Americans, we’re on the hook for $5.3 TRILLION in mortgages

7 comments September 7th, 2008

Attention Mr. and Mrs. America: We are now responsible for $5.3 TRILLION in mortgages, courtesy of the U.S. Government’s nationalization of Freddie Mac and Fannie Mae. Uncle Sam did this early on Sunday morning when many were still asleep. Hmmmmmm. What other sneak attack occurred early on a Sunday morning?

But cheer up, Americans, at least we don’t have socialized medicine. Whew, that’s a relief!

Plus ça change, plus c’est la même chose

Add comment September 7th, 2008

Barack Obama is running on Change. McCain is running on Change. But as the above headline says, the more things change, the more they remain the same.

Actually, this presidential election is the most traditional I’ve seen in years. Republicans are running on a platform of less government, lower taxes, privatization, less regulation of the economy, free trade, education vouchers, an end to most environmental protection — it’s no accident that veep nominee Sarah Palin hunts wolves from a helicopter. There’s a message there. Take that you tree huggers! And on the foreign front, the United States will build a massive global force to protect global corporate markets — all the while saying we’re building a stronger military to fight international terrorism.

Democrats, though they’re loathe to admit it, are running on a platform of more government, lots more; higher taxes on businesses and the top tier of taxpayers, the very entities that create jobs; mind-numbing regulation of every aspect of our daily lives — except for  abortion, of course; more money for public school teachers, read teacher unions; trade protectionism.

Is this change we can believe in? No, this is the same-old same-old. Barack Obama is Franklin Roosevelt; John McCain is Ronald Reagan.

The slogan for 2008, on both sides should be, “Back to the Future with McBama.”

Bush Socialists nationalize Freddie & Fannie

Add comment September 7th, 2008

OK, I think I know how this works. How ’bouts if we tell banks and other mortgage lenders to never mind credit-worthiness, just convince people they can afford $250,000, what the heck, $500,000 mortgages (California) for homes on a combined husband-wife income of $40,000.

The result of this insanity is, of course, millions of foreclosures all across the fruited plain. But are the banks and mortgage lenders going to be penalized? Nahhh, because this is America.

Taxpayers will provide welfare to the well-off mortgage lenders because today, Sunday, a no-news day, the United States government nationalized Freddie Mac and Fannie May, the two, largest mortgage buyers. Read about it in The Guardian.

Now, in my book that’s socialism. So I hope Sen. McCain, Gov. Palin and Congressman Don Manzullo are all over this one, vowing to fight the Bush socialists tooth and nail. Shoot the wolves from a helicopter if that’s what it takes.

I’m waiting to hear them shout:  No bailouts for Freddie and Fannie. No to socialism!

But I’m not holding my breath.