Question


athitha...

US Government bailout of Fannie and Freddie ?

The Great United States, Known for innovation ..known for putting man on the Moon and many of the great inventions of modern times.... Look at their economy now, under the Bush administration...what a collapse... Bush administration ruining of the economy looks very similar to Robert Mugabe running of Zimbabwe Economy. Both have raped their economy to a level where there is nothing left...only depression and despair....what a comparison.... These people in power have no idea. Rescuing private companies who for have lost billions because of their own greed. Why should the tax payer bail them out - this is unprecedented. This like rewarding the criminals with hard earned public money... I just cannot believe this. The US government should focus limited resources like TAX dollar on many of society immediate needs, Schools housing hospitals defence, solving poverty injustice homelessness, Poor immigrants needs, instead this administration hands out blank checks to criminals private organisations who have raped the United States Economy. This administration will go down in History as the worst , corrupt and most criminal administration of recent times. These people should be put up in court and jailed just like the corporate criminals who collapsed many of the big firms. Bush administration is criminal and corrupt and they have raped the United States and their tax payer of billions trillions of dollars, I hope one day they will put to account for their criminal activities and corruption. Its not long live America it should be How long will America live under these criminals.

1 year ago - 1 answers

Best Answer

Chosen by Asker

You have a good prospective of the ills of government; but, limited knowledge of the cause of the ills. These corporations were set up during FDR's presidency to help people get home loans. You must remember that many of the local banks went bankrupt during the 30's and were not available to make loans, so a source had to be found. Fannie Mae and Freddie Mac are quasi-governmental agencies in that the Federal Government always guaranteed their loans. However, they were corporate entities and paid very nice dividents to the privileged few who owned shares. Fannie Mae and Freddie Mac got into trouble because of the policies of the Bush administration. Several years ago, George W set up a program to make home loans to minorities regardless of their ability to pay. So many of these loans were made and defaulted, that Fannie Mae and Freddie Mac got into trouble (as well as Bears Stearns, and many other local banks). So, since the Federal Government already is on the hook for the loans, it makes sense that they take over the quasi-governmental corporations, and stop all the executive salary drain. We all knew George W Bush was less than a stellar student; but, we elected him anyway. We all knew that the Republican Party has a special place in their hearts for the ultra-rich, but we elected them anyway. We continue to elect really wealthy men to Congress - what do they have in common with the average wage earner? Nothing -- but we keep electing them anyway and they have just about given away this Country to lobbyists and the special interests groups. Under Reagan and George W, the wealthiest people in this Country have receive a 55% decrease in their taxes. Most of us middle income people have picked up the tab. But, you never see this in the newspapers -- why is that? Could it be that the wealthy own the newspapers and don't want us simpletons to know what they are getting away with? It is clearly evident that George W took a Country on the rebound from bad Reagan policies, thanks to Bill Clinton, and turned it around so that we are now hemorraghing in costs and debt. This is because he never learned any lessons about economics or finance in his fancy ivy-league colleges (bought into by his parents), or on his jobs (bought by his parents), or in his short term as Texas Governor (where his policies nearly bankrpted the State). What this says to this Nation is that the average citizens have become complacent -- they don't investigate backgrounds; don't do any homework on the character of the candidates; they just listen to the sound bites and vote for personalities. We are paying a really big price for voting for this president for the last two terms. We, the voters, should be ashamed of ourselves. We need to be more active in getting the right information to make the right choices at election time.

Source(s)

Retired Accountant

by Anna

1 year ago

Asker's Rating: