The Real News is in the Fine Print:
Good Morning Middle America, your King of Simple News is on the air.
Yesterday I made my future prediction for residential housing. In those predictions I stated that government would pull out all of the stops to save the non-sustainable housing industry.
I talked about Fannie Mae and Freddie Mac in my book. Today, as I suggested, they are broke. Our government however believes that these mortgage giants are too big to fail, yet failure was obvious to me from the outset. What will be the eventual cost for bailing out Fannie and Freddie? Some believe as much as $300 Billion, while others don’t think that is enough.
Yesterday President Bush dropped his objections to the bailout plan that was poised to aid the failing mortgage giants by allowing Freddie and Fannie access to $25 Billion of government loans. The vote passed the House and is expected to move quickly through the Senate.
The Congressional Budget Office says that the two big lending agencies may not need any of the money and worse case losses would be less than $100 Billion. I doubt it.
Please remember that Fannie Mae and Freddie Mac are publicly traded stocks that receive special government treatment…such treatment as not allowing them to go broke with the help of your tax dollar. I bet the Enron folks wish that they had gotten the same treatment.
The question that begs to be asked is where would our government ever get the money to bail out the beleaguered lenders? The answer is of course that they would borrow it from foreign nations and promise those nations that the U.S. taxpayers were good for it.
What didn’t make the main stream news was a little ditty at the end of the bailout legislation. News that is so staggering that it should have been headlined all across America. Remember my question as to where our government would get the money? This nifty piece of legislation also contains a provision to raise the National Debt ceiling by $800 BILLION, to a new record of $10.6 TRILLION!!
This is the hardest working Congress in history toiling away here. This is the Democrats who will save America by borrowing our way to success with the help of kindly nations such as Communist China, who is more than glad to give us another handout as they drive another nail in Middle America’s coffin.
The Republicans on the other side of the aisle are nothing short of horrible. When will we ever learn that neither of the main stream parties have the slightest interest in Middle America’s welfare? We simply allow the lost to take turns leading.
This is just in, please take time to watch it. I maintain that Ron Paul will someday be thought a genius.
http://www.campaignforliberty.com/blog/?p=232
Wake up Middle America, this isn’t a drill, it’s the real thing.
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I had already seen the video clip.. I am signed up to Ron Paul’s web site.. I don’t think he will be thot of as a genus, but just an honest man, with the best interest of the country in mind.. This makes him such an exception in u.s. politics.
Didn’t “Investment Banks” used to be called “brokerage houses, or stock brokers”.??. Now, we know why the name change.. Sounds better when the u.s. taxpayer is bailing them out..
WmA…
Oh for a few honest men and women. But as we see with the good Dr. Paul, they aren’t welcome in Washington. Nope, that club is for crooks only, which unfortunately aren’t that hard to find.
Speaking of dishonesty, McCain said that the $10 drop in the price of oil was due to Bush’s announcement that he was lifting the ban on offshore drilling. Never mind that it will be 10 years before we see that oil. Even the Whitehouse was resistant to taking the credit as they didn’t want to have to come up with a new reason when oil goes back up.
Hi,
I wish I could play the clip from the NBC news segment about the bail out. I could swear that I heard the statement that the reason for the bail out was that the PUBLIC believes that Fannie and Freddie are too big to fail. Huh? What public??? Oh, I get it - the public that’ll pay for it.
By the way, the “little ditty” about raising the debt ceiling was mentioned. I don’t know if it was in the same segment or not.
Oh, for access to something faster than dial up!
I couldn’t agree more about Ron Paul’s accuracy.
Kathy
Hi Kathy,
I’m not sure that I read or heard that the public thought the bail out was a good idea, but I certainly wouldn’t doubt it.
Ron Paul said something that was important in that interview, something that has made his unpopular amongst the non-thinking public. He suggested that getting back on track would require some pain. Uh-oh.
Barrack and John and Hillary say that isn’t so. “Ron Paul is a nut case, vote for us and be pain free. We will push the burden off on your children.” “Yeah,”says the public. “We brought ‘em in and we can take ‘em out.”