2010-07-16 — reuters.com
"Faced with a lose-lose proposition, Congress put off its decision on the fate of mortgage finance companies Fannie Mae and Freddie Mac, perhaps hoping the housing market recovers before losses get too big."
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tvsterling at 23:04 2010-07-17 said:
The basic problem is the debt/wealth that was created during the housing bubble. It has turned into a real hot potato. When it was wealth the greedy elites couldn't wait to generate more & more of it to wallow in. But it turned into debt in a hot second & the game suddenly wasn't fun for them anymore. What to do? Since they controlled the levers of power they decided to magically shift that debt onto the taxpayer. 'We did it all to save our glorious nation', so they said. They have stuck to that story ever since. This Fanny & Freddy thing has nationalized housing finance by default (no pun intended). So then is the bottom line to be Socialism for the rich? I prefer Fascism, it's the historically correct term. Permalinkadd a comment | go to forum thread
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