Patterico's Pontifications

4/22/2010

Quote of the Day

Filed under: Government,Obama — DRJ @ 8:39 pm



[Guest post by DRJ]

President Obama’s economic advisor Austan Goolsbee:

“The president is no fan of the old Fannie and Freddie business models,” he said. “He criticized it throughout the campaign and since he’s been in office of the ‘we’re going to privatize the profits and socialize the losses’ [approach]. That business model is over.”

The new business model is socialize everything, including profits and losses. Like GM, which repaid $6.7B (including a recent payment of $5.7B) of its $50B in loans, while the remainder was “repaid” by giving the U.S. government ownership of 60% of post-bankruptcy GM.

— DRJ

11 Responses to “Quote of the Day”

  1. “That business model is over”

    Didn’t the Administration sneak in a Christmas Eve blank check for Fannie and Freddie last year? Over my fat ass!

    daleyrocks (1d0d98)

  2. What have they done to address Fannie and Freddie, in any way that would suggest that their business model has changed?

    Wasn’t part of the loan repayment actually paid with money that had been borrowed, again from the government? Also, isn’t it only the “old” GM that has paid off its loans, and the “new” GM still has billions outstanding?

    After I typed this, I suspect DRJ’s links address just that.

    JD (9f2abc)

  3. Why is it that everything this Administration says is a lie?
    And when will the media become cognizant of it?

    AD - RtR/OS! (898e6a)

  4. Goolsbee is a particularly dishonest one, AD. Remember during the campaign when he was going to Canada and telling them that Barcky really did not mean the stuff in his campaign speeches, and they had nothing to worry about? I think it was in re NAFTA, but I do not recall.

    JD (9f2abc)

  5. I give his learned opinion on the economy even less credence than that silly Christina Romer.

    AD - RtR/OS! (898e6a)

  6. GM didn’t even do that. The money it “paid” the government was from escrowed TARP funds. According to Sen Grassley:

    “The bottom line seems to be that the TARP loans were ‘repaid’ with other TARP funds in a Treasury escrow account. The TARP loans were not repaid from money GM is earning selling cars, as GM and the administration have claimed in their speeches, press releases and television commercials,”

    The current GM commercial about how they paid the loans off because of their resurgence is hogwash, much like everything else they day.

    Kevin Murphy (5ae73e)

  7. BTW, why should we be concerned about what goes on over at American Leyland, who will shortly joing their British cousins upon the ash heap of history.
    And the money, just another entry into the Federal journal under “Waste, Fraud & Abuse”.

    AD - RtR/OS! (9562e0)

  8. This really is aggressive dishonesty from the Left.

    JD (5375e6)

  9. I’ll pay my Visa bill with the Amex card, the Amex bill with the MasterCard, and then the MasterCard with the Visa! Profit!

    htom (412a17)

  10. I definitely enjoy every little bit of it and I have bookmarked your blog.

    wooden furniture (cbcf4e)

  11. You made some first rate points there. I searched on the internet for the issue and located most people will go together with along with your website.

    executive suite (cbcf4e)


Powered by WordPress.

Page loaded in: 0.4621 secs.