What day do you think that the Economy will collapse as a result of Freddie Mac and Fannie Mai being bailed out with money that will have to be printed by the Federal Reserve?


Ok I'll leave you a clue:

Property taxes are due in September.

Both of those companies owe the property taxes on 42% of the nation (the amount of foreclosed homes in their possession)

13 Answers

  • 1 decade ago
    Best Answer

    even though our forum users, for the most part, do not know that our economy was collapsed a long time ago when the taxes taken it didn't equal the money we spent--most particularly, to continue the long-useless war in iraq (isn't it something how many billions upon billions of dollars has been spent for our troops to be in iraq???), you do not have to worry about the property tax part of the deficit that both frannie mae and freddie mac are under.

    property taxes, in almost every state, are paid in arrears. that means that you pay your property tax bill in 2008 for the taxes assessed in 2007. when the buyers bought homes that they eventually were going to lose, and the mortgage was insured by the FHA or the VA, a part of their monthly payment had to be escrowed (put into a protected account) account for the sole purpose of paying taxes. the same was true for insurance premiums. so, the government would not bail out a "debt" for real estate taxes that already had been collected with the mortgage payments.

    but bailing out these organizations--modeling themselves on The Bear-Sterns Example--will dig our deficit ever deeper. we are already swimming in an abyss that would run you, me, and everyone else in this country, including even babies and the elderly, over $32,000 each just to even out the ground that represents the deficit, i.e., to fill it with the dirt of $32,000 each, immediately, so that a bulldozer could go in to grade the dirt flat. that amount goes up every day.

    i ask, why is the government bailing out any institution whatsoever with our money? and i also ask, when the war in iraq is so unpopular, why do we continue to borrow money from other nations (who then are buying up REOs--real estate owned, bank foreclosures sitting on the books of banks that did foreclose for pennies on the dollar because the only business of any bank is to make money, not to manage real estate), with interest accruing, to fund the war?

    and too, i ask, how in the world are we EVER going to get the deficit hole filled up to an 'even stretch of land' when one political candidate for the presidency has claimed that he will put national health care into effect (tack on another 10% to the taxes that you pay, to pay for IT, which will be federally controlled, therefore, lowering the quality of health care that you will get, just like the public schools turn out stupidos thanks to the federal government being involved where they shouldn't be), and yet another candidate is prepared to issue pre-emptive strikes against a given number of countries (which control most of The Crude, that Masterful, Imperial Ruler of the Entire World) in order to promulgate even more costly war while in the meantime, the most talked of, featured, presidential candidate first says he will stop the war and then votes to fund it and then says he will stop it and then says will ensure that it gets funded, along with devising other schemes to spend more and more of our money?

    don't you feel that your taxes should be spent (oh well, what i really mean, is your "tax dollars" that do not exist anywhere, anyway, even your social security fund that is filled with Promissory Notes for your elderly years) on engendering JOBS so that you are still FORCED TO pay your taxes, with the fiat, fake money that the fed routinely orders to be minted?

    how about creating JOBS for our own citizens, and i mean YOU and ME, out of all the ideas for alternative energy while drilling for our own Crude? how about the united states-based companies, such as del monte, having to pay an excise tax for leasing (on a 99 year lease) or buying up mega-acreage in mexico, in order that they can pay mexicans three times their minimum wage, which amounts to only $4.80 A DAY, in order to seed, weed, grow, spray, pick, clean, and process all of our canned and frozen vegetables and some fruits, in mexico to have them hauled into this country by train?

    how about slapping fines on american-based companies that take away your jobs by outsourcing your labor to other countries that are now growing rich enough to buy up our foreclosures in PORTFOLIOS, not singly like the common working-class joe blow, that SHOULD HAVE a secure enough JOB to continue to pay his mortgage and his taxes and insurance, as well as to fill the bellies of his children, provide them with education and keep them clothed and properly babysat after school so that they LEARN something, including COMMON COURTESY?

    i do not think it is the job of our government to bail out ANY company or ANY ORGANIZATION that was poorly overseen, therefore poorly managed, therefore, that their money was poorly spent that got themselves into a deficit.

    i think our taxes should be paid for OUR LIVES' WELL BEING, under state, and not federal control, period. and so, if in turn these agencies crumble, let themselves figure out ways to stay afloat, and if they do not, let their employees stand in bread lines like the rest of us are beginning to have to do.

    new home ownership mortgage insurers can be created within each STATE.

    the banks, that run their businesses SOLELY to make MONEY via INTEREST, not real estate taxes and homeowner's insurance escrows that gain no interest, have enough employees with graduate degrees in business to figure out ways to mortgage The Singlemost Largest Investment that most Americans Ever Make, which is buying A Home, which is, or should be, The American Dream, recreated by us and for us and of us, just like our government representatives, senators, and even the chief executive officer of this country should operate.

    Source(s): expert in all types of real estate deals, residential and commercial, including tax-deferred trading nationwide of investment real estate under the IRS Starker laws (a 1031 "starker exchange"), and even known for 25 years for ethics and for NOT placing her clients into an impossible situation, since i am the owner and CEO of a real estate consultation and brokerage corporation, with offices in two states and practitioner licensee partner brokers and experts on the various aspects of real estate in all 50 states.
  • rumor is heavily on the internet that sept will be a collapse of the economy.I hope that its hog wash. I am not stupid so I will buy some food in bulk and take the rest of what lil money i have and buy clean silver in 1 ounce bars.

    I was wondering why sept of all months ..now i know

  • Anonymous
    1 decade ago

    Yes sorry to say it would cause looting and stealing a crime beyond belief, do I agree- no but the American peole cant afford anymore bad as a result of Bush Regime crimes and they should not be permitted to be pullling this on the taxayers, those peole should be fired, without their million severance pays etc. More protection from the Repubs, just another one of McCains campaign people , familar ring no doubt

  • 1 decade ago

    September 22, 2008 what do I get if I win? And please don't say an Obama tire gauge, or a buckie button.

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  • Anonymous
    1 decade ago

    Elect Obama and we'll see a collapse.

  • 1 decade ago

    I believe with Obama he will renew the collasping and bring cheaper economics.

    Obama 2008 :]

  • 1 decade ago

    10/1...and it will be Bush's last hurrah to try and fix it.

  • 1 decade ago


  • 1 decade ago

    Soon,winter is coming,it will get cold,and desperate.

  • Anonymous
    1 decade ago

    Don't be obtuse. The economy will not collapse in your lifetime. You have my word on that.

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