the White House (when invited) Joe is known around there as the "sheriff." Why? "Because if you are misusing taxpayer money you'll have to answer to him."
 
Biden in return deputized all Americans. “I’m deputizing every single American to visit a new website called ‘recovery.gov,’ so you can see where your tax dollars are going and hold us accountable for results.”
 
In September Joe told us this about the stimulus; “In my wildest dreams, I never thought it would work this well.” Biden said.

Then we had all of the so called "fake" information on the website and Joe responded with this;  "He thinks it is a relatively small problem involving a small number of jobs that exist, but which were entered into Recovery.gov with the wrong coding and therefore the wrong address," Biden spokesman Jay Carney said in an email. "He expects the problem will be fixed quickly." Don't worry, nothing to see here...just move along.

So here we are in December. With the job losses lower than expected in November and the overall unemployment going from 10.2% down to a whopping 10%, everything is wine and roses and life is great. That stimulus is really doing wonders.

Now onto the stimulus....It is estimated that $217 billion in economic stimulus funds has been spent this year. With about $7 billion wasted or mismanaged. Super! Nothing to see here...just move along. So what exactly have we spent some of that hard earned $217 billion on?

$5 million grant to the Department of Energy to create a geothermal energy system for the Oak Ridge City Center shopping mall in Oak Ridge, Tenn. One of the main problems with this grant is that the mall has been losing tenants for year and is mostly empty. But hey, it will be geothermal. 

Penn State University received $1.57 million to search for fossils in Argentina. Yeah! Good grief!

$100,000 went to In the Heart of the Beast, a theater in Minnesota, named after a famous quote by Che Cuervara. Oh yeah!

$133 million was allocated to renovate the Edith Green/Wendell Wyatt Federal Building in Portland, Ore., by installing a vegetative facade of plantings to improve the building's insulation. Right on! My tax dollars at work!

$6 million went to a New York advertising firm, Young & Rubicam to advertise the transition from analog to digital television. By the way, this created 3 jobs. 

$4.7 million went to Lockheed Martin to conduct advance research of supersonic jet travel.

More than $2 million went to pay for new pipes to pump recycled water to the Shar Park Golf Course, which the San Francisco City Council considered clsoing because of the threat it posed to the California red-legged frog. The what? 

$2 million went to Carson City, Nev., to build a replica railroad as a tourist attraction.

A dinner cruise company based in Chicago received nearly $1 million in funds to combat terrorism. 

$500,000 went to Arizona State University to study the genetic makup of ants to determine distinctive roles in ant colonies. $450,000 went to the University of Arizona to study the division of labor in ant colonies. Good grief, so much money for the ant. I hope that ant can move that rubber tree plant.

State University of New York at Buffalo got $390,000 to study young adults who drink malt liquor and smoke marijuana. I guess lite beer doesn't count. 

The Naitonal Institutes of Health got $219,000 in funds to study whether female college students are more likely to "hook up after drinking alcohol. Wow – that is super!

And on and on it goes. So where is "Sheriff Biden" in all of this? Where is the overseeing of the money spent? I think somone needs to kick the sheriff in the bootie and wake him up. 

If this is working better than "Sheriff Biden" thought, what the heck would it be if it was not working so well, unemployment at 62% and the sheriff in jail? Oh Stimulus...We Don't Love You!
  
Email ItEmail It | Print ItPrint It | CommentsComments (22) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

In Case You Missed It...

Posted by Sue on Thursday, November 26, 2009 12:14:14 AM
If you were running around getting ready for turkey day, you just may have missed some highlights...
 
The first family celebrated Thanksgiving by handing out turkeys, vegetables, pumpkin pies, stuffing, and Thanksgiving groceries at Martha's Table. In case you were wondering, Malia was wearing a vest over her top with a scarf draped around her shoulders, for all you fashionistas. The first grandmother was also there wearing a dark top.

