as if I needed another reason not to vote Demoncrat.
I'm pretty middle of the road when it comes to politics, I believe more in government reduction than anything, and this just reinforces my believe that our government is too large and out of control.
Oh yeah. I love the moniker you give them. "Demoncrats". Classic. I hate big government. The ones who have no business sense are the ones who tank things and the ones who do, cheat it. So that is why I was kind of hoping for Ron Paul, but the Libertarian candidate will do. Yeah, I know he voted for the Patriot Act, but then again, I have nothing to hide, so it doesn't bother me too much.
It misses the impact of Sarbanes-Oxley. That is what triggered the value of the paper issued by fannie mae and freddie mac to go to zero.
It was passed after the abuses of Enron to force a market pricing mechanism into securities trading.
Since their inception all the securities issued by Fannie Mae and Freddie Mac have been bought up right away, but a few weeks ago when they issued new paper, no one bought it. Under Sarbanes Oxley that forced the value of everything they have out there to zero. AIG had issued insurance for a portion of that so they had to call and couldn't. This would have caused their failure without being propped up by a government bail out.
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as if I needed another reason not to vote Demoncrat.
I'm pretty middle of the road when it comes to politics, I believe more in government reduction than anything, and this just reinforces my believe that our government is too large and out of control.
Reply
Reply
It was passed after the abuses of Enron to force a market pricing mechanism into securities trading.
Since their inception all the securities issued by Fannie Mae and Freddie Mac have been bought up right away, but a few weeks ago when they issued new paper, no one bought it. Under Sarbanes Oxley that forced the value of everything they have out there to zero. AIG had issued insurance for a portion of that so they had to call and couldn't. This would have caused their failure without being propped up by a government bail out.
Reply
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