Filed under: 1984, 2-party system, bailout, bear sterns, Big Banks, Big Brother, biometrics, California, central bank, Congress, Control Grid, credit card, credit cards, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, fannie mae, Federal Reserve, forclosure, foreclosures, freddie mac, George Bush, global economy, gold, Great Depression, Greenback, henry paulson, House, housing market, imf, indymac, Inflation, IRS, left right paradigm, liquidation, mortgage lenders, national debt, nationalization, neocons, Neolibs, Oppression, orwell, Paulson, Police State, Propaganda, real estate, Ron Paul, Senate, silver, Stock Market, subprime, subprime lending, Surveillance, Taxpayers, US Economy, us national debt, US Treasury, Wall Street | Tags: fingerprints, housing securities, HR 3221, The American Housing Rescue & Foreclosure Preventio
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.
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
Related News:
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
noworldsystem.com 