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Firnando
Guest
|
 Posted: Sat Aug 16, 2008 11:59 am Post subject: An 18 Year Old American Teen Has Figured It Out... |
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|
An 18 Year Old American Teen Has Figured It Out...
| Quote: | From Corey Cananza
|
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a country
where the economy is falling apart, in a country where 44 million people
live on less than $12,000 dollars a year, in a nation where 5 million people
are homeless, in a country where the entire media system is owned by only
six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in a
country where 25% of kids under 12 live in poverty, in a country that cut 25
billion dollars out of veterans benefits to help pay for a new war, in a
country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and
you're telling me our biggest problems are TERRORISM and DRUGS? BULL*&^%! |
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 Back to top |
Kayid Al-Kuffar
Guest
|
| Posted: Sat Aug 16, 2008 8:26 pm Post subject: Re: An 18 Year Old American Teen Has Figured It Out... |
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|
"Firnando" <geovani_the_italian@yahoo.com> wrote in message
news:g85mrq$9j1$1@aioe.org...
| Quote: | An 18 Year Old American Teen Has Figured It Out...
From Corey Cananza
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a
country where the economy is falling apart, in a country where 44 million
people live on less than $12,000 dollars a year, in a nation where 5
million people are homeless, in a country where the entire media system is
owned by only six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in
a country where 25% of kids under 12 live in poverty, in a country that
cut 25 billion dollars out of veterans benefits to help pay for a new war,
in a country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and
you're telling me our biggest problems are TERRORISM and DRUGS? BULL*&^%!
|
More than one in 10 people in the United States go hungry, according to
government figures suggesting its food programs are falling short in the
world's wealthiest country. |
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| Back to top |
Raptor
Guest
|
| Posted: Sun Aug 17, 2008 2:16 pm Post subject: Sina's Challenge - I receive many emails from angry Muslims, |
|
|
Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I consider
both, pleading and bullying, signs of psychopathology. Argumentum ad
baculum and argumentum ad misericordiam are both logical fallacies.,,If
you do not like this site and want me to remove it, instead of acting as
a bully or as a victim, disprove my charges against Muhammad logically.
Not only will I remove the site, I will publicly announce that Islam
is a true religion. I will also pay ,,$50,000 U.S. dollars ,,to anyone
who can disprove any of the dozen of the accusations that I have made
against Muhammad. I accuse Muhammad of being:,a narcissist a
misogynist a rapist,a pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm |
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Qahir Al-Ashrar
Guest
|
| Posted: Sun Aug 17, 2008 3:55 pm Post subject: Re: An 18 Year Old American Teen Has Figured It Out... |
|
|
On Aug 16, 2:59 am, "Firnando" <geovani_the_ital...@yahoo.com> wrote:
| Quote: | An 18 Year Old American Teen Has Figured It Out...
From Corey Cananza
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a country
where the economy is falling apart, in a country where 44 million people
live on less than $12,000 dollars a year, in a nation where 5 million people
are homeless, in a country where the entire media system is owned by only
six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in a
country where 25% of kids under 12 live in poverty, in a country that cut 25
billion dollars out of veterans benefits to help pay for a new war, in a
country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and
you're telling me our biggest problems are TERRORISM and DRUGS? BULL*&^%!
|
More than one in 10 people in the United States go hungry, according
to government figures suggesting its food programs are falling short
in the world's wealthiest country. |
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| |
|
| Back to top |
Ilan Ramon
Guest
|
| Posted: Sun Aug 17, 2008 7:31 pm Post subject: Re: An 18 Year Old American Teen Has Figured It Out... |
|
|
On Aug 16, 2:59 am, "Firnando" <geovani_the_ital...@yahoo.com> wrote:
| Quote: | An 18 Year Old American Teen Has Figured It Out...
