WCV:
Chinn is a nitwit. Here's a link for you: http://skepticaltexascpa.blogspo...s- bernanke.html.
My 12 May 2008 post.
Independent Accountant | Homepage | 09.10.08 - 5:54 am | #

That picture reveals the obvious: That Professor Chinn has "earned his wings" as one of the Cheese State's biggest asshats.

Incidentally, that picture is nasty, beyond the pale and in very poor taste.

+1
spongeworthy | 09.10.08 - 11:42 am | #

That photo made be choke on my tea!
Anonymous | 09.10.08 - 12:42 pm | #

This blog entry is what passes for argument in San Diego?

Why don't you read Palin's answer again?

"The fact is that Fannie Mae and Freddie Mac have gotten too big and too expensive to the taxpayers."

Huh? Fraudie and Phony WERE private with shareholders, bondholders and all that jazz.

It is only NOW that the taxpayer is on the hook. And for a lot of moolah.

Take our the Vancouver Gold weed out of your vegetarian diet and you may do better next time.
Francois | 09.10.08 - 3:08 pm | #

Read what ex-senator Oxley had to say about the whole mess.

He obviously know much more than FarOut Palin about that.

http://calculatedrisk.blogspot.c...fannie- and.html
Francois | 09.10.08 - 3:10 pm | #

Frenchy, if you want to misinterpret what Palin said to fit with your preconceived notion of her, that's your problem.

The fact is that Fannie and Freddie have gotten too big and too expensive to the taxpayers. That is true today, it was true obviously true Saturday when Palin said it with the bailout apparent, and it was true a long time before that for all of us who could see this mess coming.

Now your preconceived notion of Palin is that she is some dumb small-town hick, so she couldn't possibly understand this. I wonder if you would be as skeptical if a "community organizer" had said the same thing.
W.C. Varones | Homepage | 09.10.08 - 4:01 pm | #

Francophone:

Do you really think that government wasn't backing Fannie and Freddie all along?

If Fannie and Freddie were "private" as you say then why did congress spend so much time with oversight? Why didn't they fall under the OTS and the Fed for regulation? Why did they not have to adhere to GAAP accounting? Why did Fan/Fred always have tight credit spreads?

ANSWER: They were not private companies as you say and you are absolutely nuts if you think that the senior debt did not have government backing.

BONUS QUESTION: What do the first two letters of “GSE” stand for?
T-Dub | 09.10.08 - 4:40 pm | #