Privatize the Profits!
Socialize the losses!
Fannie Mae and Freddie Mac, the mortgage finance giants that fund half the U.S. housing market, are about to become subsidiaries of the U.S. government.
The Treasury Department late Friday was putting together final details of a plan to take the two into conservatorship, effectively a government takeover, at a potential cost of tens of billions to taxpayers.
In a desperate attempt to shore up the Republican-led war on the middle class, the federal government will soon take over the two mortgage giants, using our tax dollars. The borrow and spend conservatives are hoping against hope to slow the precipitous decline in housing prices, unavailablity of loans, and skyrocketing rate of foreclosure and default.
Their hope is to lower objections to John McCain, an unfailing supporter of the Bush/Cheney administration's wealth redistribution scheme to enrich the already-rich 2% of the American population who own the largest share of American wealth.
Americans by the millions will not see relief from this, and will turn toward Barack Obama to put in place policies that will help the middle class.