Merry Christmas Taxpayers you are on the hook for $8.1 Trillion in toxic MBS's. Thank you Mr. Obama!

Check out this article at Michael Pollaro's blog, TrueSlant:


"Fannie and Freddie, another American taxpayer nightmare"

http://trueslant.com/michaelpollaro/2010/01/08/fannie-and-freddie-another-american-taxpayer-nightmare/#more-161

Mr. Pollaro gives a brilliant analysis of the potential liability that the Adminstration's Freddie-Fannie Christmas Scam might create for the US taxpayer. As Mr. Pollaro points out, considering the 2010-2012 ALT-A and Option-ARM reset tsunami, the taxpayer is all but guaranteed to get hosed, and in a major way!

But take heart fellow Americans, we can always print the money and  if the rest of the world stops buying our debt, I am sure that the folks in DC will find a way to force someone to buy our Treasuries.

No?....just check out this link, which describe the  adminstration's efforts to "promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities"; which appears to be an attempt to by the adminstration to force Americans into Treasuries as an "annuity"  to "prevent the collapse of the Treasury market."

http://market-ticker.denninger.net/archives/1830-401kIRA-Screw-Job-Coming.html

My favorite quote fom this article?

"The forced-feeding of banks with fresh capital – whether they want it or not – and the seizure of the Fannie/Freddie mortgage giants before they were in fact in trouble (in order to prevent a Chinese buying strike of US bonds and prevent a spike in US mortgage rates), shows that private property can be co-opted – or eliminated – with little due process if that is required to serve the collective welfare."

(emphasis mine).
 
This Ponzi scheme just gets better! My God, these DC folks make Madoff look like a piker!