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Taxpayers Will Pay $800 BILLION For Failed Mortgage Lenders

Taxpayers Will Pay $800 BILLION For Failed Mortgage Lenders
House & Senate passes housing bailout bill H.R. 3221 (The American Housing Rescue & Foreclosure Prevention Act) by an overwhelming 272-152 vote, Bush will sign soon.

Youtube
July 24, 2008

Ron Paul talks about the bailout out of the housing industry and how it really just destroys the dollar and adds enormously to the debt.

Also, slipped into the bill, was the stipulation that ALL credit card transactions must now be reported to the IRS.

http://www.youtube.com/watch?v=Wy6SlUpbnIU

Details of today’s housing bill by Dr. Ron Paul:

-$2.5B line of credit to the Treasury (Fannie & Freddie – ‘F & F’) is now “open-ended”

  • UNLIMITED – Treasury now allowed to buy all ‘F & F’ housing securities
  • Congress no longer involved in appropriating funds (Treasury now does)

-National Debt Ceiling Moved up $800 BILLION (buried in the bill)

Treasury Bills being exchanged for unwanted ‘F & F’ securities

  • This is the asset which “backs up our currency”
  • Value of these assets are depreciating
  • Treasuries have replaced gold and silver to back US Dollar

– Solution breeds inflation

  • Places pressure on the US Dollar

-Mortgage industry workers “will now have to be fingerprinted.

All credit card transactions will now be reported to the IRS.

 

Housing bailout bill – another $800 billion gift from the taxpayer to Wall Street

http://youtube.com/watch?v=TeWJZiJGc2s

Related News:

**RED ALERT** RAPE BY CONGRESS IMMINENT
http://market-ticker.denninger.net/archive..GRESS-IMMINENT.html

Investors worldwide are betting more than $1 trillion on a collapse in American stock prices
http://www.wakeupfromyourslumber.com/node/7529

Faber: Fannie, Freddie Should Not Get Aid
http://www.bloomberg.com/apps/n..&sid=a_L_tms03WSI&refer=home

Senate Passes Housing Bill
http://www.axcessnews.com/index.php/articles/show/id/16490

House OKs Fannie Freddie Bailout
http://news.yahoo.com/s/ap/200..Aujs0nZJn4G9TEm4v_o7vh.MwfIE

woman commits suicide as home foreclosed
http://www.norwichbulletin.com/new..suicide-as-home-foreclosed

Fannie and Freddie Own A Record $6.9 Billion Foreclosed Homes
http://www.economicpolicyjournal.co..d-freddie-own-record-69.html

U.S. Foreclosures Double
http://www.bloomberg.com/apps/news..87&sid=aomtw8.Pro2E&refer=home

IMF: U.S. Housing Overvalued By 20%
http://www.reuters.com/article/domesticNews/idUSN2542244220080726

California foreclosures up 261% from ‘07 levels
http://latimesblogs.latimes.com/laland/2008/07/cal-foreclosure.html

Freddie MAC CEO Paid $20 Million A Year
http://money.cnn.com/2008/0.._CEO.ap/index.htm?section=money_latest

Fannie, Freddie rescue pricetag could hit $25B
Housing report bruises Wall Street
Bank of China may hold huge US debt
Dems & Paulson Push Fannie/Freddie Bailout

 


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