Peter Schiff sees socialization of United States bubble economy will sink the Federal Reserve Note. US mortgage giants Fannie Mae and Freddie Mac are facing growing pressure as fears intensify about a potential calamity at the firms, which underpin trillions of dollars in home loans. Together they own or guarantee some US$5.2 trillion in loans, or about 40 per cent of the total value of home loans in the United States. Peter Schiff at Euro Pacific Capital said the two giants were likely to need government bailouts in view of the “dubious quality of their mortgage portfolios”. “Together both firms have less than US$90 billion in capital reserves to ensure losses on more than US$5 trillion in mortgage debt … Clearly, Fannie and Freddie would have no ability to survive without a government bailout. This means that taxpayers will be on the hook for hundreds of billions of losses, perhaps even more than one trillion.”
Erica
August 27, 2010
Dollar Collapse – Firms Which Underpin Trillions In Home Loans Implode – Bailout Equals Dollar Destruction
Filed under: News — Tags: Bailout, Billions, Calamity, Capital Reserves, Fannie Mae, Federal Reserve, Freddie Mac, Giants, Home Loans, Mortgage Debt, Mortgage Portfolios, Socialization, Total Value, Trillion, Trillions — admin @ 2:33 am
ArchaicRevivalx2012 asked:
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Vincent
I can’t believe people are talking about the mythical “Amero”. Not going to happen. It’s like end of the world predictions – they keep passing by without a problem. The American dollar will lose value – yes – but it won’t lose its sovereignty. Sheesh, are you people wacko?
Comment by updownleftrightinout — August 27, 2010 @ 8:58 pm
April
Now in hindsight we see that letting the largest banks (Lehman, Bear Stearns, AND especially Goldman Sachs) fail, would have been best. Cleaning up for only the smaller banks – the ones not betting against the public – would have been best.
Comment by updownleftrightinout — August 28, 2010 @ 7:47 am
Warren
Schiff is to the economy that Dawkins is to religion. I like this guy.
Comment by epshot — August 29, 2010 @ 4:43 am
Emily
What a bunch of idiots. There only one man calling it right, Peter Schiff. A “hignly educated panel debating economics”. For the salaries they were paid in one year the chinese would build a thousand houses. That is in its essence what is wrong with the U.S. economy.
Comment by BRIANCLARKE1973 — September 1, 2010 @ 4:33 am
Steve
“The capital will come back!”
Is the epitome of the need for socialization of FanMay FredMac. Capital is owned by the PEOPLE of the country… Giving people the choice of either allowing or disallowing their tax dollars to “bailout” these companies would have been the democratic option. Huge waste of money in the US…
I was disgusted when I heard about the riots outside houses of AIG bonus recipients…while the government funneled $75bln into GM… Good work.
Comment by Boberto96 — September 3, 2010 @ 9:47 am
Adam
Why is it that I hate Tobin Smith more than anyone else on Fox. The guy is wrong time and time again and is a loud mouth.
Comment by jeremyraybrown — September 4, 2010 @ 6:25 am
Samuel
look at how they yell and scream at all the children out there, they talk real slow so everyone can understand them, news these days is a joke,…
Comment by nsolcis — September 5, 2010 @ 8:37 am
Joe
Sorry folks, you have been had, peed on, scammed and lied to.
WallStreet is rigged and bailouts a fraud, market manipulations,
high freqency trading, flash orders, naked short selling, on and on.
Goldman and Govt are in bed, they set the rules to benefit the few.
Jobs been exported, your labor devalued to Zero to screw you into debt.
Get ready, walk away from your CC cards and mortgage. FICO scores are a
scam to enslave you and keep you in debt. Break away don’t be a sheeple
Protect Yourself
Comment by 407buddy — September 6, 2010 @ 1:44 am
Rita
Please go shoot your self Mr. Smith! you are a fking moron!
Comment by soundzero — September 8, 2010 @ 4:27 am
Jerome
They are alreayd socialized, they are owned and operated by gov by gov appointed fools which allow private “investment” into them.
Comment by deltapunk21 — September 8, 2010 @ 1:38 pm
April
why is that host yelling? i hate that guy. toby is a pubic hair. worthless.
Comment by cayman187 — September 9, 2010 @ 4:25 pm
Tina
That corrupt money system is going down. Sinking ship.
Comment by patboyuk — September 10, 2010 @ 5:15 am
Patrick
these guys are doomed…oh my god
Comment by paulocbn — September 11, 2010 @ 7:07 am
Dan
Toby Smith is a MORON.
Comment by experimentsingeekdom — September 11, 2010 @ 10:57 pm
Valerie
Toby’s jokes are great.
Comment by atheistnarnia — September 14, 2010 @ 7:56 am
Angela
Toby is a fool… Bet he would like to deny he acted like this…
Comment by JIAsrMS — September 16, 2010 @ 3:18 pm
Juan
The election hasn’t happened yet.
Comment by Okastega — September 19, 2010 @ 2:38 am
Darlene
Was Lehman Brothers too big to fail? AIG? Washington Mutual? Bear Stearns? Indy Mac? What about a complete system collapse? Is the government too big to fail? “Peter I love you, but you always take these things to an extreme… We’re in a normal economic Maelstorm”
Really? This video was put out in July. In September, the government is talking about a massive bailout package w/ a cost ranging from 700 billion to a trillion & maybe more. So much dishonesty. Thank God for the Peters of this world.
Comment by TheSharpenedPen — September 21, 2010 @ 1:54 am
April
Oh right, it’s just Fox… Please. The media, in all its forms, has been ignoring all of this and turning the other way while it happened. People need to realize that the media control extends WAY BEYOND just Fox.
Comment by TheSharpenedPen — September 23, 2010 @ 9:08 am
Georgia
I think FOX is bullshit. Peter is sooooo dead right, you have to let the fail. 700 billion pumped into this economy is going to kill it long term.
Comment by Euph662 — September 26, 2010 @ 12:43 am
Viola
he’s been talking about this crisis since way before 2006, so i will put my money on him in the future.
Comment by Elg1no — September 27, 2010 @ 10:04 am
Rosa
why we can let them fail? ey nothing its for shure u losee u try again.u dont want this laysie asses to fail but u let all the poor families fail over and over,thas a economic discrimination,WE BORROW BILLIONS AND BILLIONS??? BULL SHIT
IF ihave at least million of why u said i borrow i be haven fun,u let the home owners lose their homes besides paying mortage u suck them with taxes u and the bankers are the worst of the worst,get u ass to work 5 to 5 and survive with a minimum wage suckers
Comment by ssoniclink2 — September 29, 2010 @ 11:04 pm
Terri
Members of Wall Street are pointing fingers, the FBI has
started investigations, FED Chairman Bernanke is acting like a
unshaven homeless beggar with the shakes, Treasury Secretary
Paulson is asking Congress to start a Nationwide Chipin… and
the world is watching it all.
Comment by yyz19999 — October 2, 2010 @ 10:27 pm
Javier
While America is distracted trying to see who is pointing at
who to blame, the members of the Freedom Movement all slowly
turn our heads and extend our finger and point to the problem
we have been screaming about for years… THE FEDERAL RESERVE!!
Comment by yyz19999 — October 5, 2010 @ 2:39 pm
Jeanette
see what being “green” does to people? notice how this “financial crisis” is distracting us from the “energy crisis”? i dont see anyone talking about an energy bailout
Comment by RydanDenali — October 5, 2010 @ 4:38 pm