Dollar Collapse – Firms Which Underpin Trillions In Home Loans Implode – Bailout Equals Dollar Destruction
by Felixx on Friday, December 31st, 2010 | 10 Comments
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."
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,...
"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.
Lyndon LaRouche, a Ron Paul well before his time, what's your problem with him?
You don't like the sound fiscal policies, and want to continue to believe in the debt ridden economy both of the US and the UK, I mention the UK as I live here.
You get 5 stars when a video and associated commentary warrants it. now it's sucks or it's good, blame YT for that eh, but for sure as citizens we do have a HUGE part to play here, educate oneself to this ASAP and stop 100+ people manipulating everything.
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.
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.
Schiff is to the economy that Dawkins is to religion. I like this guy.
@ArchaicRevivalx2012
haha ownd^^
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.
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?
@jessicamaybe
And I hate communists.
Sorry, Politicians can't keep playing santa clause.
I hate spoiled assholes with an "I'm entitled" attitude.
Quit your bitching and learn to be self sufficient.
Your Fuhrer has put more jobs and workers out of business and on the street.
You libtard morons are inflating the dollar taking the risk out of capitalism, defeating the purpose of the free market in the first place.
YOU ARE A COMMUNIST !