Since American taxpayers practically bought themselves an unprofitable railroad they didn’t need (disguised as a pick-me up) and the government is already busy buying up a few hundred thousand mortgages for us, to save people from suffering at the hands of their own poor judgement, we can now claim significant ownership in two of the most more poorly planned, badly run, and grossly inefficient mortgage lenders in America; once again saving the Federal government from its own folly. (Which also makes it our folly)
Freddie and Fannie are, basically, belly up. And far too many federal agencies and committees—all competing to save their own butts—have been pointing fingers while the ship sinks, making things that much worse, vying to see who can spend the most tax payer dollars on a bail out, never considering that the government should not be in the business of anything but government in the first place. (I actually read that somewhere.)
Senate “We can’t axe it so let’s tax it! ™” Democrats were already proposing to salvage their favorite mortgage twins with (you guessed it) a tax on mortgages of about 400-500 dollars each. But that hardly seems responsible when all it would do is continue to stifle real price competition in the market by propping up another competition busting, incompetent federal behemoth. They’ll do it anyway and justify taking more of our money to prop up something that’s already taking more of our money, but at a discount!
What’s likely to happen? Well, the feds will use our hard earned cash to save their construct, extinguishing all the bright ideas to woo Franken-Fannie and Franken-Freddie back from the ledge, with of course promises of additional oversight in the future (at additional taxpayer expense of course). We’ll buy this for some stupid reason because everyone knows that when the babysitter has been irresponsible the best thing to do is invite her back with a big fat raise. The Democrats will blame republicans even though they have overseen the entire collapse of the housing market and our economy for the past two years, because small children rarely take responsibility when they can blame others. (While the chorus of left wing prayer continues its endless Gregorian refrain of ‘More Gov-ern-ment.”) And the government will still get bigger, fatter, and deeper, so that next time this happens it will just take more money and more government to fix it again.
More proof that government funded by the people, for other people, could soon perish financially, from this earth, if this garbage is not stopped. But hey, there is that wacky election thing coming up. Maybe the best investment voters can make now is to vote for the people who want less government. You know who they are “Right?”
Front page, Sunday Union Leader, in an article assessing Sununu’s ability to shake “The Bush effect,” NH State DHC (Democrat High Council) senior adviser Kathy Sullivan sees Sununu as “a big part of the problem.” So what problem is she referring to? Let’s deconstruct.
The New Media Militia 