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Dollar Collapse - Firms Which Underpin Trillions In Home Loans Implode - Bailout Equals Dollar Destruction

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Peter Schiff sees socialization of United States bubble economy will sink the Federal Reserve Note. US mortgage giants Fannie Mae and Freddie Mac are facing growing pressure as fears intensify about a potential calamity at the firms, which underpin trillions of dollars in home loans. Together they own or guarantee some US$5.2 trillion in loans, or about 40 per cent of the total value of home loans in the United States. Peter Schiff at Euro Pacific Capital said the two giants were likely to need government bailouts in view of the "dubious quality of their mortgage portfolios". "Together both firms have less than US$90 billion in capital reserves to ensure losses on more than US$5 trillion in mortgage debt ... Clearly, Fannie and Freddie would have no ability to survive without a government bailout. This means that taxpayers will be on the hook for hundreds of billions of losses, perhaps even more than one trillion."

Channel: News & Politics
Uploaded: July 13, 2008 at 7:17 pm
Author: ArchaicRevivalx2012

Length: 07:50
Rating: 4.88
Views: 9023

Tags: Bailout  Collapse  Dollar  Fannie  Freddie  Mac  Mae  Peter  Schiff  

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Video Comments

JIAsrMS (October 4, 2008 at 12:30 am)
Toby is a fool... Bet he would like to deny he acted like this...
Okastega (September 28, 2008 at 5:42 pm)
The election hasn't happened yet.
TheSharpenedPen (September 27, 2008 at 7:02 pm)
Was Lehman Brothers too big to fail? AIG? Washington Mutual? Bear Stearns? Indy Mac? What about a complete system collapse? Is the government too big to fail? "Peter I love you, but you always take these things to an extreme... We're in a normal economic Maelstorm" Really? This video was put out in July. In September, the government is talking about a massive bailout package w/ a cost ranging from 700 billion to a trillion & maybe more. So much dishonesty. Thank God for the Peters of this world.
TheSharpenedPen (September 27, 2008 at 6:58 pm)
Oh right, it's just Fox... Please. The media, in all its forms, has been ignoring all of this and turning the other way while it happened. People need to realize that the media control extends WAY BEYOND just Fox.
Euph662 (September 27, 2008 at 7:28 am)
I think FOX is bullshit. Peter is sooooo dead right, you have to let the fail. 700 billion pumped into this economy is going to kill it long term.
Elg1no (September 27, 2008 at 6:12 am)
he's been talking about this crisis since way before 2006, so i will put my money on him in the future.
ssoniclink2 (September 25, 2008 at 4:05 pm)
why we can let them fail? ey nothing its for shure u losee u try again.u dont want this laysie asses to fail but u let all the poor families fail over and over,thas a economic discrimination,WE BORROW BILLIONS AND BILLIONS??? BULL SHIT IF ihave at least million of why u said i borrow i be haven fun,u let the home owners lose their homes besides paying mortage u suck them with taxes u and the bankers are the worst of the worst,get u ass to work 5 to 5 and survive with a minimum wage suckers
yyz19999 (September 24, 2008 at 9:34 pm)
Members of Wall Street are pointing fingers, the FBI has started investigations, FED Chairman Bernanke is acting like a unshaven homeless beggar with the shakes, Treasury Secretary Paulson is asking Congress to start a Nationwide Chipin... and the world is watching it all.
yyz19999 (September 24, 2008 at 9:34 pm)
While America is distracted trying to see who is pointing at who to blame, the members of the Freedom Movement all slowly turn our heads and extend our finger and point to the problem we have been screaming about for years... THE FEDERAL RESERVE!!
RydanDenali (September 24, 2008 at 1:54 am)
see what being "green" does to people? notice how this "financial crisis" is distracting us from the "energy crisis"? i dont see anyone talking about an energy bailout

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