While You Were Celebrating

Do not think because our attention is elsewhere, their attention is elsewhere. Our attention elsewhere is an opportunity for "them":

Unlimited access to bailout funds through 2012 was "necessary for preserving the continued strength and stability of the mortgage market," the Treasury said. Fannie and Freddie purchase or guarantee most U.S. home mortgages and have run up huge losses stemming from the worst wave of defaults since the 1930s.

"The timing of this executive order giving Fannie and Freddie a blank check is no coincidence," said Rep. Spencer Bachus of Alabama, the ranking Republican on the House Financial Services Committee. He said the Christmas Eve announcement was designed "to prevent the general public from taking note."

We are fiscally challenged and this government decides the best way to handle problems is to give blank checks to Fannie Mae and Freddie Mac, the two government sponsored enterprises (GSE) hemorrhaging money like there are no consequences, which, for them, there are not.

BTW: The "leaders" of these financial abominations are going to be paid millions...our money, ultimately.

posted at 18:01:37 on 12/26/09 by clearpolitics - Category: Economics - [Permalink]

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