If Fannie Mae and Frddie Mac are so important???

United States
July 23, 2008 10:27pm CST
If Fannie Mae and Freddie Mac are so important than why did this happen. How can the guy thatn was in charge go from 2.4 million to 24 million a year and no one ask any questions?? If our countries market depends on Fannie and Freddie so much then why could they let this happen?? Not once but twice. This is the second time. I think it is about time we put a little more thought into this. How can you let something so detramental to our countries economics that you let this happen?? It is so frustrating. Where is this Frank Raines character also. You would think he wold be held accountable.
2 people like this
2 responses
@irisheyes (4372)
• United States
25 Jul 08
I think it has a little to do with false security and a lot to do with greed. I worked in real estate for 8 years about fifteen years ago. I was possibly the world's worst agent and I hated it but when that market got hot and heavy anybody could make money. You literally just had to be there. But if there was one thing that I did learn, it was that a lopsided market was a bubble that was always going to burst. I was long out of real estate for this last seller's market but I knew it was going to be very, very bad when it wound down. If I could see it, a lot of people saw it including Alan Greenspan who was using the supposedly flourishing market to bolster the economy. Still, I have to admit that I never thought it would threaten Fannie Mae or Freddie Mac. They were sacrosant and just too big to collapse without taking us into a depression. I just hope that whatever they do, it's not too little, too late. You're absolutely right, they should have seen this coming.
@xParanoiax (6997)
• United States
25 Jul 08
The term is "Too big to fail" -- but I consider that a farse. So...I tell people to save their money and themselves and let banks fail -- because they certainly don't care about the people, just themselves. The economy can survive the fall of banks. It cannot survive the loss of people. How'd we get here? Unaccountability and greed, pretty much.