That's just 'cause good small town people like her don't need to know nothin' 'bout them damn big city banker types and their pointy-head arugula.

It is also interesting what she did to cover up her ignorance/lack of opinion: instead of deflecting the question, answering something else where she knew what to say, she actually took on the question, but made up an answer that perfectly fits into her ideological framework. Fanny/Freddy are bad, it must be because of liberal policies, costs too much to taxpayers...
The result is that she's wrong but people will not notice, and will actually like her, because what she said is what they want to hear. She's no dummy.

What a joke you liberals are! Rail against tax payer funded buyouts, then when a conservative politician says the cost/risk is too much for the taxpayer, rail against them. Quite a racket. What about Obama's gaff over the weekend where he said, "My Muslim faith?" Oh wait, it's not a gaff. He didn't know the answer to that either.

In American Idol America, however, it is more important of course whether or not a VP candidate connects on a personal level with evangelical moms than knows even the most basic facts about the economy. Why knowing that would be elitist. After 2000 and 2004, I should know better. We get what we deserve.

"Gaffe" is enjoying it's moment in the sun. A gaffe is just an honest mistake that leads to some sort of embarrassment, be it ironic or social or what have you.

But TV pundits, who seem incapable of free thought and who latch on to a phrase like a hobo on a ham sandwich, have been stuck on that word for a while now.

Themes just pop up. Remember a couple of years ago when everything was a sword of Damocles? Everything!

Ezra: Use Gordian knot and see how long it takes for that to be the word du jour.

Palin, of all people, should know a government handout when she sees one. Maybe she could hire another lobbyist to work for her and explain what really happened.

When John McCain was in a box for 5 1/2 years he didn't even have the option of knowing how lenders work...

What about Obama's gaff over the weekend where he said, "My Muslim faith?" Oh wait, it's not a gaff. He didn't know the answer to that either.

Regan: How is that a gaffe? He was referring to rumors of his alleged Muslim faith. If anything, it was irony.

"You liberals..."

The world is made up of two kinds of people: those who divide the world into two kinds of people and those who don't.

Just got to add that Caribou Barbie's English is just atrocious. Didn't those five colleges she went to teach her anything?

Palin said they've "gotten too big and too expensive to the taxpayers."

Did she say that just happened? Cuz it wasn't true a little while ago, but it sure is true now.

In fairness (I'm not running for VP) but I thought some federal funding (in terms of insurance or what have you) was involved, but apparently not. What I was thinking of was the CBO assessing the theoretical value of the government's credit standing, which it could sell to Fannie Mae and Freddy Mac instead of giving it away for free. Thus, they assess this "lost revenue" as costing tax payers $6.5 billion a year. Hmmm. I'm not sure that's really a cost . . . anymore than Bill Clinton's projected budget surplus was really surplus.

That's just 'cause good small town people like her don't need to know nothin' 'bout them damn big city banker types and their pointy-head arugula.

I like that defense. Seriously, you shouldn't be giving them suggestions. That works well for me.

When John McCain was in a box for 5 1/2 years he didn't even have the option of knowing how lenders work...

When he was in a box for 5 1/2 years, no government-supported enterprise backed the mortgage on that box. because it was a box. Where he was a POW. In case you haven't heard.

Anyway, silly us: taxpayer money is for Alaska. Nothing else.

yeah, this sure will stem the tide on her popularity.

Dear "Anonymous" (nice of you to use a name by the way - like you would really use your real one anyway.) Do you seriously want to post that liberals are the ones that don't divide us? Give me a break. The democratic party is made up almost exclusively of smaller fringe special interest groups (feminists, anti-war, environmentalists, PETA, gay rights activists, union leadership, gun control, etc.) Obama constantly uses US vs. THEM rhetoric! Tell me an example of Obama reaching across party lines or compromising. You can't! How many republicans has he pledged to put in his cabinet? If anything, McCain has drawn the ire of the republican party for being to congenial to the opposition. What a horrible argument on your behalf.

Carlo, excellent point. I'm going to use it on my blog.

To put into perspective just how much of a fuckup this is on Palin's part, I have absolutely no knowledge about the mortgage industry in America and I knew that the GSE's weren't taxpayer funded.

