Matt Taibbi | Another Hidden Bailout: Helping Wall Street Collect Your Rent

Matt Taibbi | Another Hidden Bailout: Helping Wall Street Collect Your Rent

Here’s yet another form of hidden bailout the federal government doles out to our big banks, without the public having much of a clue.

This is from the WSJ this morning:

Some of the biggest names on Wall Street are lining up to become landlords to cash-strapped Americans by bidding on pools of foreclosed properties being sold by Fannie Mae…

While the current approach of selling homes one-by-one has its own high costs and is sometimes inefficient, selling properties in bulk to large investors could require Fannie Mae to sell at a big discount, leading to larger initial costs.

In con artistry parlance, they call this the “reload.” That’s when you hit the same mark twice – typically with a second scam designed to “fix” the damage caused by the first scam. Someone robs your house, then comes by the next day and sells you a fancy alarm system, that’s the reload.

In this case, banks pumped up the real estate market by creating huge volumes of subprime loans, then dumped a lot of them on, among others, Fannie and Freddie, the ever-ready enthusiastic state customer. Now the loans have crashed in value, yet the GSEs (Government Sponsored Enterprises) are still out there feeding the banks money through two continuous bailouts.

Rest here…


8 Responses to “Matt Taibbi | Another Hidden Bailout: Helping Wall Street Collect Your Rent”
  1. indio007 says:

    The return of feudalism in it’s fullness.

  2. I guess the swindle continues…It never stops, I wonder when the American people will say enough?

    • lvent says:

      I am hoping the people will WAKE UP and STOP asking the Government who put us all here for help…!!! The people have to just stop participating in this fraud.. What the elite want is for all of us to beg them for help…! Like how the MSM is reporting that some of the Syrian people are asking for help from the very elite who caused the very same horrible economic conditions that put them where they are..! That is a very BAD IDEA…! That is how Hitler came to power…! That is exactly what these eliteists want so that way they can usher in their Global dictatorship and tyranny as their FINAL SOLUTION……That is why they are bankrupting America and WE THE PEOPLE better have an indivisible plan pretty soon… because their very sneaky and deceptive manufactured bankrupting of America is how they intend to usher in their unconstitutional and illegal “fix” for the big lie that America is broke with their gold backed currency…That is also how they intend to “fix” all of the mortgage fraud in the form of a ” World Tax” and that will be the end of our National Sovereignty. .!

      How is that the American people are not seeing how Wall Street and the banks are getting richer every day while WE THE PEOPLE are getting poorer..? How can we be allowing this when the truth is…it is the banksters that borrowed the U.S TAXPAYER money and it is the banks and Wall Street who plundered it and robbed us and the truth is it is their elite owners who do not want to pay their debts back to the American People…? Wake Up America…! WE THE PEOPLE need an indivisible plan to stop participating in this fraud…ASAP..!

  3. Hannah says:

    I saw it coming, too, but what are we supposed to do to stop it?

  4. lvent says:

    Where are you America? Why aren’t you paying attention to this? It is a national disgrace that the American people are waiting for someone else to correct this manufactured mess.. That is not how America was designed by our founding fathers to work and that is why America is not working.. America can not be a country for the people by the people if the people continue to trust the politicians who threw America and the American people under the bus..! We can no longer sit around and wait for someone else to correct our problems..If the people did their homework on the Politicians who are running for office they would uncover the truth is that NOT ONE of them have been, or are working in the best interest of the American people or The United States of America. That is why we are all here and we will remain here at the mercy of the Corporatists and lobbyists until we realize WE THE PEOPLE are the only real party who has an interest in preserving the U.S. CONSTITUTION, the U.S. BILL OF RIGHTS and the National Sovereignty of the United States of America.
    What is really needed here is PEOPLE POWER…. It is time for the American people to join as one with one indivisible goal…FREEDOM…

  5. Pamela Edwards says:

    Imagine that.I guess some people expected more but it is what it is.Stuck on stupid doesn’t even come close.

  6. Polly Anna says:

    Getting screwed twice by the same bastards, with the help and assistance of the Government. Priceless!

  7. Bobbi Swann says:

    Well color me surprised!!! I said they were going to do this back 3-4 years ago. Everyone said I was kooky! We are always the horse BEHIND the cart so when are people going to figure out how to be the cart BEFORE the horse (and no pun intended either). This was all part of their game plan and the American people all got suckered in. Wake up, you dummies!!!!!!!!!!!

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