Another smokescreen from the elite–NPR is “shocked” about Freddie Mac..
Cross post from IfLizWereQueen
People are “shocked” that Freddie Mac leaders bet against home owners? They should be more shocked that people they elect to Congress place Wall Street bets against their constituents.
We don’t elect people to Freddie Mac, but we do elect the same elitist anti-majority snobs to Congress. Isn’t it time we stopped?
NPR reports that:
” Freddie Mac, a taxpayer-owned mortgage company, is supposed to make homeownership easier. One thing that makes owning a home more affordable is getting a cheaper mortgage.
But Freddie Mac has invested billions of dollars betting that U.S. homeowners won’t be able to refinance their mortgages at today’s lower rates, according to an investigation by NPR and ProPublica, an independent, non-profit newsroom.
These investments, while legal, raise concerns about a conflict of interest within Freddie Mac.
“We were actually shocked they did this,” says Scott Simon, who heads the mortgage-backed securities team at the giant bond trading and investment firm called PIMCO. “It seemed so out of line with their mission, out of line with what Congress wanted them to do.”
“. . .Out of line with what Congress wanted them to do?” NPR must be kidding! Members of Congress care so little about the people of the USA that they themselves place bets with the Wall Street Casino against the people.
Someone needs to educate these people on the facts of life about members of Congress: Many of them, such as Eric Cantor, place bets against the American people.
Eric Cantor, the Republican Whip in the House of Representatives, bought up to $15,000 in shares of ProShares Trust Ultrashort 20+ Year Treasury ETF in December of 2009, according to his 2009 financial disclosure statement. The exchange-traded fund takes a short position in long-dated government bonds. In effect, it is a bet against U.S. government bonds—and perhaps on inflation in the future.” [Source]
But if you think that betting against the USA is limited to Republicans like Cantor, you are wrong. Democrats do it too. According to a May 3, 2010 article in the WSJ, ” . . . investment accounts of 13 members of Congress or their spouses show bearish bets made in 2008 via exchange-traded funds—portfolios that trade like stocks and mirror an index. These funds were leveraged; they used derivatives and other techniques to magnify the daily moves of the index they track.”
THEY ALL MUST GO IN 2012!
NPR writes about “conflict of interest” in Freddie Mac? If they wrote about news that mattered, they would be writing about the conflict of interest in both houses of US Congress that is demonstrated daily. The people need to wake up to the fact that NPR has the same corporate sponsors that mainstream media does. The only reason they are hitting on Freddie Mac is because of Gingrich’s association with it. The establishment want Romney to run and they are doing everything they can to push him. [Not that Gingrich is any better.]
Congress placing Wall Street bets against the people is not a new story. I posted a story about it over six months ago right here in Firedog lake.