You know how I figured it out? It was because for the last month there have been constant news stories about the possibility of the government taking over Fannie Mae and Freddie Mac. So I deduced that they weren't currently "taken over" by the government.

Sarah Palin could have avoided this gaffe by looking at a newspaper once in the past month.

More likely she was looking to confuse the masses likely already to not know SH!T about the national lending industry. This plays nicely with the 'too many of your hard earned dollars already go to the government' bla, bla, blah argument.

Really, which of the voters she's meant to appeal to understand the FRED's role or what this bailout is likely to mean to taxpayers. These people are moved by slogans and quips, regardless how obviously false, that play into the conservative narrative of the past 30 years.

In short, she's just what the doctor ordered - a down to earth pol that can simplify complex issues so that no one will understand the truth.

We're screwed!

"just what the doctor ordered - a down to earth pol that can simplify complex issues so that no one will understand the truth. We're screwed" ------- You writing about BARRY OBAMA, right? Just trying to clarify.

Palin is correct.

We can say anything we want, but when Fannie Mae and Freddie Mac get in trouble and taxpayers bail them out, they have been de facto government all along. And she's right about not being able to afford them.

No, no, no!! Don't you all realize the Fannie Mae and Freddie Mac are government organizations??? Sarah Palin just told us so, so it must be true.

Just add that to all the other whoppers the Republicans are telling that are taking on a "truth" of their own with a gullible public.

The democratic party is made up almost exclusively of smaller fringe special interest groups (feminists, anti-war, environmentalists, PETA, gay rights activists, union leadership, gun control, etc.)

Interesting. How are groups that advocate for women's rights, sane environmental policy, sane foreign policy, and the interests of the working class "fringe" "interest groups"? Last I checked very few of us are business owners, about half of us are women, we all live on the same planet, and the whole world is affected when the U.S. acts aggressively on the world stage.

Maybe you could coherently paint gay rights and gun control as interest-groups. But if you think that PETA has any substantial influence over the Democratic Party, you're just nuts.

We can say anything we want, but when Fannie Mae and Freddie Mac get in trouble and taxpayers bail them out, they have been de facto government all along.

By this logic, Viajero's slumlord rental homes are in fact owned by the insurance company.

JEEBUS - "Advocates" of women's rights ARE fringe groups when they only support LIBERAL women and ignore nearly half of the women in this country that disagree with them. They're fringe when they attack the abused women and defend the attacker when he is a liberal president (Clinton). They're fringe when they denounce a woman running for vice president simply because of her ideology. You would think a "women's rights" organization would be happy a woman can be elected VP, but NO! Environmentalists are FRINGE when they advocate the destruction of the US economy by such over-reaching regulation and governmental control. They're fringe when nearly 70% of the american people want to drill and the democratic left will not even allow a vote in congress. Those ARE quick examples of FRINGE elements that make up the democratic party. Don't even bother answering, my answer is checkmate in the eyes of any objective reader.

So I take it The American Prospect is picking up the tab for Fannie and Freddie if your saying they don't take any federal money.

Last time I checked the Federal taxpayers were on the hook to the tune of backing 2 TRILLION dollars of loans.
In addition, they are immune from paying federal taxes...I allways thought the left thought that was a subsidy?

Of course Barack Obama saying he's a Muslim wasn't a gaffe, he was just telling the truth I take it.

And by the way Biden confused Sunni and Shia on Meet The Press. That disqualifies you for working for the government according to the left.

"By this logic, Viajero's slumlord rental homes are in fact owned by the insurance company." -------

You are completely ignorant. To say that the government did (and does) not have some liability is simply idiotic. Why do you think lenders steer people towards these loans? Because they're government backed! Why does the GOVERNMENT set the lending criteria for these loans? Because they are on the hook! The level of economic education in this country and of the typical Obama supporter is downright scary.

You can see how stupid conservative trolls are. They will argue anything no matter the facts to defend their side. Fannie Mae and Freddie Mac will likely bring in huge amounts of revenue to the government in the ling run, but hey that costs too much money!

So, is it just me, or is Anonymous the troll posting under multiple names??

Next time at least TRY to differentiate your writing style!

