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.