United States Government Seizes Fannie Mae and Freddie Mac
Well, the responsibility of people who are having trouble paying off mortgages that they never should have been allowed to receive, as well as the responsibility of mortgage companies to not give the same people mortgages that they can’t afford, has shifted.
Once again the hard working, taxpaying, RESPONSIBLE families are going to have to foot the bill for irresponsible people who took out mortgages that they should have been smart enough to know that they couldn’t pay. And we are going to foot the bill for the mortgage brokers that are now losing money because they gave loans to people who they should have known couldn’t pay.
Today the federal government took over Fannie Mae and Freddie Mac which will shift the cost of all of the irresponsible lending and borrowing right into the laps of us, the responsible ones.
Officials announced that both giant institutions were being placed in a government conservatorship, a move that could end up costing taxpayers billions of dollars.
It does make you wonder though. Who are the smart ones here? Us, the taxpayers who work hard to make ends meet, who are responsible and don’t live outside our means? Or the people who just do whatever they want and wait for the government (taxpayers) to bail them out?
Effectively, the federal government has now become the nation’s mortgage lender
The conservatorship will be run by the Federal Housing Finance Agency, the new agency created by Congress this summer to regulate Fannie and Freddie, a move taken at the same time that Congress greatly expanded the power of the Treasury Department to make loans to the two companies and purchase their stock.
Wonderful, the government running another “private” company that they have no business in. In a look to the future I can see more and more of this happening as Barack Obama and John McCain think that this was a good idea.
As Ronald Reagan once said,”the most terrifying words in the English language are: I’m from the government and I am here to help.”
It’s time to bend over.
America's Watchtower 
This is not just the presidential candidates that are behind this bailout. It is all of the republicans and democrats that are responsible. This whole situation infuriates me and it further shows that there are two sets of rules in Washington.
There are the rules for the average American that says if you are irresponsible, tough luck live with the consequences. Then there are the rules for corporations that effectively says do what you want, we’ll bail you out if you get in trouble.
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Expect more and more of it – they (gov) know USA citizens are just now waking up to the fact their governments, state and federal, are out of control, so they (the state and fed gov) are going to try to pass, mandate and do all kinds of things before the revolts begin.
Great writeup and website – Keep ending up here in my various google searches on politics over the past few months. key words for this one: john reagan nh iraq war (trying to find a candidate’s position on the war.)
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Thanks for the kind words. I try to post every day in order to keep current on google, it sounds as if it is working. 🙂
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I wonder if they did not care that people would not be able to pay? Too big for their britches? And S., make no mistake, we are the smart ones, it takes common sense to have personal accountability. Smart does not equal ” Boo hoo hoo, poor lazy selfish me….. who is going to help me?” That is stupid. Nobody cares.
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