Just in case anyone's wondering, here is Biden "confusing" Shia and Sunni on Meet The Press:

"You still not--cannot fly an Iraqi flag up there unless you get permission. Tell me what's happened in Anbar province. There are no Sunnis in Anbar province--I mean, Shia in Anbar province. "

Corrected himself immediately. This is a lot different from McCain having to be reminded by Lieberman that he made a mistake again. Especially since McCain was giving essentially prepared remarks during a speech and Biden was giving a spontaneous answer during an interview. You guys are really pathetic.

"Don't even bother answering, my answer is checkmate in the eyes of any objective reader."

Brilliant. I move that all posts conclude with this (run-on) sentence from now on.

Spike,
Quit trying to protect the tired, old confused Biden. The left has told us for months that if you confuse Sunni and Shia your not fit to live on this planet.

It just shows what a poor VP choice Obama made.

I realize its not quite as bad as Obama admitting he's a Muslim and having to be helped by George Stefanopolis.

Perhaps Palin -- in addition to all of her other attributes -- is simply prescient.

On the other hand ... if you didn't think taxpayers were supporting Freddie and Fannie in the past, you are in for bit of a surprise now that the tab has come due.

What a joke you liberals are! Rail against tax payer funded buyouts, then when a conservative politician says the cost/risk is too much for the taxpayer, rail against them.

Did Ms. Palin make this statement before or after the now-abandoned bailout plan was announced? My reading of the news item suggested that it was before, in which case your defense of Ms. Palin collapses, Regan.

"I realize its not quite as bad as Obama admitting he's a Muslim and having to be helped by George Stefanopolis (sic)."

You are beyond hope. Begone, tiresome troll.

I would appreciate if someone could post a video link for this quote.
But honestly it doesn't sound like Palin actually thought Freddie/Fannie was government controlled and without hearing the actual quote (and succeeding comments) I can't even tell if McClatchy was correcting her or merely clarifying her statement for the public.
Anyways liberals would be delusion to believe such an ambiguous and easily defensible statement proves anything.
The real question liberal blogs should be asking is does this statement mean Palin opposes the taxpayer bailout of Freddie/Fannie. I would assume the non-interventionist, conventional conservatism would be much less popular than some non-story published by Huffington Post.

um, 57 states...just sayin'

For the sake of the country the idiots that comment on this blog hopefully are not representative of the entire Liberal movement. How such a large collective could be so ignorant of basic knowledge, and further so incapable of basic research is just scary.

http://www.cbo.gov/doc.cfm?index=13&type=0&sequence=3

“the housing government-sponsored enterprises are able to claim that they impose no cost on taxpayers only because the subsidies they receive--so far, at least--are in noncash benefits rather than cash. Actual costs of the GSEs to the government, however, are no less real than if the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation were granted free use of federal buildings, land, and personnel. If sold competitively, the benefits the federal government provides to the housing GSEs would command billions of dollars. That forgone annual income is the cost of the housing GSEs to taxpayers and the government. When the housing GSEs do indeed acknowledge receiving benefits, they suggest that the services they provide to the government and to the public are of at least equal value.”

“That study estimated that in 1979, for example, the government provided $3.7 billion in equity to Fannie Mae and gave up $300 million in earnings on pre-1979 equity, thus providing $4 billion in value.”

“If all of the difference is the result of the unbooked value of federal credit enhancement, taxpayer equity in the two GSEs is now nearly $30 billion, with over 75 percent of that going to Fannie Mae.”

Unbiased opinion (liberals love trumpeting CBO budget projections) as to their being a cost to tax payers

Check

Studies proving said cost has increased 10 fold thus validating the has become to expensive comment

Check

There you go, 100% rock solid proof this blog is inhabited mainly by trolls with rare interjection of logic and accurate statement by myself and a handful of other intelligent conservatives. I will admit to taking great joy in watching the progressive collective make such blatant asses of them selves. The levels of group think, more accurately group ignorance, displayed is more enjoyable then most prime time TV today. It’s like really bad reality TV show watching one liberal/progressive after another walk up to the keyboard and sacrifice all self respect for no appreciable compensation. I think we need to give special attention here;

El Cid, mocking the intelligence of someone who got it right while you display no comprehension…classic

LittleMac, you are correct, you have had and most likely never will any knowledge of the mortgage industry. To admit that then still stick your foot and leg down your throat is admirable!

TBone, some of you will never understand the truth, not for lack of pols trying you just lack the capacity

A Canadian Reader, don’t they have burger king north of the burger? Your whopper craving seems to be interjecting non related conversations.