If you were at Reagan National Airport today you may have noticed that your screener at the airport was Miss Homeland Security Director herself, Janet Napolitano. Apparently she has come out of hiding since the Ford Hood shooting.

Oprah wasn’t at the state dinner (Gayle King was), but the queen of talk will be at the White House next week to tape an interview with President Obama, to air close to Christmas. Her crews will be at 1600 Pennsylvania Ave. for a couple of days to shoot exteriors, etc. Yeah, another interview.
And there were some party crashers at the state dinner...A couple auditioning for a reality TV show managed to slip past the U.S. Secret Service Tuesday night and attend the first state dinner given by President Obama honoring the prime minister of India. Worse yet, the incident only became known Wednesday after the couple, Michaele and Tariq Salahi, publicized the incident on their Facebook page with a picture of them posing with Vice President Joe Biden. It was not clear Wednesday night how close the Salahis got to Mr. Obama and his wife, Michelle, or to the guests of honor, Prime Minister Manmohan Singh of India, and his wife, Gursharan Kaur. The couple are two Virginians who have been auditioning for a possible role in a different housewives TV franchise: “The Real Housewives of Washington,” The New York Times reported. Some times you just have to laugh.
 
Less than 10 percent of the Obama cabinet has private sector experience. So as Obama wants to turn the economy around, less than ten percent of the cabinet officials he would presumably turn to for advice have ever worked in the private sector. Just makes you feel all warm and fuzzy.
 
Just another fun day.....
 
Email ItEmail It | Print ItPrint It | CommentsComments (11) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Tax Problems...More

Posted by Sue on Sunday, November 22, 2009 7:21:41 PM
Really, can we actually have a nominee that pays their taxes and understands what is going on. Or maybe hire an accountant that knows what they are doing?
 
Our new tax problem person is Lael Brainard. Oh and she is up for undersecretary of the Treasury for International Affairs.
The tax problems are late paying real estate taxes in 2005, 2006, and 2007. Also the Senate Finance Committee is challenging the accuracy of a deduction that Lael claimed for running an office from her home. With this challenge, Lael had to reduce the deduction on her 2008 return.
 
Now of course she was quick to respond to any and all questions, well not really. It took the committee submitting 10 sets of questions to Brainard before getting complet information about the discrepancies.
 
I am sure we will have another "tax problem" coming down the pike. But, nothing to see here and no worries. It was all the accountant's fault, it was a misunderstanding, who can understand the tax code anyway, it was written in Spanish and I did not understand it...and on and on it goes.
 
Email ItEmail It | Print ItPrint It | CommentsComments (4) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Move Over Czars...the Master is Here...

Posted by Sue on Wednesday, October 28, 2009 3:05:12 PM
I received my daily, weekly, not sure, whenever they come in, email from the Treasury. Below is the title of the email.

Special Master for TARP Executive Compensation Kenneth R. Feinberg Testimony before the House Committee on Oversight and Government Reform
 
Here is the opening statement:

Mr. Chairman:

I thank you and the Committee for the opportunity to testify today.  The subject of executive compensation continues to be a top priority of the American people and the international business community, so I welcome your invitation and look forward to participating in this hearing. 

As you know, in June of this year, I was asked to serve as Special Master for TARP Executive Compensation by the Secretary of the Treasury.  In that capacity, I have a number of responsibilities under the relevant statutory and regulatory authority. These responsibilities include interpreting the regulations, and evaluating and making determinations regarding compensation payments to, and compensation structures for, certain employees of TARP recipients receiving exceptional financial assistance....
 
Who came up with this title? Okay, Special Master????
 
Email ItEmail It | Print ItPrint It | CommentsComments (16) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

In Case You Missed It...

Posted by Sue on Wednesday, October 28, 2009 2:37:07 PM
Here are some hot items you may have missed...
 
