Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."


President Bush said Tuesday the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac.

Am I being overly critical?

If so please explain!

oh no. another scandal. for the bush white house.

No, the housing thing has yet played out and we are going to discover that it is bigger than thought at the end.

BTW The bank that is failing in California is now being investigated for fraud.

They are in no danger of failing because they will not be allowed to.

The bank that is failing in CA would have been fine if not for Schmuck Schumer calling them out publicly and causing a run on it.

A LOT of Banks will be closing.. many buyouts will be made, you watch and see. The foreclosure rate as said last year will be in the billions by 2009. This IS happening and will continue to grow. The past two years have been terrible on mortgage lenders.. I for one used to make a living doing mortgages.. an HONEST mortgage specialist.. it's sad, it really is.

Basically sound? What kind of answer is that? Basically sound compared to the depression? Basically sound compared to????

but according to bush, there is no recessing. just hang in there, its like only rich people use the words. money not everything.

What is the definition of reccesion?
We are currently in a slow growth state. It's no picinic to be sure but we have a little to go before the term reccesion would be correctly applied.

I believe that things will turn around. That is IF the dollar stops loosing ground, the way to do that is to control the cost of energy (oil) and the way to do that is to drill.

That alone will get things moving in the right direction. I have little pitty for those who bought more house than they could afford. Non fixed mortgages are DUMB for the vast majority of borrowers. BTW you are all aware of the small percentage of homes actually in forclosure right now don't you? It's like 3%.

your right, things will turn around as soon as we get that moron bush out of office Jan 20/ 2009.

It will take a little longer than that, and that is only if McCain doesn't get in office. If McCain gets in we will see our situation continue down the toilet Bush flushed.

I was thinking we are getting two different stories from Bush and Ben Bernanke!!

yes i agree. bush would not no the truth if he tripped over it.

Like Dragoness said, I think we are going to discover that it is bigger than is known in the end.

I think Bush's strategy is if you ignore it it will go away!

What's the old saying?

Wish in one hand and shet in the other?

Dont let the left hand know what the right hand is doing!

You don't think he is actually running this country do you? We are simply given the illusion that he is. And most buy into it.

You know it!!

Actually if you think you have people brainwashed, like he enjoyed the last eight years, you just say it and it is, right?