Rob, Is the CBO bow considered a stupid conservative troll? Have you broke the news to them?

Donna Q, Can I suggest you look up this thing called Google, the Fed taking over Freddie and Fannie has been a forgone conclusion for over a month. There are only tens of thousands of articles and links to the discussions going on and details of the plan.

I look forward to the denial and spin as you try to rationalize your tirade to the truth. I can only suggest the first step to recovery is admitting your wrong.

McCain's houses are mortgage-free.
He doesn't give a shit.

Nate, I can tell you're an Obama supporter because you're a lot smarter than me. Why do lefties always have to point out how stupid McCain supporters are? Isn't it obvious?

Meanie.

Keith Olbermann, while interviewing Obama tonight, stated that the government defacto owns Fannie May and Freddie Mac because they insure all the paper, then later he argued that Palin was wrong that the Government had any liability with regard to the same exact issue.

Keith went on to make more stupid 'lie' claims.

He claimed Palin said she sold the Governors plane on e-bay...not true, she actually sold it through a broker who had heard about it being on e-bay.
NOTE: Palin didn't say she 'sold' it on e-Bay she said she PUT it on e-bay.

Third he claimed that Palin didn't fire the Governors chef, the chef just took another Government job...which I think everyone understands that once no longer the Governors chef, she would have gotten another job.
So since MSNBC FIRED Olbermann today from being an anchor because he sucked so bad and made the media look so stupid he gave McCain a 10 point bounce. But Olbermann still works for MSNBC, I guess Keith wants to claim he was never fired from the anchor job.

YOU WERE FIRED KEITH, GET OVER IT. And you weren' fired over politics, or speaking truth to power, honestly, they fired you because you just really and truly suck.

Oh SO WHAT if McCain said she sold it for a profit and not for a LOSS? SO WHAT IF HE LIED?!?!? YOU LIBERALS ARE ALL THE SAME.

Did I mention that I have a very small penis?

JOHNNYK: Do you really want to play the mortgage card on McCain? You're a fool. Obama used his 1.9 million book advance to buy his multi-million dollar home in Chicago. He doesn't have a mortgage either. Does that mean he doesn't "give a shit" either? Obama also doesn't need a mortgage because he has his democratic fundraiser hack Tony Rezko arranging the shady real estate deal for him. B.O., like all other liberals: one set of rules for them, another for us. Change we can believe in.

Only a day after demonstrating pretty conclusively that she didn't have a clue about Freddie Mac and Fannie Mae - Sarah Palin has an op-ed on that very subject in the Wall Street Journal.

were did all the liberals/progressives go? This gaffe was such a HUGE deal till I made you all look like fools. such a sad party, and even sader ideology

were did all the liberals/progressives go? This gaffe was such a HUGE deal till I made you all look like fools. such a sad party, and even sader ideology

Technically, the taxpayers have yet to pay a dime for this mess; the costs the CBO refer to are that of the taxpayer assuming the risks taken on by corporate executives through implicit backing. These costs are estimated and academic; there were never any actual expenses on the federal budget as Palin seems to suggest.

When the taxpayer does begin to pay for the mismanagement of the private sector, it will be because the costs of this bailout were weighed against the larger costs of allowing FNMA and FHLMC to fail. The government is under no contractual obligation to step in. This is why the backing is considered implicit and not explicit. In this respect, this case is not that different than any other bailout. I wonder if Palin would have said the same thing about the bailouts of Chrysler, Long-Term Capital Management, Airlines, etc. Perhaps there is a quote of her saying “Bear Sterns has gotten too big and too expensive to the taxpayers.” At least then she would have been consistent.

The problem of too big to fail is a major issue, but it seems that those with responsibility usually choose to act rather than face scrutiny if things go south and they do nothing. It is unfortunate that the housing bubble was not recognized a few years sooner, when it would have been less costly to contain. Instead we focused our attention on such things as Social Security - a program which won’t face a deficit until 2049 (CBO:
http://www.cbo.gov/ftpdocs/96xx/doc9649/MainText.3.1.shtml#1089371)

technically the taxpayor has spent many dimes in lost opportunity, read the report it directly contradicts your claim.

So your saying we should sit around until 2050 till we sorry about SS?