U.S. takes over mortgage giants Fannie Mae and Freddie Mac
September 7, 2008
About time. The Feds decide that establishment of conservatorship of Fannie Mae and Freddie Mac is better than throwing cash down the drain of a broken, politically corrupt, and incompetent organization; whose chief aim has been to talk a good game about helping poor black people buy homes, while giving the discount rate poor people were supposed to get in lower interest rates to investors as dividends. This was corruption as huge as Enron, and at the highest level. Not only should investors take the hit instead of the public, but people should do time. Here is the full text of Treasury Secretary Henry Paulson’s remarks on mortgage finance companies Fannie Mae and Freddie Mac.
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So much for the free market!! The conservative Bush administration engineers the biggest government takeover in history. Oh yes free markets are the answer until there is trouble and then big government is the answer.
I cannot wait for Bush to go away. I cannot understand why Democrats hate him so much. He has damaged the GOP so much that the current top of the ticket candidates (McCain-Palin) have to repudate Bush and his GOP lackies as they run for the presidency. Bush has expanded governments reach into peoples lives beyond any other president since LBJ. He is leaving such a mess for the next president that their hands will be tied with massive dept, war in two countries, a sinking economy a legislative branch that is inept no matter what party is in charge it can’t do anything right.
We the people will be feeling Bush’s pain for many years to come.
Thank you Mr. Bush for doing the work liberal democrats could only dream of doing for themselves.
Craig Cheslog blogged about this post on the Treasury takeover of Fannie Mae and Freddie Mac.
I hate it when people say, “trust me.”
http://www.reuters.com/article/topNews/idUSL869185220080908?feedType=RSS&feedName=topNews
“When the government guarantees something and insulates people from their own economic decisions, when the government privatizes profits but socializes loss as a risk, you end up with taxpayer bailouts.”