From Corey Cananza
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a country
where the economy is falling apart, in a country where 44 million people
live on less than $12,000 dollars a year, in a nation where 5 million people
are homeless, in a country where the entire media system is owned by only
six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in a
country where 25% of kids under 12 live in poverty, in a country that cut 25
billion dollars out of veterans benefits to help pay for a new war, in a
country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and
you're telling me our biggest problems are TERRORISM and DRUGS? BULL*&^%!
|
I can't argue with you, you make a good point! |
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| Back to top |
Raptor
Guest
|
| Posted: Sun Aug 17, 2008 8:05 pm Post subject: Re: Sina's Challenge - I receive many emails from angry Musl |
|
|
Raptor wrote:
| Quote: | Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I consider
both, pleading and bullying, signs of psychopathology. Argumentum ad
baculum and argumentum ad misericordiam are both logical fallacies.,,If
you do not like this site and want me to remove it, instead of acting as
a bully or as a victim, disprove my charges against Muhammad logically.
Not only will I remove the site, I will publicly announce that Islam is
a true religion. I will also pay ,,$50,000 U.S. dollars ,,to anyone who
can disprove any of the dozen of the accusations that I have made
against Muhammad. I accuse Muhammad of being:,a narcissist a
misogynist a rapist,a pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm |
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| Back to top |
Raptor
Guest
|
| Posted: Sun Aug 17, 2008 8:05 pm Post subject: Re: Sina's Challenge - I receive many emails from angry Musl |
|
|
Raptor wrote:
| Quote: | Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I consider
both, pleading and bullying, signs of psychopathology. Argumentum ad
baculum and argumentum ad misericordiam are both logical fallacies.,,If
you do not like this site and want me to remove it, instead of acting as
a bully or as a victim, disprove my charges against Muhammad logically.
Not only will I remove the site, I will publicly announce that Islam is
a true religion. I will also pay ,,$50,000 U.S. dollars ,,to anyone who
can disprove any of the dozen of the accusations that I have made
against Muhammad. I accuse Muhammad of being:,a narcissist a
misogynist a rapist,a pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm
HOW TO BECOME A SHITSKIN MOSLEM - this is how: fuck goats, fuck your |
mother (nikomak), molest children, wear a beekeepers outfit all the
time, never shower or bath, beat your wives, learn terrorist activities
at a maddrassa, wipe your ass with stones, sell the donkey you fucked to
a nearby village, marry a nine year-old , send your child off to an
indoctrination camp, practice thighing with little kids, ............
Practice all those and you too could become a prophet !!
Elif air ab tizak mohammad !!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** moslem cartoon character
mohammad and his bumchum allaah were child molesting goat fuckers and
nikomaks
_
/'_/)
,/_ /
/ /
/'_'/' '/'__'7,
/'/ / / /" /_\
('( ' /' ')
\ /
'\' _.7'
\ (
\ \
Up your ass mohammad - Elif air ab tizak!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** |
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| Back to top |
Raptor
Guest
|
| Posted: Sun Aug 17, 2008 8:05 pm Post subject: Re: Sina's Challenge - I receive many emails from angry Musl |
|
|
Raptor wrote:
| Quote: | Raptor wrote:
Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I
consider both, pleading and bullying, signs of psychopathology.
Argumentum ad baculum and argumentum ad misericordiam are both
logical fallacies.,,If you do not like this site and want me to remove
it, instead of acting as a bully or as a victim, disprove my charges
against Muhammad logically. Not only will I remove the site, I will
publicly announce that Islam is a true religion. I will also pay
,,$50,000 U.S. dollars ,,to anyone who can disprove any of the dozen
of the accusations that I have made against Muhammad. I accuse
Muhammad of being:,a narcissist a misogynist a rapist,a
pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm
HOW TO BECOME A SHITSKIN MOSLEM - this is how: fuck goats, fuck your
mother (nikomak), molest children, wear a beekeepers outfit all the
time, never shower or bath, beat your wives, learn terrorist activities
at a maddrassa, wipe your ass with stones, sell the donkey you fucked to
a nearby village, marry a nine year-old , send your child off to an
indoctrination camp, practice thighing with little kids, ............
Practice all those and you too could become a prophet !!
