Another broken promise by government. There will be planty more.
Cry me a river.
The cost of the “fix” for Fannie and Freddie.
The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history
The companies’ liabilities stem in large part from loans and mortgage-backed securities issued between 2005 and 2007. Directed by Congress to encourage lending to minorities and low- income borrowers at the same time private companies were gaining market share by pushing into subprime loans, Fannie and Freddie lowered their standards to take on high-risk mortgages.
Many of those went to borrowers with poor credit or little equity in their homes, according to company filings. By early 2008, more than $500 billion of loans guaranteed or held by Fannie and Freddie, about 10 percent of the total, were in subprime mortgages, according to Fed reports.
The mother of all Government bailouts and the local paper, The Boulder Daily Camera, ignores it. Why?
The article mentions police, fireman and teachers. I must admit to interfacing the most with the latter. I have seen great teachers and poor teachers and plodding teachers. What I haven’t seen are irreplaceable teachers. All this discovery and group learning. Perhap’s you’ve taught yourself out of a job?
The police… Boulder has a fuzzy goal of 9000 parking tickets a month. Putting it very simply, find something better to do. Not to mention more red light camera’s. It’s about the money. Also, don’t follow me to closely because I’ll be on the phone to dispatch in a nanosecond.
Watching this Presidential commission discuss strategies for deficit reduction is like watching a pack of gluttons talk about getting in shape while they prowl up and down a buffet table. They linger over the deep-fried mortgage interest deduction caps, dip their spoons into the rich chocolate of the VAT tax, and lick their lips as they wait for the expired Bush tax cuts to pop out of the oven. They end up perched on the edge of creaking chairs, tittering at the wonderfully naughty idea of devouring everyone’s 401k plans for dessert. It’s a nauseating spectacle that will only end when they’re escorted from the restaurant by angry voters.
h/t to Instapundit
The response from the Obama administration and BP, which are coordinating the cleanup: “The embassy got a nice letter from the administration that said, ‘Thanks, but no thanks,’” said Geert Visser, consul general for the Netherlands in Houston.
More specifically…
U.S debt to rise to $19.6 trillion by 2015
(102% of projected GDP btw)
leads to…
It’s time to remember the “debt star”!
Of course it’s all Bush’s fault. Especially in the 24 square miles surrounded by reality and the media that supports it.
h/t to Instapundit.
added 6/7 @ 2:13p
Looks like the “great minds” of Obama and Google think alike when it comes to D-Day.
Obamacare via Instapundit includes these delicious snippits…
Long time reader, first time writer. 22 years old. Just wanted to comment briefly on something you mentioned about Obamacare. I have a lot of friends my own age who were all for socialized medicine, and wholeheartedly supported the idea of healthcare reform. We’re talking very, very, very liberal kids. They hate this thing. The overwhelming consensus among kids my age is pretty much as follows: We pay into social security which we KNOW we’ll never get anything from. In much the same vein, Obamacare is yet another way in which we’re being taxed to support a bunch of old people. Overwhelmingly, we feel that we’re being taken advantage of to subsidize a bunch of old people we don’t know, will never meet, and frankly shouldn’t need to be paying to support.
concludes…
I can’t even tell you how many people my own age who voted for Obama have come to me and told me how disappointed they are in what he’s done with this whole thing.
and another Instapundit reader comments…
We have a good medical system in this country that can and should be improved, not replaced by something which will cost vastly more and give much poorer quality of care. It’s not perfect, but people come here from all over the world because of what we have now. Not many go from here to England or Sweden for medical care they cannot get here.
I can’t even tell you how unsurprised I am that those who voted for Mr. Obama are now surprised. I’m not surprised. He is exactly like I expected. And feared.
(emphasis added – ed)
And getting to the popularity of Obamacare vs. oil spills
How is that “Hope and Change” working. Heck, even the Boulder Daily Camera worked up the courage to criticize Obama.
And when this particular administration has sworn to be completely transparent, the unseemliness of politics as usual sinks to a lower level.
This would be in math class…
h/t to Betsy’s page.
U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day
Dan Fuss, who manages the Loomis Sayles Bond Fund, which beat 94 percent of competitors the past year, said last week that he sold all of his Treasury bonds because of prospects interest rates will rise as the U.S. borrows unprecedented amounts. Obama is borrowing record amounts to fund spending programs to help the economy recover from its longest recession since the 1930s.
“The incremental borrower of funds in the U.S. capital markets is rapidly becoming the U.S. Treasury,” Boston-based Fuss said. “Do you really want to buy the debt of the biggest issuer?”
You can’t make this stuff up.
If your frustrated by Boulder County and their inability to maintain subdivision roads the Info4Subdivisions website is a great place to bring yourself up to speed and hopefully turn your anger and frustration into a constructive force.
Some damning information from this letter to the editor in the Boulder Daily Camera. Here’s critical data from the letter…
From a budget perspective over the past decade, Boulder County`s Road Fund has been reduced by 59 percent, diminishing from $2.6 million in 2000 to $1.1 million in 2010. However, social services expenditures have increased by over 200 percent during this same period, skyrocketing from $5.2 million in 2000 to over $16.4 million in 2010 and now stands at more than three times the level of expense that was allocated in 2000. (Overall, property tax revenue to the county has nearly doubled since 2000.) If the same proportion of the budget were allocated to roads in 2010 as was allocated in 2000 the total Road Fund would be $4.9 million this year.
Which concludes as follows…
Currently, there are few checks and balances at the county level, other than citizens saying enough is enough. I encourage everyone who is concerned about government`s fiscal discipline to contact our County Commissioners about this issue at 303-441-3500.
If not fiscal discipline there is certainly a priority issue here.
Haitian ‘Social Justice’ Groups Want to Burn Aid
The two groups, the Peasant Movement of Papay (MPP) and the National Peasant Movement of the Congress of Papay (MPMKP), argue that the hybrid seeds donated by Monsanto will somehow undermine the “food sovereignty” of Haiti. They also assert, without any scientific basis, that the donated seeds are somehow unsafe. Nothing could be further from the truth, as seeds like those donated have been used safely for generations.
Sounds like something that would happen in Boulder.
You can’t make this stuff up.
Unforunately, he’s running for office in California not Colorado.
Soaring costs force Canada to reassess health model
Ya don’t say.
“Take” 10,000 or something. Good grief this gets old.
Of course were talking the massive BP oil spill. Analysis at this Powerline post… “Obama Revises History“.