>>U.S. promises unlimited financial assistance to Fannie Mae, Freddie Mac – washingtonpost.com
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The Obama Administration was handing out some high-end Christmas gifts Christmas Eve. Remember the once private mortgage giants Freddie Mac and Fannie Mae that you the tax payer bought with the Bail Out of October 2008? Yes, you via the federal government now own these money pits. Their function is to buy mortgages from other financial institutions thus freeing up money for other banks to continue to make loans. The mortgages are of course supposed to be paid off and the We the People will then get their money back. but it is not working that way at all because mortgages are not being paid off; foreclosures on homes that are now worth less than the mortgages on them is the name of the game now. And to make all this even more ludicrous is the fact that the Bail Out didn’t teach the federal government, and especially Congress (Rep. Barney Frank and Senator Chris Dodd!) the two most at fault for the melt down and Bail Out, a damned thing. These two are still pushing banks to make loans to people who can not afford to own a home! The banks are pressured and have no choice but to go along and then sell these mortgages that are sure to end in foreclosure to the now government-owned (read that YOU) Freddie Mac and Fannie Mae.
So what we have here is just another government program that will never fail because the money will just keep being poured into it to keep it running. You know like those other sterling government programs like the Post Office, Medicare and Social Security just to name the three largest, but there are many many more. In fact our Democrats in congress, on a purely Democrat vote with all Republicans voting against it, gave us the tax payers what will become the most disastrous federal program of all when they voted in Universal Health Care for the United States on Christmas Eve.
Granted the Health Care Reform bill approved by both Houses of congress are very different and must now be hammered out into one bill which will then have to be approved again by both houses of Congress before going to the President, but the Democrats are in a position to pass anything they want and can not be stopped because they have the votes (number of Democrat members). That there is a great deal in both bills that members do not like and the bribery that was used to get Democrat Senators to vote for the bill was criminal, don’t expect any of this to stop them. They want a health care reform bill of just about any kind to give the federal government a foot into what amounts to 6% of the American economy and complete control over our lives. If this bill doesn’t do it the Democrats will simply keep adding provisions in outer bills that will pass until they get all they want.
I started out talking about the money pits called Freddie Mac and Fannie Mae and then appeared to get off track, but I was merely providing examples of what is happening in our nation under the Communist who now have control of our national government. Some states are beginning to fight back and a few congressmen are beginning to get the bigger picture of what is happening so maybe there is hope. But the only thing I know for sure is that this Health Care Reform bill must not pass in any form! I don’t know what we can do about Fannie and Freddie except maybe pray the voters who elected Rep. Barney Frank and Senator Chris Dodd wake up and throw them out of office so maybe this “hole ” can be plugged and somehow we can start digging our way out of debt.
Oh and one more thing: balancing the Budget will not pay off our debts. We have to have surpluses and Congress then has to use the surpluses to pay off our debts rather than spent the surpluses on more goodies for themselves. BB