Elif air ab tizak mohammad !!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** moslem cartoon character
mohammad and his bumchum allaah were child molesting goat fuckers and
nikomaks
_
/'_/)
,/_ /
/ /
/'_'/' '/'__'7,
/'/ / / /" /_\
('( ' /' ')
\ /
'\' _.7'
\ (
\ \
Up your ass mohammad - Elif air ab tizak!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com **
HOW TO BECOME A SHITSKIN MOSLEM - this is how: fuck goats, fuck your |
mother (nikomak), molest children, wear a beekeepers outfit all the
time, never shower or bath, beat your wives, learn terrorist activities
at a maddrassa, wipe your ass with stones, sell the donkey you fucked to
a nearby village, marry a nine year-old , send your child off to an
indoctrination camp, practice thighing with little kids, ............
Practice all those and you too could become a prophet !!
Elif air ab tizak mohammad !!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** |
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| Back to top |
Raptor
Guest
|
| Posted: Sun Aug 17, 2008 8:05 pm Post subject: Re: cancel <7fbabfe9-b08e-48a1-8bc8-96afb072c6cc@34g2000hsh. |
|
|
alrajul_almonasib@hotmail.com wrote:
| Quote: | This message was cancelled from within Mozilla.
HOW TO BECOME A SHITSKIN MOSLEM - this is how: fuck goats, fuck your |
mother (nikomak), molest children, wear a beekeepers outfit all the
time, never shower or bath, beat your wives, learn terrorist activities
at a maddrassa, wipe your ass with stones, sell the donkey you fucked to
a nearby village, marry a nine year-old , send your child off to an
indoctrination camp, practice thighing with little kids, ............
Practice all those and you too could become a prophet !!
Elif air ab tizak mohammad !!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** moslem cartoon character
mohammad and his bumchum allaah were child molesting goat fuckers and
nikomaks
_
/'_/)
,/_ /
/ /
/'_'/' '/'__'7,
/'/ / / /" /_\
('( ' /' ')
\ /
'\' _.7'
\ (
\ \
Up your ass mohammad - Elif air ab tizak!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** |
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| Back to top |
Raptor
Guest
|
| Posted: Sun Aug 17, 2008 8:06 pm Post subject: Re: Sina's Challenge - I receive many emails from angry Musl |
|
|
Raptor wrote:
| Quote: | Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I consider
both, pleading and bullying, signs of psychopathology. Argumentum ad
baculum and argumentum ad misericordiam are both logical fallacies.,,If
you do not like this site and want me to remove it, instead of acting as
a bully or as a victim, disprove my charges against Muhammad logically.
Not only will I remove the site, I will publicly announce that Islam is
a true religion. I will also pay ,,$50,000 U.S. dollars ,,to anyone who
can disprove any of the dozen of the accusations that I have made
against Muhammad. I accuse Muhammad of being:,a narcissist a
misogynist a rapist,a pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm |
|
|
| |
|
| Back to top |
Firnando
Guest
|
| Posted: Mon Aug 18, 2008 4:08 am Post subject: An 18 Year Old American Teen Has Figured It Out... |
|
|
An 18 Year Old American Teen Has Figured It Out...
From Corey Cananza
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a country
where the economy is falling apart, in a country where 44 million people
live on less than $12,000 dollars a year, in a nation where 5 million people
are homeless, in a country where the entire media system is owned by only
six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in a
country where 25% of kids under 12 live in poverty, in a country that cut 25
billion dollars out of veterans benefits to help pay for a new war, in a
country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and you're
telling me our biggest problems are TERRORISM and DRUGS? BULL*&^%! |
|
| |
|
| Back to top |
Kayid Al-Kuffar
Guest
|
| Posted: Tue Aug 19, 2008 4:57 pm Post subject: Re: An 18 Year Old American Teen Has Figured It Out... |
|
|
On Aug 17, 7:08 pm, "Firnando" <geovani_the_ital...@yahoo.com> wrote:
| Quote: | An 18 Year Old American Teen Has Figured It Out...
