I want to follow up a little on the 187 billion dollar lie post from last night. Here are a few examples in which the the 132 billion dollar figure is correctly reported. One is from a Hamilton Project paper dated 2/13 by Phillip L Swagel it reads “At the center of housing finance reform is an agenda to unwind the conservatorship of Fannie and Freddie that has stabilized these two government-sponsored enterprises (GSEs) since September 2008. Taxpayer support has ensured that mortgages have been available throughout the financial crisis even while other credit markets have been strained, but at a cost to taxpayers of roughly $132 billion so far, including $187.5 billion put into the two firms less $55.2 billion in dividends received (FHFA 2012e).”
Another is on Fox news web site. They correctly state the following.
“Name: Cost of Fannie and Freddie Rescue)
In September 2008, the federal government assumed control of Fannie Mae and Freddie Mac in what turned out to be the costliest of the bailouts. To date, Fannie and Freddie have cost taxpayers $132 billion. Fannie and Freddie have received a little more than $187 billion from the government and they have paid back about $55 billion in dividends on the government’s stock holdings, bringing the total cost of their rescues – the total amount they still owe the taxpayers – to $132 billion.”
I have quite a few great new posts in the works. I am hoping to have the lead up post done by the weekend. I know many of you are looking forward to it, that one may need a few parts. Some of the tentative titles include- “The distorted logic of the CBO”, “Orwell”,”Calculated plot or key stone cops?”and one of my favorites “Two more nails in the coffin-Fairholme lawsuit”.Yes I have been busy. Keep the faith!