"Busy Baucus calls timeout on healthcare to 'save Christmas."
Just in time for the Christmas season, the Senate Finance Committee Chairman has introduced two pieces of legislation, known as miscellaneous tariff bills, designed specifically to spare snow globes from the tariff fees imposed when most goods are exported from the United States. One bill is for acrylic globes, the other for glass.
As a "clever" Baucus spokesman put it, "the senator has already saved healthcare reform. Now he's saving Christmas!" Oh Yipeeeeee! Christmas is saved, but wait, can we even say Christmas????
 
"New Unemployment Claims Rise More than Expected to 531,000"
The number of newly laid-off workers filing claims for jobless benefits rose more than expected last week, after falling in five of the past six weeks, as employers remain reluctant to hire even with the economy showing signs of recovery.No worries...nothing to see here...just move along...have to go campaign...
 
"New U.S. Home Sales Drop 3.6 Percent"
Sales of the new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane (You know that FRAUD program, I mean helpful program). It was the first decline since March. Sales in September were down 7.8 percent from a year ago. The median sales price of $204,000 was off 9.1 percent from $225,000 a year earlier, but up 2.5 percent from August's level of $199,000.
 
Laughs for the Day....Hold on...It will get Bumpy...
Every tax bill introduced by House Ways and Means Chairman Charles Rangel (D-NY) is getting the onceover from the GOP, so it's no suprise they took note of a bill, introduced by Rangel and Senate Finance Committee Chairman Max Baucus (D-Mont) cracking down on offshore tax cheats. Yes, you heard me right, tax cheats.
 
"This bill offers foreign banks a simple choice – if you wish to access our capital markets, you have to report on U.S. account holders." Of course this does not apply to me!!! These words of wisdom from Rangel prompted this response from National Republian Congressional Committee Spokesman Tory Mazzola, "Is tax-cheat Charlie Rangel really the best watchdog?...Maybe it's because he knows where the loopholes are. He's taken 'do as I say not as I do' to an embarrassing new low." 
 
And now some words from Press Secretary Gibbs...
On reponding to asking about VIP's having access to the White House and the donor list...here it comes..."the very toughest ethics and transparency rules of any administration in history." Wow – what planet is this guy one? Ethics? Transparency? Where? Who? What?
 
 
 
Email ItEmail It | Print ItPrint It | CommentsComments (0) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

What Say You Gibbs?

Posted by Sue on Tuesday, October 27, 2009 4:41:49 PM
Well, the quote of the day:
 
"The White House will get more actively engaged in the healthcare fight 'in due time."
Holy Neosporin Batman and right on. What the H*ll does this mean. When is "in due time?" After the 2012 election.
 
Also some other words from Gibbs:
"I have not heard of any specific calls that the President has made, and obviously Senator Reid is working this through the caucus. But I'm sure we'll get involved in due time. I mean, look, again, I think the President has been pretty involved in this, and as this works its way through we'll have more to do on it." Apparently him being involved was when he was going to Townhall's and touting his plan that he really did not have.
 
Well, I don't know, but I am waiting here holding my breath for the engagement!
 
Email ItEmail It | Print ItPrint It | CommentsComments (2) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Fraud...Oh My!

Posted by Sue on Thursday, October 22, 2009 7:35:52 PM
Well, the government has proven once again how badly they can run a program. There seems to be a lot of fraud in the homebuyer tax credit program. Shocking, I say.
 
The $8,000 tax credit for first time homebuyers was meant to bolster the housing market. It is set to expire December 1, 2009. Lobbyists for Realtors, homebuilders and mortgage bankers are pressing lawmakers to extend to expand the program.
 
Senate Majority Leader Harry Reid (D), Senator Chris Dodd (D) and senator Johnny Isakson (R) are strong supporters of an extension or expansion, but they and others in the House and Senate have yet to settle on a single way of continuing the program.
 
Today lawmakers on the House Ways and Means Committee "zeroed" in on fraud in the program. According to a new report from the Treasury Inspector General for tax administration, the program lacked important rules and requirements in its early implementation that have contributed to potential fraud. Fantastic!
 
