You know the troubled loans that Fannie and Freddie didn’t have on their books. The toxic garbage loans that we were told the GSE’s didn’t have any off.

Caveat Investor!

The Chicago Tribune is reporting that Fannie and Freddie together own 44% of the total foreclosures in this country as of March 31′st. In dollars this equates to $6.9 Billion, or lets just say $8 Billion if we count the rest of this year as well. With foreclosures mounting at a fierce pace this number is sure to explode even larger as we move along through the balance of this year. On average foreclosures lose 20% of value, but we have not dealt with this many before in this manner, so in reality that percent could climb to 30% or even 40% wouldn’t surprise me.

Worst case at 40% losses we (the Tax Payers) would be looking at a $3.2 Billion dollar “Bail Out” The Tribune is claiming losses around $1.39 Billion will occur. I say it is somewhere right around the middle.

TOTAL Tax Payer Funded “Bail Out” = $2 BILLION!!!

Boy wouldn’t that make an excellent headline in the WSJ smack dab on the front page!!! It would certainly wake some folks up now wouldn’t it?

Anybody have any thoughts on this and how we are going to pay for this as a country?

New payroll taxes
More hidden fees

Like Bush said not all that long ago read my lips “No new taxes” we had Paulson saying “We won’t need to use this back stop” As I have said already on this site, there is a 100% chance we will have to use it. Any company that is insolvent will need assistance or they will go under. Time to pay up folks!!! Oh, and don’t forget to “Thank” your local Congress Men and Woman for this “Bail Out” Bill coming due. Don’t forget to “Thank” you’re local Senator for this “Bail Out” Bill coming due. The President is gone so that is settled already. Oh, lest I forget… please leave a note for your children’s, children’s, children telling them why they are paying for this. Please let them know in the note who you personally voted into office so they can correctly put the blame where it belongs. This next election could have a big influence on whether or not they want your picture hanging on the mantle or the dart board. Hey, you can’t blame them as they were innocent in all of this. You decided for them remember…

VOTE ALL INCUMBANTS OUT OF OFFICE IN 2008!!!

These type of statements take away from the simple fact that Banks had loose underwriting standards and got caught holding the bag when the market collapsed.

I repeat, Zionists did not cause this crisis. So sober up, and stop spreading misinformation!

Have a look at the following analysis :

http://www.berninger.de/details/datum/2008/08/04/more-than-6-trillion-expected-losses-of-credit-crisis.html

You are correct. Sorry for the error. A corrrect way to phrase it would have been:

If you spent a thousand dollars a minute starting at the time Christ was born, you barely would have spent a Trillion dollars by now.

Conversely, if you had written bad checks at the rate of one thousand dollars a minute since the time Christ was born, you BARELY would have written a TRILLION dollars worth of bad checks by now.

Two Trillion is a lot of money.”

Sorry for the error.

Tony

That spending $1M/min sounds a bit off:
60*24=1440 min/day
1440*365=525,600 min/year
2000yrs * 525,600 min/yr = 1,051,200,000
or 1.051 billian minutes have passed in 2000 years (assuming 0 = Christ birth)

at $1K/min you’d be a touch over $1T

Conversely, if you had written bad checks at the rate of one million dollars a minute since the time Christ was born, you STILL would not have written a TRILLION dollars worth of bad checks.

Two Trillion is a lot of money.

Tony Buzan