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Senator Bunning Says Paulson Acts Like Socialist, Should Resign

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moh malekpour

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http://www.bloomberg.com/apps/news?pid=20601087&sid=alpUsTv3.upI&refer=home
Sept. 9 (Bloomberg) -- Senator Jim Bunning said Treasury Secretary Henry Paulson, by rescuing Fannie Mae and Freddie Mac, is acting like China's finance minister and both Paulson and Federal Reserve Chairman Ben S. Bernanke should step down.

``I sincerely believe that Henry Paulson and Ben Bernanke should resign,'' said Bunning, a Republican from Kentucky on the Senate Banking Committee. ``They have taken the free market out of the free market.''

Paulson and the federal regulator for Fannie and Freddie placed the two largest U.S. mortgage-finance companies in a government-operated conservatorship on Sept. 7, ousting their chief executives and eliminating their dividends. Treasury also may purchase up to $200 billion of stock in the firms to keep them solvent.

``We no longer have a free market in the United States, we have a government controlled free market,'' Bunning said in an interview. Paulson, a former chief executive officer of Goldman Sachs Group Inc., ``is acting like the minister of finance in China.''

Bunning, 76, criticized Paulson's successful effort in July to obtain congressional authority to pump unlimited amounts of money into Fannie and Freddie to keep them afloat.
 

Caterina Platt

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Interesting, Senator Bunning. I'm for as much free market economy as we can stand, and as a republican, I can stand a lot more than most. :rof:

Senator Bunning is making this 'we're not a free market economy' statement as if he fell asleep prior to the Depression and just awoke. There are many, many aspects of our economy that have nothing to do with free market anymore. He's from Kentucky. I'm sure he's aware of the fooling around and artificial market nonsense the government does to farmers with Ag Price Support bills. I'm sure he has happy constituents that enjoy getting paid to keep their fields in fallow.

Hello!!! The GSE's were not free market economy players in the first place. Hence, the name Government Sponsored. Can you tell me you don't understand the terrible paradox for taxpayers and hellaciously unfair advantage Fannie and Freddie enjoyed over the past 30 years? They get to call not only thier own shots, but rule the market. They make the rules, utilize Enron style accounting wizardry, overpay unqualified out of work politicians as Chief officers, throw away all sensibilities and good judgement, reward themselves with ridiculous bonuses and stock options, and when the house of cards falls, Mommy and Daddy from the US Treasury cleans up for them. Sounds more like a group of spoiled teenagers than it does a responsible publicly traded company to me.

Perhaps Senator Bunning is just making unqualified statements. Maybe he's beside himself about the debt the American Taxpayer is taking on. I can concur and I can forgive him for mistakenly assuming Fannie/Freddie loosely resembled private enterprises. If he's actually scorning government involvement in the midst of this crisis, then I say he may smell as bad as the rest of the corruption and needs to go out with the trash.
 

Offshore

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Bunning has been named the least effective Senator numerous times, but he's the only member of the Senate to be in baseball's hall of fame. Give the guy a break. :)
 

hglenbetts

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Bunning has been named the least effective Senator numerous times, but he's the only member of the Senate to be in baseball's hall of fame. Give the guy a break. :)

See!! Some good things have come out of Detroit..

jim_bunning_autograph.jpg
 

Terrel L. Shields

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I'm sure he's aware of the fooling around and artificial market nonsense the government does to farmers with Ag Price Support bills.
Let me guess. You think you know how ag supports work....
The average farmer does not want those supports. They want a free market too. It is the government intervention that prevents that. Carter banned wheat sales to Russia in the late 70's. Is that 'free market'? They want to keep food cheap..appease the masses. FSA loans to Hmong chicken growers? Why? $50,000 bonus for "first time" farmers....for 2 years...cheapo interest rate, Uncle Sam creating the market for poultry farms.
Environmental laws have destroyed milk producers in my state. If you have over 49 cows, you need to spend about $250,000 to continue your operation. So you have very small part time dairies, or you have a $3,000,000 - 900 cow operation.
In the past a farmer had a hedge. He was growing a little corn, a little wheat, had maybe 50 sows, and milked 10 cows plus had another 30 momma cows. Wheat price down, milk was more profitable, cheap corn, feed to the hogs....Today, the government has made such operations impossible. In the 60's Secy of AG Freeman told farmers to buy big land, buy big tractors, farm big or die....and proceeded to drive grain into the ground...starve or get big. That means your apples come from Chile and Argentina, soybeans from Brazil, beef from Panama...screw the American Farmer....you like OPEC? You will love OFEC (food) when we get to the point we cannot farm due to environmental restrictions and bad economics.
 

Caterina Platt

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New Mexico
Let me guess. You think you know how ag supports work....
The average farmer does not want those supports. They want a free market too. quote]

Terrell,

Don't misunderstand, I'm not dissing farmers. I was making a point about the fact that we don't have a true free market economy in many ways and our entire agriculture industry is a classic example. You underlined it for me. :) Don't forget our government's most recent stroke of brilliance - subsidizing ethanol. 2 units of energy + government subsidy = 1 unit of energy and out of whack feed corn prices, which in turn raises the cost of beef, pork, milk, eggs, cheese, etc. Ya, that'll fix our oil supply problem, now won't it?

There's a few that like their hands in the government till, but the large majority of them are struggling harder with the blasted government than they are the typical pestulence, weather, and evil forces of nature. Just like you said. We have a local man that was getting up in his years, and wanted to retire from the dairy, but keep the house. I'm told there was some sort of screwball set of regulations that kept him from selling off his dairy herd??!! He had to destroy them. What the??? Again, more brilliant regulations.

I have a deep love and respect for the profession. I got out of it after watching my former boss lose his 25 year livelihood, the fourth largest greenhouse in the state, when Walmart took off in the mid '80's in our region and began selling plants at less than cost as loss leaders. How in the h#ll do you compete with that and survive?

I know a bit more about Ag price support programs than your typical residential appraiser, but not nearly as much as one who appraises ag enterprises, such as yourself. Ag Business Management and Horticulture were my college majors. No one I knew liked the artificial messing around with the markets; not the typical farmers, the Ag Econ Professors I took courses from, etc. Now I just live amongst farmers, and hang out with a few with my kid while she's showing 4-H animals at the county fair. I have the equivalent of a Fisher Price Farm - 2.5 acres. Not a thing earns $$ outside of my daughter's 4-H livestock. All the rest of them burn it. :new_smile-l:

I also remember your posts about the Hmong chicken farm deals when you were wrestling with the over pricing issues. Green horns who couldn't speak English, never had a mortgage, etc. coming in and paying way too much and you were the bad guy when you couldn't support the over priced contracts. Your woes and story weren't lost on me. Nor was the travesty of basically setting those folks up to fail with a $50,000 blessing from Uncle Sam. It takes more than knowing how to feed and butcher chickens to run a profitable farm. If I remember right, I believe you said they really didn't get any training to speak of.
 
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