A real highlight that will make steam come out of your head, "The IRS did not require taxpayers to provide documentation to substantiate the purchase of a home." Say what? WTH? Deja Vu all over again. We learn nothing.
 
The report found more than 70,000 taxpayers whose returns were processed by the government prior to new rules and filters. Another nearly 50,000 taxpayers did not claim the full amount that they were eligible for under the program.
 
"We will hear today that taxpayers claiming the credit include those already owned a home, who had not yet bought a home, and who are children – some as young as 4 years old." Rep. John Lewis (D-GA).
 
Lewis continued on, "There are millions of dollars that have been paid to taxpayers who are not entitled to the credit. We want to, and need to, stop this fraud and abuse."
 
Isn't that special. Maybe my dog could have bought a new home!
 
UPDATE
 
As a result of loopholes and numerous faulty reporting mechanisms, more than 500 people used their children to apply for the credit to get around income caps a requirement that they never purchased a home.
 
The total in fraud costs is standing at about a half a billion dollars. Yes, our tax dollars at work.
 
Also noted and found were nearly 20,000 returns for people who may not have actually purchased a home, thousands for people who already owned homes, more than 3,200 who could not prove they lived in this country legally and of course 53 IRS agents who took advantage of the program (and the number could rise).
 
According to the report, 1.4 families have claimed nearly $10 billion in credits, but that the speed of implementing the program meant policing fraud was at first unacceptably poor. No way, really. How about nobody read the bill.
 
Lame quote came from, Rep. Charles Boustany (R-LA), "If Congress decides to extend the homebuyer credit, both Chairman Lewis and I believe Congress should consider reasonable proposal to reduce fraud and improve the IRS' ability to administer the credit."
Say what? What do you mean "consider?" There is no considering here.
 
The Treasury has 107,000 civil cases related to the homebuyer credit, and plans special audits for thousands of additional returns. Well, isn't that swell. Geithner is on the case.
 
We are here from the government and we are here to help...Let the fraud begin.
 
 
Email ItEmail It | Print ItPrint It | CommentsComments (8) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

What Say You Harry?

Posted by Sue on Wednesday, October 21, 2009 3:12:23 PM
Senate Majority Leader Harry Reid (D-Nev.) has told colleagues that he was given bad information by the American Medical Association (AMA), which will result in a significant setback to Democrats’ healthcare reform strategy.
 
Democrats are not expected to have the votes to pass a 10-year freeze of scheduled cuts to doctors' Medicare payments, according to sources in both parties. Reid had offered to pass the "doctors' fix" in return for support from the doctors on President Barack Obama's broader healthcare initiative, which is slated for the Senate floor later this year.
 
Well, holy band-aid Batman, now what?????
 
Full Story: Harry's Woes
 

Email ItEmail It | Print ItPrint It | CommentsComments (6) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

In Case You Missed It...

Posted by Sue on Tuesday, October 06, 2009 10:03:17 PM
Here are some highlights of some things you may have missed.
 
Attorney General Holder stated today that it will be diffifult to meet the January 22, 2010 deadline to close GITMO.
You think? I thought it was supposed to be so easy...

Gold hits an all time high, $1036.40 per ounce as the dollar slips.
 
Safe School Czar (another one), Kevin Jennings criticizes schools for promoting heterosexuality "because we read Romeo and Juliet."
Oh good grief. Another award winner.
 
From CA...Orange County Treasurer-Tax Collector Chriss Street announced that about 60,000 to 70,000 local property owners got tax bills last week that erroneaously said they still owed property taxes – even though they already paid them with their montly mortgage payment.
Wonder how much money was spent on postage?
 
Remember GE....Former GE CEO, Jack Welch, finally home after 92 days in the hospital battling discitis. 
Speedy recovery to him.
 
The White House will keep the Olympic offices open. The office is permanant and has other purposes other than helping the U.S. cities bid for the Olympics.
And those purposes would be?
 
A mining co. owned in part by Goldman Sachs is in line to get $3M earmark, raising questions as to why.
Nothing to see here...just move along.
 
