elef Posted September 7, 2008 Report Share Posted September 7, 2008 BBC 07-09-2008 US lenders 'face state takeover' US mortgage giants Freddie Mac and Fannie Mae are set to be put under government control in an attempt to rescue the firms, media reports say. Top bosses would be removed under the US Treasury plans - which could see the US's largest ever financial bail-out. The takeover of the shareholder-owned companies, which hold or guarantee half the country's mortgage debt, could be announced by the US Treasury on Sunday. In July, Congress approved a plan aimed at offering them more liquidity. This followed huge losses by the two firms as result of a big increase in defaults and repossessions in the US housing market. More Link to comment Share on other sites More sharing options...
Julian2 Posted September 7, 2008 Report Share Posted September 7, 2008 Socialism, socialism!!!!!! Link to comment Share on other sites More sharing options...
Faustian Posted September 7, 2008 Report Share Posted September 7, 2008 Indeed! Not very capitalist is it...survival of the fittest? They failed, but the nanny state is rescuing them. How sweet. Link to comment Share on other sites More sharing options...
Julian2 Posted September 7, 2008 Report Share Posted September 7, 2008 Nationalise all institutions and utilities that the public cannot do without. Water, education, health, banks, electricity etc... Why should anything of any importance be in the hands of people who's final responsibility is to the shareholder rather than the customer? Link to comment Share on other sites More sharing options...
cavanami Posted September 7, 2008 Report Share Posted September 7, 2008 Put under gov control = tax payer takes it up the arse AGAIN!!! Link to comment Share on other sites More sharing options...
Julian2 Posted September 7, 2008 Report Share Posted September 7, 2008 And you don't pay for a private service? How much is private health care these days? Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted September 7, 2008 Report Share Posted September 7, 2008 Put under gov control = tax payer takes it up the arse AGAIN!!! Like a magician, the GOP does this without raising taxes! Link to comment Share on other sites More sharing options...
Sporty Posted September 7, 2008 Report Share Posted September 7, 2008 This is the most logical thing to do. In the end, unlikely to cost the taxpayer a penny. Even Obama supports it, Political Suicide if he didn't. I do not think any poster here has a clue. Link to comment Share on other sites More sharing options...
cavanami Posted September 8, 2008 Report Share Posted September 8, 2008 And you don't pay for a private service?How much is private health care these days? If you are living in the USA, an average healthcare insurance will cost you $400 USD/month, for each person on it. You and the wife= $800/month. If you have children, approx. $1000 ~ 1200/month. Then there are the deductibles, which mean you pay the first $500 ~ $5000 and then the insurance may only pay 80% of the total bill...so every month you shell out a pile of $$$ and get shite coverage, but maybe, just maybe it might keep you from bankruptcy...per the Micheal Moore movie, Sicko, one family feature in the movie had the insurance but with the deductibles, etc, they still went bankrupt!!! Welcome to the USA and the wonderful NO-CARE insurance!!! Link to comment Share on other sites More sharing options...
Julian2 Posted September 8, 2008 Report Share Posted September 8, 2008 When I was growing up private hospitals were virtually unknown. The state hospitals were world class and free. The government picked up a big piece of private doctor's bills and Ambulance services were free. All education outside of the elite private schools was free except for some university fees. All public utilities... water, electricity, telephones etc were owned by the government who also owned the local sawmill, started during the depression to create jobs. This was all under the conservative Robert Menzies Government and later dismantled by his successors. The only ones I ever heard complaining about high taxation were the farmers who didn't think that they should have to pay tax at all. (They still don't). There's a private hospital on every corner now, but they don't take cases that are life threatening. If you have a heart attack and you're paying top hospital cover the ambulance still takes you to the nearest public hospital because the equipment necessary to keep you alive is considered too expensive by the private hospitals. (Cuts into profits). Link to comment Share on other sites More sharing options...
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