From Corey Cananza
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a country
where the economy is falling apart, in a country where 44 million people
live on less than $12,000 dollars a year, in a nation where 5 million people
are homeless, in a country where the entire media system is owned by only
six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in a
country where 25% of kids under 12 live in poverty, in a country that cut 25
billion dollars out of veterans benefits to help pay for a new war, in a
country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and you're
telling me our biggest problems are TERRORISM and DRUGS? BULL*&^%!
|
More than one in 10 people in the United States go hungry, according
to government figures suggesting its food programs are falling short
in the world's wealthiest country. |
|
| |
|
| Back to top |
Raptor
Guest
|
| Posted: Tue Aug 19, 2008 11:18 pm Post subject: Re: Sina's Challenge - I receive many emails from angry Musl |
|
|
Raptor wrote:
| Quote: | Raptor wrote:
Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I
consider both, pleading and bullying, signs of psychopathology.
Argumentum ad baculum and argumentum ad misericordiam are both
logical fallacies.,,If you do not like this site and want me to remove
it, instead of acting as a bully or as a victim, disprove my charges
against Muhammad logically. Not only will I remove the site, I will
publicly announce that Islam is a true religion. I will also pay
,,$50,000 U.S. dollars ,,to anyone who can disprove any of the dozen
of the accusations that I have made against Muhammad. I accuse
Muhammad of being:,a narcissist a misogynist a rapist,a
pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm
HOW TO BECOME A SHITSKIN MOSLEM - this is how: fuck goats, fuck your
mother (nikomak), molest children, wear a beekeepers outfit all the
time, never shower or bath, beat your wives, learn terrorist activities
at a maddrassa, wipe your ass with stones, sell the donkey you fucked to
a nearby village, marry a nine year-old , send your child off to an
indoctrination camp, practice thighing with little kids, ............
Practice all those and you too could become a prophet !!
Elif air ab tizak mohammad !!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** moslem cartoon character
mohammad and his bumchum allaah were child molesting goat fuckers and
nikomaks
_
/'_/)
,/_ /
/ /
/'_'/' '/'__'7,
/'/ / / /" /_\
('( ' /' ')
\ /
'\' _.7'
\ (
\ \
Up your ass mohammad - Elif air ab tizak!!!
info@muslimmatch.com or apache@muslimmatch.com or
politicsIranian@googlegroups.com
jamiat@islamsa.org.za
dsirc@mweb.co.za
jamiatmp@lantic.co.za
sanha-kzn@sanha.org.za
sanha-gp@sanha.org.za
sanha-cpt@sanha.org.za
helpline@sanha.org.za
islamwayoflife@googlegroups.com
furtivo4000@gmail.com
** Posted from http://www.teranews.com ** |
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| Back to top |
Raptor
Guest
|
| Posted: Wed Aug 20, 2008 12:10 am Post subject: Re: Sina's Challenge - I receive many emails from angry Musl |
|
|
Raptor wrote:
| Quote: | Raptor wrote:
Sina's Challenge - I receive many emails from angry Muslims, who
sometimes beg me, and sometimes order me to remove this site. I
consider both, pleading and bullying, signs of psychopathology.
Argumentum ad baculum and argumentum ad misericordiam are both
logical fallacies.,,If you do not like this site and want me to remove
it, instead of acting as a bully or as a victim, disprove my charges
against Muhammad logically. Not only will I remove the site, I will
publicly announce that Islam is a true religion. I will also pay
,,$50,000 U.S. dollars ,,to anyone who can disprove any of the dozen
of the accusations that I have made against Muhammad. I accuse
Muhammad of being:,a narcissist a misogynist a rapist,a
pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm
Sina's Challenge - I receive many emails from angry Muslims, who |
sometimes beg me, and sometimes order me to remove this site. I consider
both, pleading and bullying, signs of psychopathology. Argumentum ad
baculum and argumentum ad misericordiam are both logical fallacies.,,If
you do not like this site and want me to remove it, instead of acting as
a bully or as a victim, disprove my charges against Muhammad logically.
