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“Federal Agents Seize Control of Fannie Mae AND Freddie Mac – Senior Execs FIRED!”
By Sherman Ragland | September 8, 2008
It seems as though I have been bashing the Bush Administration over the inept handling of the mortgage crises, which has lead to a further erosion of the housing market, which has torpedoed the US Economy for over a year now…
… and for my last ’so-called blog fan’ who called me a “POLITICAL HACK”, understand that I am talking about POLICY, NOT POLITICS.
Bottom line: whatever the world’s beef is with George Bush and the Bush Machine, I am only focused on his performance as the Commander in Chief of the single most important thing that a President is entrusted with – THE ECONOMY STUPID!
…and in this regard Bush has failed all of us over the past year, in my opinion, when he refused to recognize that a deterioration in the mortgage market would lead to a collapse of the housing market, and a collapse of the housing market would lead us all into recession.
I said it loud and clear on my blog (http://www.TheRealinvestor.com) I have shouted it on my radioshow (http://www.RealinvestorsTalkRadio.com) and I gave a major (Standing room only) presentation on it last year to my real estate investor group (http//www.DCREIA.com), which was turned into a video that sells like “hotcakes” at http://www.AfterTheMeltdown.com
See Also my blog post from October 2007 – “My Kingdom for a Clue…Why George W. Doesn’t Get It!”
… and I reject the notion that I am some type of partisan “political hack”, whose only purpose is to promote a political position as though I was too stupid to know anything about real estate investing or creating wealth.
SO, today it appears that George and I are going to kiss and make up – but do not look for one of those pictures of me hugging up to Bush like someone else we all know…
Because today, George W finally came to HIS SENSES and is now saying the same thing I have been saying for over a year:
“Take care of the residential mortgage market, and you will take care of the housing market in the US. Take care of the housing market in the US, and you MAY be able to avert a recession, but let the housing market tank, and you have a 100% GUARANTEE that the US Economy will tank”.
… no crystal ball on my part, just a basic understanding by talking to my economist friends, that if you actually LOOK at the data, you will NEVER see any period of time in American History that the US Economy DID NOT tank, when the housing market was in a crisis. The two things are joined at the hip, and always will be.
So, why am I making nice with GW?
Becuase yesterday for the very first time EVER, his Treasury Secretary Hank Paulson started talking like he was an avid reader of my blog, and acting like dealing with the mortgage meltdown in America – MATTERS.
Specifically, Secretary Paulson acted on the authority given to him through emergency legislation last month and initiated a FEDERAL TAKEOVER of Freddie Mac and Fannie Mae.
[NOTE: If you do not know what these two agencies do, or how important they are to us as real estate investors, then by all means, PLEASE GET YOUR HANDS ON MY DVD – AFTER THE MELTDOWN! http://www.AfterTheMeltdown.com.
With this FEDERAL TAKEOVER comes an EXPLICIT Commitment by the US Taxpayers to give Fannie and Freddie ALL of the resources they need to not only survive, but to get the US Mortgage Markets moving again, and with that will come stability in the housing markets, and with that an opportunity to come out of the US Economic Recession sooner.
It took a year to get these guys “on board”, and a lot of good people got whacked by their employers and a lot of good companies went down the toilet while Paulson and Bush stood around in denial…
…but what is most important is – We Got There.
For more on this topic, please tune in to Realinvestors Talk Radio at http://www.RealinvestorsTalkRadio.com
Now that we have the Administration on Board (at least until they leave town in January ‘09) I will take the same time and energy I exhausted bashing BUSH on his refusal to take action, and start to discuss in great detail what the FEDERAL TAKEOVER of Fannie and Freddie means to real estate investors, and more importantly to REALINVESTORS who want to make some money this year.
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Tags: bush administration, george bush, mortgage market, mortgage meltdown, paulson, political hack, real estate investor, residential mortgage, sherman ragland
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