The Vice President will visit three NATO allies, Poland, Romania, and Czech Republic, from October 20-24. During the visit, the Vice President will meet with heads of state and government, parliamentary leaders, other political figures, and representatives of civil society to discuss a broad range of issues - including expanding trade and investment, strengthening democracy, and cooperating to meet common security challenges both bilaterally and through NATO. Additional details on the Vice President’s trip will be released at a later date.
Where is the Secretary of State? Is Biden the foreign policy Czar?
 
ACORN speaks: Any successful efforts to cut off funding for the group would have little effect, says its CEO.
Well, then lets give all of the money back to the tax payers that has been given to you lovely people.

 

 

Email ItEmail It | Print ItPrint It | CommentsComments (12) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

What Say You Baucus?

Posted by Sue on Thursday, October 01, 2009 10:40:52 PM
 “Baucus claims it's too difficult to put health care bill online” 

Fighting off a Republican request he noted it would take a couple weeks.  And these are the people who will run a massive overhaul in Health Care Reform.  We could probably find thousands of teen agers who can do that in hours. Okay, you can't put this up on the web, but you can run a health care plan? Sure....
Email ItEmail It | Print ItPrint It | CommentsComments (12) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Olympics Away.....

Posted by Sue on Tuesday, September 29, 2009 4:45:02 AM
So Obama is going off with Michelle and the gang to Copenhagen. How nifty for him. And he had to make that "push" stop in Chicago. Is there really nothing else going on in our country? Did I miss the memo that all was right with the world and that things really are all lollipops and rainbows?
 
"President Obama will join First Lady Michelle Obama, who will be leading the United States delegation to Copenhagen. Mrs. Obama will arrive in Copenhagen on Wednesday, September 30, along with Valerie Jarrett, Senior Advisor to President Obama and head of the White House Office on Olympic, Paralympic and Youth Sport," the administration announced.
 
"The President decided over the weekend that he wanted be a part of the final push as we enter the home stretch. He did not want to leave any stone unturned. He is very excited about joining the First Lady for both the final presentation and the question and answer session. The Olympic spirit is about giving it your very best down to finish line and not taking anything for granted.
 
Email ItEmail It | Print ItPrint It | CommentsComments (7) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Got Stamps?

Posted by Sue on Friday, September 18, 2009 11:09:37 PM
Well, the last few months we heard how great the Post Office is or isn't.
 
So, here is a highlight of the Post Office in action. David Almasi describes his fun with the Post Office in D.C. back in August 2009. (Almasi works at the National Center for Public Policy Research blog.)
 
Almasi was trying to secure postage for a large mailing campaign. Almasi and his co-workers could not find a single Post Office in D.C. that could sell them 3,000 stamps. Not even the official stamp store to the Smithsonian's National Postal Museum, which by the way celebrates the ability of mailmen to deliver to the bottom of the Grand Canyon and to the front lines during wartime, and also has a vault system to handle the valuable bulk quantities of stamps, could not spare 3,000 44-cent stamps. Nope not a square to spare.
 
And what caused this "no square to spare.?" According to some of the counter staff, there is a new district manager overseeing post offices in the area. This manager is setting a limit on how many stamps any one post office can have at any one time. Therefore, area post offices are being forced to ration their stamps. So, Almasi was turned away from buying his 3,000 stamps due to lack of resources.
 
So, lets all ration stamps. What next? Wait, I don't want to know. Hello Fed Ex and UPS.....
 
Email ItEmail It | Print ItPrint It | CommentsComments (7) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Yeah...Another Book Cometh

Posted by Sue on Tuesday, September 08, 2009 5:27:37 AM
Now is the time to mark your calendars for the end of the month and the new arrival of a book....Barney Frank, The Story of America's Only Left-Handed, Gay, Jew Congressman. Yes, Barney Frank has written a book, okay another guy did, but it his autobiography.
 