Not only will I remove the site, I will publicly announce that Islam
is a true religion. I will also pay ,,$50,000 U.S. dollars ,,to anyone
who can disprove any of the dozen of the accusations that I have made
against Muhammad. I accuse Muhammad of being:,a narcissist a
misogynist a rapist,a pedophile a lecher a torturer -
http://www.faithfreedom.org/challenge.htm |
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| Back to top |
elea
Guest
|
| Posted: Sun Sep 07, 2008 8:51 pm Post subject: Re: An 18 Year Old American Teen Has Figured It Out... |
|
|
On Aug 16, 3:59 pm, "Firnando" <geovani_the_ital...@yahoo.com> wrote:
| Quote: | An 18 Year Old American Teen Has Figured It Out...
From Corey Cananza
Feel free to spread the following rant everywhere, it makes for a good
argument against some idiotic Bush supporter....
In a country where the poor and old cannot afford health care, in a country
where the economy is falling apart, in a country where 44 million people
live on less than $12,000 dollars a year, in a nation where 5 million people
are homeless, in a country where the entire media system is owned by only
six media mega conglomerates, in a
nation with the highest crime rate, in a country with the world's largest
prison population, in a society where 60% of marriages end in divorce, in a
country where 25% of kids under 12 live in poverty, in a country that cut 25
billion dollars out of veterans benefits to help pay for a new war, in a
country where the gulf between the rich and
poor is growing everyday, in a nation that supports aggressive regime in
Israel, in a country where the government is full of corruption, in a
country with the world's highest teen suicide and stress rates, and
you're telling me our biggest problems are TERRORISM and DRUGS? |
BULL*&^%!
YEP , kanga was right all along again, yanks slowly being bled to
death for israel, murdering Muslim babies in wars for israel sure
costs heaps , and its not even started yet , some say it will last 60
years plus like in Palestine
Treasury set to bail out Fannie Mae, Freddie Mac AGAIN
By Greg Morcroft, MarketWatch
Last update: 4:34 p.m. EDT Sept. 6, 2008
Comments: 1389
SAN FRANCISCO (MarketWatch) -- The Treasury Department is expected to
announce as early as this weekend a plan to bail out and recapitalize
collapsing home mortgage giants Fannie Mae and Freddie Mac in one of
the biggest government rescues in U.S. history.
Rep. Barney Frank (D.-Mass.) confirmed in a statement Saturday that
Treasury Secretary Henry Paulson is set to put the federal government
in control of the two troubled mortgage owners. But Frank, who is
chairman of the House Financial Services Committee, said he had no
details on the intervention plan. Officials at the Treasury Dept.
could not be reached for comment.
Fannie Mae Chief Executive Daniel Mudd and Freddie Mac CEO Richard
Syron are expected to leave their positions soon after the federal
bailout is complete.
..
The bailout involves total assets that would dwarf the savings and
loan rescue in the 1980s that shook the banking sector to its core.
Fannie and Freddie hold roughly $1.5 trillion in direct debt,
guarantees on what could be as large as $5 trillion and possibly off-
balance sheet obligations that could reach $3 trillion, according to
recent estimates from Ladenburg Thalmann & Co.
..
Word of the Treasury Department takeover first came out late Friday,
and sent the shares of both companies plunging in after-hours trading,
with Fannie Mae giving up 25% of its value and Freddie Mac falling by
about 20%.
..
Those losses only added to the misery that has already wiped out
approximately 80% of the companies' share values this year.
And the proposed takeover plans, while leaving Fannie and Freddie
able to continue operating, would reportedly leave the remaining
shareholders with nearly nothing, diluting the companies' common stock
but not wiping it out.
..
Fannie Mae's market cap stands at $7.5 billion and Freddie Mac's is
about $3.3 billion.
Some reports estimate the government's cash injection ultimately could
be between $15 billion and $20 billion.
..
FRE 5.10, +0.15, +3.0%) echoes the collapse of storied brokerage Bear
Stearns, and comes roughly one year after the global credit crisis
erupted in the summer of 2007. See full story.
..
Together, Fannie Mae and Freddie Mac form the cornerstones of the U.S.
mortgage market and own or guarantee more than $5 trillion worth of
American mortgages -- or almost half the home loans in the country's
roughly $12 trillion mortgage market. Over the past year, the
companies have recorded combined losses of around $14 billion. |
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