printBankrolling Fannie & Freddie will add $5 trillion to the national debt (which stands at $9.5 trillion). So says the brilliant Jim Rogers. (And you wondered why the dollar’s dying and our assets are devaluing by the day? Still, the band of fools, with Obama and McCain in the lead, plays on.)
Rogers also tells a CNBC anchor that if she doesn’t understand that taxpayers must not be defrauded to prop-up these fraudsters in perpetuity—she should get another job. Let these fascistic entities fail.
Rogers defended his case brilliantly. Everyone else was vicious. Nice to see that some guys are still brave enough to wear bowties, too. Hehehe.
Recently, so-called “free-market” advocate Steve Forbes said the federal government should prop up 10 or a dozen new Fannies and Freddies, as opposed to only two fascist (and failed) entities now in existence. When purported advocates of a free market support a decision to levy a massive tax increase on working Americans in order to forcefully construct from scratch a phony, highly regulated market, based on a principal of social engineering, you know it’s gone to all heck in a hand basket. Disgusting.
I am appalled at what is going on in the States at the moment. The US has always been a beacon of hope and resilience in an otherwise mentally disturbed world. But, whatever the outcome, I am more than willing to move to your country, not to leech off of hardworking Americans, but to do more than my share to make sure the leader of the free world remains free.
My country is a hopeless case, but America can still be salvaged.
America hates the mention of its European origins, yet it’s becoming ever the more like contemporary Europe. Oh, the irony is unbelievable.
Ilana –
I just sent you an e-mail with a new ditty that you inspired “Freddie and Fannie” to the tune of Frankie and Johnny. But it is 245 words – but feel free to post it if you like. – Myron
( incidentally – the “Meet Me in Las Vegas” version of F&J with Cyd Charisse dancing on Youtube has the line “She had a bank that was crazy – and his loans were not turned down” – but with Cyd’s legs, who can pay attention!). Enjoy and post if you like.
[Link didn’t come through, M. I don’t know LV, big band music, I’m afraid. Don’t think I know this song. I’m a prog rock and classical music type.–IM]
Ilana
The twins Fannie and Freddie have bad DNA but it is hardly a fraud if the US government is honoring its commitment to the implicit guarantee that’s been their umbrella for over 70 years.
there has been a implicit guarantee from the federal authorities protecting the senior debt of these two little monsters.
The public knew about and they could have done something to remove it. But they didn’t because they were in on the the caper like the politicians.
This is what socialism does eventually. It goes belly up. The public benefited from these shenanigans by getting cheaper rates on their mortgages.
Don’t blame the bondholders. Blame Americans. All of them of voting age.
J, while it’s true in some distant and amorphous sense that the voting public bear some responsibility for the mess, it simply won’t do to push every problem off on “the people,” who can never be held accountable for anything except in principle. That’s the whole point of representative government. None of this was put to a referendum, and if it had been, vanishingly few of the voters would have been able to work out al the conceivable angles completely unhindered.
Ilana, I was not aware you were a prog rock fan.
Just to make another of my points more explicit: it is simply not true that anything like a majority of voters knew and understood the situation as it stood, or the risks involved, or the likely outcomes; it is similarly untrue that most of them were benefiting from the mechanisms that have caused the current failure, nor were involved in the sort of fraud that caused the general collapse. I’m not an advocate for socialism by any means whatsoever, but again, blaming “the voters” doesn’t even have the appeal of being grounded in reality.