Geithner Wants to Throw Still More Taxpayer Dollars Down the Fannie & Freddie Toilet

What's really happening here is a bailout of bondholders. If folks don't pay their mortgages, they default, the bondholders can't get paid and might sue for fraud. Many if not most of mortgage backed securities sold were loaded with junk loans (walking defaults) despite having AAA ratings that elevate a security to nearly risk-free.

Not satisfied with wasting close to $200 billion of taxpayer dollars bailing out holders of Fannie and Freddie Bonds (notably PIMCO and China), Geithner is back at it with another proposal sure to cost US taxpayers plenty if adopted. The proposal this time is for taxpayers to pick up 63% of the cost of mortgage principal reductions.

Read the rest here

Mish's Global Economic Trend Analysis

Occupy Mordor or Destroy the Ring?

There has been mixed responses to Occupy Wall Street by libertarians. Some see the movement as a positive, while others see them as little more than lazy hipsters. But libertarians must be sensitive to why people feel the way they do about issues. The occupiers point out a legitimate concern that "the 1%" control vastly more power and wealth than "the 99%", and corporations have accumulated more power and privilege than is healthy for an open society. Some other concerns and demands are absurd, but the heart of the matter is on track. The question is why has this happened? While many on the left are quick to blame a nebulous thing called "greed", or lack of regulation, the matter is more complicated than that. This calls for a Lord of the Rings metaphor. Let's say that Sauron, the big cheese bad guy of Lord of the Rings, is the corporate hegemony. The 1%. Most people in Middle Earth agree that this is a problem, but there are a few differ...

I've Been an Outspoken Critic of Censoring Conservatives, But I'm Not Leaving Patreon Over Sargon of Akkad's Ridiculous Remarks

By: Wes Messamore The Humble Libertarian Photo: Gage Skidmore

Were The Founding Fathers Aided By Aliens?

Photo: Sebastian Bieniek, Dollarfaces https://www.b1en1ek.com/works/bieniek-paint/2015-dollarfaces/

The Humble Libertarian original

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