Hooray!! The government is bailing out Fannie Mae and Freddie Mac from financial disaster. While the news is being spun as a positive move, the government is fundamentally bailing us out from our own greed and lack of self control. This isn’t going to have a happy ending. CNN doesn’t acknowledge this in their “happy day” report but they don’t seem to readily acknowledge the full truth on anything else either. Here’s the real problem: We, as tax payers, are the government’s funding and this creates government control (which is terribly inefficient) of one more facet of the lives of American citizens. To be fair, government has a crucial role for many things AND this bail-out is likely an unavoidable option. But let me go on the record to say that unless this bail out has a sunset date to return Fannie Mae and Freddie Mac back to the private sector with revised regulation to prevent future occurrences, our children will have the right to blame us for the government control and bureaucracy we have created for them. Oh well, I guess it’s time to adopt the philosophy of our many irresponsible politicians; Someone else will have to deal with it and I won’t be here to take the blame... So let’s make hay!
Read the CNN report here: http://money.cnn.com/2008/09/07/news/economy/fannie_homeowners/index.htm?postversion=2008090716
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