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Replies (9)
- randy321
- Contributions:369
your nuts
"They have the USA by the ying yang."
Yep. Good post, Kasper.
- mephiston5
- Contributions:43
Indeed they do, they own a huge amount of our debt.
- BuyEqualsRent
- Contributions:1491
This has been building for 20 years. Giving foreign powers so much control over our economy is one of the most treasonous acts our leaders can perpetrate. But none of them give a crap about the long term, it's all about getting re-elected and giving out gifts to their friends.
- kelargo
- Contributions:794
apparently he is in China this week.. and I thought he was going to wach to olympics...
see my comment here.
Welcome to the United State of America, a Province of the People Republic of China.
- kelargo
- Contributions:794
I believe in democracy. I believe democracy is our greatest export. At least until China figures out a way to stamp it out of plastic for three cents a unit. As a matter of fact, Ambassador Zhou Wenzhong, welcome. Your great country makes our Happy Meals possible. I said it's a celebration.
-- Stephen Colbert at the White House Correspondents' Dinner
- wait n c
- Contributions:548
kelargo: there are other passages in that speech worth mentioning... I like the one with Wed, same as Mon, no matter what happened on Tue...
China made Paulson bail out Freddie and Fannie
If Paulson hadn't bailed out Freddie and Fannie the Asians would have dumped the bonds. They have the USA by the ying yang.
http://www.bloomberg.com/apps/news?...mUX0&refer=home
"Concerns about the financial health of the biggest U.S. mortgage finance company had driven Fannie Mae's borrowing costs to the highest since March the previous week and its shares had tumbled 45 percent on the New York Stock Exchange. Investors in Asia, the biggest foreign owners of Fannie Mae's $3 trillion of bonds, were asking the Treasury to bolster the government- sponsored company and its smaller competitor, Freddie Mac, said three people with knowledge of the talks.
Paulson told Mudd he had a plan to restore confidence in Fannie and Freddie, the core of the Bush administration's efforts to revive the U.S. housing market. ``At that point, the proposal began to take form,'' Mudd, 49, said in an interview. ``We're trying to solve a crisis of confidence. Would this do it?''
The next afternoon, before financial markets opened Monday in Asia, Paulson announced the rescue plan, saying he would seek authority to buy unlimited equity stakes in the companies and their bonds if needed, while the Federal Reserve would lend directly to Fannie and Freddie. Congress included the proposals in a broader housing bill that President George W. Bush signed into law last week.
Asian investors were among the most important groups to soothe because central banks, financial institutions and funds in the region own $800 billion of Fannie Mae and Freddie Mac's $5.2 trillion in debt, according to data compiled by the Treasury. U.S. officials were concerned that sales from the region would push lending rates higher, said the people, who declined to be named because the discussions were confidential."
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