Quote of the Day
[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
“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) — 4/22/2010 @ 8:52 pmWhat 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) — 4/22/2010 @ 9:01 pmWhy is it that everything this Administration says is a lie?
AD - RtR/OS! (898e6a) — 4/22/2010 @ 9:34 pmAnd when will the media become cognizant of it?
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) — 4/22/2010 @ 9:38 pmI give his learned opinion on the economy even less credence than that silly Christina Romer.
AD - RtR/OS! (898e6a) — 4/22/2010 @ 9:51 pmGM didn’t even do that. The money it “paid” the government was from escrowed TARP funds. According to Sen Grassley:
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) — 4/22/2010 @ 11:39 pmBTW, 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.
AD - RtR/OS! (9562e0) — 4/23/2010 @ 11:14 amAnd the money, just another entry into the Federal journal under “Waste, Fraud & Abuse”.
This really is aggressive dishonesty from the Left.
JD (5375e6) — 4/23/2010 @ 11:28 amI’ll pay my Visa bill with the Amex card, the Amex bill with the MasterCard, and then the MasterCard with the Visa! Profit!
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