The Greatest Untold Story of the Bailouts

http://online.wsj.com/article/SB1000142405274870467190457519391068311125 0.html?mod=djemEditorialPage_h

Now that nearly all the TARP funds used to bail out Wall
Street banks have been repaid, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac stand out as the source of the greatest taxpayer losses.

The Congressional Budget Office has estimated that, in
the wake of the housing bubble and the unprecedented deflation in housing values that resulted, the government’s cost to bail out Fannie and Freddie will eventually reach $381 billion. That estimate may be too optimistic.

Last Christmas Eve, Treasury removed the $400 billion
cap on what the government might be required to invest in these two GSEs in the future, and this may tell the real story about the cost to taxpayers. In typical Washington fashion, everyone has amnesia about how this disaster occurred.

…

One chapter in this story took place in July 2005, when
the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs on a party-line vote-all Republicans in favor, all Democrats opposed. The bill would have established a new regulator for Fannie and Freddie and given it authority to ensure that they maintained adequate capital, properly managed their interest rate risk, had adequate liquidity and reserves, and controlled their asset and investment portfolio growth.

Why does it seem that all of the untold stories reflect very badly on the Democrats? It’s nice to be the “good guys”.

GM now using Fed Govt Account Standards

I guess it makes sense now that their owned by the Government.

http://www.forbes.com/2010/04/23/general-motors-economy-bailout-opinions -columnists-shikha-dalmia.html?boxes=opinionschannellatest

Of course, the Obama administration is spinning for GM now too.

interesting stuff from an improperly redacted subpoena to Obama about the Senate seat

Did he lie?
http://nalert.blogspot.com/2010/04/obama-caught-lying-talked-to-blago-on .html

“I had no contact with the governor or his office and so
I was not aware of what was happening, ” Obama told reporters today in Chicago. “It’s a sad day for Illinois. Beyond that, I don’t think it’s appropriate to comment.”

If so, he willfully lied about it:
http://hotair.com/archives/2008/12/09/obama-i-never-talked-to-blagojevic h-about-the-senate-seat-axelrod-yes-he-did/

Axlerod: “I was mistaken when I told an interviewer
last month that the President-elect has spoken directly to Governor Blagojevich about the Senate vacancy. They did not then or at any time discuss the subject.”

The subpoena says:

President-elect Obama also spoke to Governor Blagojevich on December 1, 2008 in Philadelphia

Details from subpoena:
http://www.nbcchicago.com/blogs/ward-room/The-Six-Secrets-You-Need-to-Kn ow-From-the-Blagojevich-Filing-91848634.html

1. Obama may have lied about conversations with
convicted fraudster Tony Rezko
2. Obama may have overtly recommended Valerie Jarret for
his Senate seat
3. A supporter of President Obama may have offered quid
pro quo on a Jarrett senate appointment
4. Obama maintained a list of good Senate candidates
5. Rahm Emanuel allegedly floated Cheryl Jackson’s name
for the Senate seat
6. Obama had a secret phone call with Blagojevich

But there’s an update at the last link. Looks like the cleanup team is moving in: Judge calls emergency meeting over redaction errors . Nevermind: They accidentally released the intra-office joke subpoena!