In 2002 congress was influenced – okay, pressured, by ACORN and other liberal ‘community organizations’ to issue new Affirmative Action lending Quotas – to increase ‘minority’ homeownership by 5.5 million by 2010. Contrary to traditional lending standards, or any sort of best management practice, Freddie Mac and Fannie Mae allowed many of these loans to be made with NO MONEY DOWN, no security and nothing vested. – (Why do I hear strains of the Dire Straights song – “Money for Nothing” in my head. . .)
In 2004 ‘maverick politicians’ urged reformed of such idiocy only to be ‘whack-a-moled’ like some sort of congressional gangsta beat-down.
In 2008 – we are witnessing a financial condensation of an already managed economy; hobbled by government restrictions, environmental advocacy and union racketeering; perpetrated by the very congressional nitwits now in charge of fixing same.
Like the Politburo or some Venezuelan junta, these apostles of ignorance have presided over the State’s seizing Freddie Mac and Fannie Mae, confiscation of your money – via taxes – to bail out companies “too big to fail”. But wait, there’s more . . . there is the persistent rumors that these plunderers will attempt to ‘spread the wealth” by merging YOUR 401K plans with an already insolvent Social Security System and b. Hussein isn’t even inaugurated yet!
Look of the invisible hand of government to be ungloved and fortified and even more meddlesome in the next year.
In the meantime the current rush toward National Socialism – a la the 1930s German model is astonishing both in it’s rapid pace AND acceptance.
The mere consideration of a taxpayer bail-out of the big three US auto makers is so absurd its like an excerpt from a Michael Moore movie – except it’s true. Yet no one will call it what it really is: Bailout of a primary democrat constituency.
And make no mistake, even given the staggering amount of money involved, it is but a mere down payment in a blackmail scheme where the CEO’s of the US auto makers have become “Fixers” an the largest union extortion plot ever. And of course the politicians benefiting from this voter-block are only all too happy to oblige – with the transfer your money to someone else.