Lets take a peak at some of those page turning highlights....Here we go....
 
Frank is intersted in capping his political career as a member of the president's cabinet. Oh yeah! Frank would like to be the Housing and Urban Development secretary. But Frank insists that his departure from Congress is not imminent. Super!
Frank is interested in first passing more legislation on affordable housing. In his own words, "I want at least two years with President Obama and a solidly Democratic Senate so that we can get the federal government back in the housing business." Hey buddy, you are in the freaking housing business....you know those two wonderfully sound companies, Fannie Mae and Freddie Mac and now Ginnie Mae...get a life and then some.
 
Of course Frank has stressed that no president as ever appointed an openly gay man or woman to the cabinet and he would like to be the first one.
 
Frank talks in the book how he struggled as a gay man growing up in blue-collar, Bayonne, New Jersey. He dated women throughout high school and college, but knew he was gat at 13. That is a diary moment. He delayed his reveal of his sexuality until he had established a foothold in the House.
 
This wonderful page turner is 501 pages. And of course the "most riveting" part of the book (or so we are told) is Frank's "recollection" of his ethics scandal, when he paid a male prostitute for sex. Hmmm...wonder what that recollection was....I was not there, it really wasn't me...
 
Bet you did not know that Barney pumped gas as a teenager at his father's truck stop in New Jersey. Beep! Beep! He formally changed his name from Barnett to Barney and was an avid baseball and tennis player. This is a suspenseful page turner in the making, I say!
 
Frank does acknowledge in this page turner that he had some missteps in crafting the 2008 financial bail out, saying the measure gave the Treasury secretary too much discretion in how to use the funds. But he "asserts" that passing the legislation was necessary.
 
The writer of this hard core novel, Weisberg, state that "the best of times is now for Barney. The 15-term member is at the top of his game as a lawmaker and a deal-maker." Really? He feels comfortable with who he is and he is no longer emotionally isolated. Well whoopee!
 
"I am what I am, sort of like Popeye." So Frank says....
 
So, don't walk nor stagger, get your feet in gear and go get this hot item. Coming to a book store near you at the end of the month! Help us all!
 
Email ItEmail It | Print ItPrint It | CommentsComments (28) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive

Fannie, Freddie...What Next?

Posted by Sue on Wednesday, August 12, 2009 7:04:35 AM
"Fannie Mae and Freddie Mac are financially sound," so said Barney Frank. Well, hey they weren't. And now we the tax payers pretty much own Fannie and Freddie. Just makes your toes tingle and you feel all warm and fuzzy inside. Were we actually surprised when they collapsed, no not really. Were we surprised when they followed in their footsteps of their spawn child Sallie Mae, in which she did the same stuff with student loans, and crumbled, not really.
 
Well, this year the Mae's can add a new family member to the Christmas card. Ladies and Gentlemen please welcome....Ginnie Mae. That's right, a cousin has arrived and with bells on I might add.
 
Ginnie Mae stands tall and proud with the Government National Mortgage Association. Super!
 
Ginnie's mission is to bundle, guarantee and then sell mortgages insured by the Federal Housing Administration, which by the way it is Uncle Sam's home mortgage shop. Ginnie's spawness, I mean growth, came out of the FHA's spectacular growth. Hee! Hee!
 
The FHA now insures $560 billion in mortgages – quadruple the amount in 2006. In today's land, nine out of every 10 new mortgages now carry a federal taxpayer guarantee. Whoopee!!! 
 
And for anyone keeping score at home, if housing values continue to slide and 10% of FHA loans end up in default, taxpayers will be on the hook for another $50 to $60 billion of mortgage losses. Get the piggy bank ready to be cracked wide open.
 
So, stand up and cheer, you are the proud owner of another company...Ginnie Mae. Thank you and good night!
 
Email ItEmail It | Print ItPrint It | CommentsComments (13) | TrackbacksTrackbacks (0) | Flag as offensiveFlag as Offensive
« Previous12345678910…2425Next »