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federal bureaucrats sold our country to FOREIGN ENEMY


Paulson Cites Global Stakes in Fannie-Freddie Rescue (Update4)

By Kathleen Hays and Rebecca Christie

July 22 (Bloomberg) -- Treasury Secretary Henry Paulson, trying to persuade Congress to approve his rescue plan for Fannie Mae and Freddie Mac, said U.S. financial market stability is at stake and international investors are awaiting the outcome.

``This is about not only our housing markets, but it's about our capital markets more broadly,'' Paulson said in an interview with Bloomberg Television today. ``This goes well beyond the two institutions -- Fannie and Freddie -- it has to do with investors in the United States and investors all over the world.''

The Treasury chief said his plan is about restoring confidence in the two companies, which account for almost half the $12 trillion U.S. mortgage market, and he doesn't expect to have to use taxpayer funds. Paulson predicted that lawmakers will back his proposals, which would give him the right to buy equity in and lend funds to Fannie Mae and Freddie Mac.

``I am confident they recognize the demands of the current situation, and will act to complete work on this legislation this week,'' Paulson said in a speech at the New York Public Library earlier today. ``We must, in the short term, take steps to boost confidence'' in the firms, he said.

The Treasury chief's efforts may be helped after the Congressional Budget Office estimated the cost of his plan at $25 billion, less than the total some lawmakers had feared.

Taxpayer Funds

``We have no plans right now to put capital in,'' Paulson said in the interview. ``It's very important that the markets know that we're there with capital if necessary,'' he said.

Paulson's outlook is ``far from the only possible result,'' the CBO also said today. ``Continuing problems'' in the housing markets ``would increase the probability that this new authority would have to be used,'' according to the CBO, a nonpartisan agency that provides economic and budget analysis for lawmakers.

Paulson met with senators after returning to Washington today. He came to ``underscore'' the importance of getting the bill passed, Senator Mitch McConnell of Kentucky, the Republican leader in the Senate, told reporters. He added that most Republican senators want to ``wrap up'' the legislation.

The Treasury secretary also made two trips to Capitol Hill last week to lobby for his plan after legislators criticized the proposals in a Senate Banking Committee hearing he attended. They expressed concern that the authority could expose taxpayers to unlimited liability.

Decline in Stocks

Fannie Mae fell 13 percent, to $12.32 at 2:37 p.m. in New York Stock Exchange composite trading. Freddie Mac dropped 8.8 percent, to $7.98. Fannie has dropped about 45 percent in the past month, and Freddie is down about 60 percent, on concern the companies have insufficient capital to cover writedowns and losses amid the mortgage-market collapse.

Paulson urged Congress not to include ``extraneous'' or ``divisive'' measures in the housing bill, which the House expects to pass tomorrow. The legislation originally was designed to set up a stronger regulator for Fannie Mae and Freddie Mac, and provide for mortgage guarantees to help stem foreclosures.

The Treasury chief asked in an emergency statement on Sunday, July 13, that the bill include the right for the Treasury to buy equity in Fannie Mae and Freddie Mac, and expand their lines of credit. He also urged a role for the Federal Reserve in overseeing the companies' capital.

Democratic lawmakers in the House want to add $4 billion to the bill to provide funds for authorities to buy foreclosed properties, and ease the damage to communities. President George W. Bush's administration has repeatedly threatened to veto the housing bill if it includes the measure.

Wasting Time

``We shouldn't be spending time debating extraneous provisions which I think are counterproductive,'' Paulson said on Bloomberg Television. The GSE-related items in the bill are ``orders of magnitude'' more important than any other items, he said.

``Both sides'' will work to avoid a veto of the bill, he said later on Fox Business Network.

The Treasury chief said that he's worked since 2006 to get Congress to set up a stronger regulator for the two government- sponsored enterprises, recognizing the risks they posed to markets because of their size.

``I would rather not be in the position of asking for extraordinary authorities to support the GSEs'' now, Paulson said. ``But I am playing the hand that I have been dealt.''

Answering questions after his speech, he said that any aid to Fannie Mae and Freddie Mac would be ``collateralized,'' helping provide protection for taxpayers.

Assessing Finances

Paulson also said the Fed and Office of the Comptroller of the Currency are helping assess Fannie Mae and Freddie Mac finances. There is a discrepancy between the judgments of investors and the firms' current regulator, the Office of Federal Housing Enterprise Oversight, he said in an interview with the New York Times yesterday, the paper reported.

The Treasury chief today said he has ``confidence'' in Ofheo, which has said Fannie Mae and Freddie Mac are adequately capitalized.

``The Federal Reserve is working with Ofheo to get a better understanding of the issues facing the GSEs,'' Fed spokesman David Skidmore said today. He said the Fed doesn't have examiners on site at the companies.

Financial market turmoil will take ``additional time'' to be resolved, and progress ``won't come in a straight line,'' Paulson reiterated in his speech. ``Until the housing market stabilizes further, we should expect some continued stresses.''

To contact the reporters on this story: Rebecca Christie in Washington at Rchristie4@bloomberg.net; John Brinsley in New York at jbrinsley@bloomberg.net

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Кришна и гопи.. В легенде о танце Кришны с тысячью гопиями идет повествование о горячей любви всех знавших его. В его деревне все от мала до велика, и млад и стар восторгались им и дорожили всем сердцем его дружбой. Каждая крестьянская девушка, каждая гопия, которая встречала божественного юношу, лелеяла надежду, что он будет танцевать именно с ней. Так одна попросила его на танец, затем другая и третья, и каждой он давал обещание. Когда наступило полнолуние в назначенное время на танец собрались все гопии, все девушки. А вслед за этим произошло чудо, которое, казалось, было сотворено чутким и ласковым Кришной: каждая поселянка танцевала и верила, что он танцевал именно с ней одной.

вы мне напомнили как в 96м во Львове гебня мне подсунула блядь, которая тоже пела какуюто хуйню о Кришне

идите нахуй

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