Forrest Gump's Take on the Mortgage Crises
Got this from several readers and it clears all the smoke and mirrors Congress has put up to divert blame and responsibility for this mess from the real culprits - them.
“Mortgage backed securities are like boxes of chocolates. Crooks on Wall Street stole a few chocolates from the boxes and replaced them with turds. Their criminal buddies at Standard & Poor rated the boxes ‘AAA investment grade’ chocolates and they were sold to investors all over the world. Eventually, somebody bit into a turd and discovered the crime. Then nobody trusted American chocolates anymore.
Hank Paulson thought it would be good if American taxpayers bought up all the boxes of chocolate turds for $700 billion and held them until a market for turds developed. Meanwhile, Hank’s buddies, the Wall Street crooks who stole all the good chocolates, aren’t being investigated, arrested, or even indicted.
It’s like Mama always says: ‘Sniff the chocolates first, Forrest’”.
To add insult to injury, Fannie Mae has the cajones to be a double dipper. They asked for “expect” another $16 Billion to keep them afloat! (Freddie wants another $35 Billion!) Shouldn’t they both have already been flushed?
Doug
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Reader Comments (13)
Gump wisdom. I couldn't have explained it better.
Freaking hilarious! Run Forrest!
All the smoke and mirrors in the world can't hide the stink from Congress' hand in turning our economy into a big turd. Barney Frank should be flushed right along with Freddie Mac.
Thank goodness we have such a great bunch of representatives in Washington to fix this mess caused by others. The printing presses are running 24-7 at the treasury while they plot to exclude "white construction workers" from receiving stimulus money. Makes me want to move to Bermuda!
LOL! It will take a lot of humor to stop the pain, but nice try. :))
"Flushing" the turds at Freddie and Fannie lol. Good idea!!
We just watched Forrest Gump again this weekend :)) What a fantastic movie!
I say let it fail!
Freddie and Fannie are the root cause of the current economic crisis along with dem Barney.
Maddof is a piker compared to the two mortgage giants and their fat cat executives who gorged themselves on millions of dollars in sales fees while writing bogus mortgages.
And if congress is going to drag Carl Rove's ass up to the hill for a probe of past misdeeds, then the swindlers who ran Fannie Mae and Freddie Mac should be investigated and prosecuted.
But, of course, they are FOBs so nothing will be done. FOBs? Friends of Barney (Frank), Friends of Barack, Friends of Biden. Hell, a couple of them even gave money to Blago. FOB status goes a long way toward protecting you from prosecution for criminal behavior.
Why? Do they need more jets to fly the bosses around?
After all of the $billions already passed around, what's another $16 billion (Ha)?
Remember what made the ruble worthless?
Where's MY bailout??????????
Flush them both and Barney Frank with them!
Funny. And maddening!