I traveled from St. Paul to Washington on Friday and opened the paper Saturday to bad news. It had all the earmarks of a taking out the trash news release. News that the U.S. Government aka the U.S. taxpayers were going to take over and bailout the two quasi private mortgage agencies Fannie Mae and Freddie Mac. This is real bad news that's why it is in the Saturday papers and on a day when a tropical storm was heading up the east coast. Hold on to your wallets as once again more money is flowing out to bailout people like illegal immigrants and others who should not have gotten a mortgage but, should not have been in this country in the first place.
Here are some of the money quotes:
"For years, they played high-profile roles in the political and civic life of Washington, hiring armies of lobbyists to help protect their unique status and, through foundations, giving vast amounts of money to charities large and small. That began changing with a series of accounting scandals beginning in 2003. The housing crisis raised more questions about their structure and operations."
Were was the in depth reporting of the mainstream press when this was going on? Following the antics of Britney Spears no doubt!
"It's a case where market psychology became more important than the fundamentals, and that's why they had to act," said Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee"
Huh? Fundamentals are good but, investors are scared so let the taxpayers pay billions to make sure these "investors" sleep well tonight but taxpayers will be paying for years. I smell something fishy going on.
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