Hahaha! Franklin Raines Talks To CNBC On Financial Reform Yesterday!!! Read My Previous Two Post To Better Understand Why I'm Laughing!

All I Hear coming out of his mouth is b/s. He sure knows how to sell you a sow's ear by dressing it up to look like a silk purse.

If you would like to read the the unofficial transcript of this CNBC EXCLUSIVE interview with Franklin Raines, Former Fannie Mae Chairman & CEO, that aired yesterday on CNBC's "Power Lunch" at 12:20PM ET please click HERE. I have taken the following snipit from the transcript:

MATHISEN: AND AREN'T THEY THE ULTIMATE SORT OF LIVING, BREATHING MODELS FOR TOO BIG TO FAIL. THE TAXPAYERS HAVE PUT IN SOMETHING LIKE $120 BILLION INTO PROPPING UP THOSE TWO INSTITUTIONS. HOW DO YOU FIX THEM?OR DO WE NEED TO DO AWAY WITH THEM? THERE'S LOTS OF COUNTRIES LIKE CANADA AND MANY IN EUROPE WHO DON'T HAVE ANY CORLETS TO FANNIEAND FREDDIE AND HAVE COMPORABLE OR EVEN HIGHER RATES OF HOME OWNERSHIP.

RAINES: BUT THEY ALSO HAVE PASSED ON THE RISK TO THE HOMEOWNER OF INTEREST RATE MOVES.IN THIS COUNTRY THE AVERAGE PERSON CAN GET A 30-YEAR FIXED RATE MORTGAGE.THAT'S NOT TRUE AROUND THE WORLD. I THINK THAT'S THE BIG DIFFERENT IT'S HOW MUCH RISK DO YOU WANT TO PUT ON TO CONSUMERS AND HOW MUCH FINANCIAL INSTITUTIONS AND OTHERS SHOULD BE BEARING. BUT I THINK FANNIE AND FREDDIE, THERE HAS TO BE A WAY FOUND GOING FORWARD. TODAY THEY AND THE FHA ARE 100% OF THE MORTGAGE MARKETS AND WE HAVE SEEN IN THIS LAST CRISIS THAT ORDINARY FINANCIAL INSTITUTIONS WILL WITHDRAW FROM THAT MARKET AT THE SLIGHTEST INDICATION OF PROBLEMS AND YOU SIMPLY CAN'T HAVE A COUNTRY LIKE OURS WITH A LARGE MIDDLE CLASS THAT DOESN'T HAVE A FUNCTIONING MORTGAGE MARKET ALL THE TIME.

The democrats, the Fed, Fannie/Freddie have ALL been in cahoots... that is why Fannie/Freddie are NOT included in the Financial Regulatory Reform Bill. When these two institutions are the ROOT CAUSE of the Financial Economic collapse!!! Now I hear that the Federal Reserve owns something like 90%+ of ALL home loans. They've been buying them up in the secondary market from guess who? Fannie/Freddie!!! Our government tookover these publicly traded FAILED institutions and NOW we own 100% of both. Our government removed the bail out cap and granted them unlimited federal funds!!!