If you listen to the anti-capitalists, they will tell you that the answer is “none, the market will fix the problem.” And then they’ll tell you that the market hasn’t fixed the problem, and that’s why Freddie Mac and Fannie Mae should be taken back into tight government control.
If you are an intelligent human being, you should understand that that line is a turd of bullshit so large you’d never stop counting the agendas embedded in it like corn in crap. Was that disgusting enough imagery for you? ‘Cuz that’s how you should be feeling right now.
What part of “backed by the government, yo” tattooed on F&F’s back sounds privatized? You see, it’s not just how you run the company, it’s not just what investors are rubbing your balls in cash, it’s what your contingency plan is. And when that plan is “the Treasury will bail us out” then that is NOT free market. Unless you think it has no effect on the decisions/mistakes they make.
F&F are GSEs. This means they were created by the government, for the government, regardless of how “privately” they are run. The Fed gives them cheap loans that they securitize for a profit and then pass on to borrowers, who have special faith in that relationship.
So now look at the Fed’s latest bail-out plan:
- F&F CEO removed… GOOD, though I’m sure they get some nice parachutes…
- F&F Conservatorship… RIGHT, because the goverment’s had such a good track record before…
- Buyer of the Last Resort… WHAT? So the Fed keeps F&F stock afloat with $200 billion of our money? BTW there is only the “last resort” left, ding dong.
- 10% per annum portfolio reduction… WTF?! Who the hell? Wha…? How are you going to achieve this, how is this relevant, and what are you saying when you tell a company to reduce its business as you buy up its stock with our money?
All that does is keep or lower existing mortgage rates. Solving the credit crisis is not going to address the lack of DEMAND for things to DO with that credit. Like I’m really going to buy a house now that lending rates fell 1% when the nation is facing mass unemployment and inflation. Like I’d really solve the latter by doing the former anyways.
You’d think the Republicans would be against ham-handed intervention. Too bad they’ve confused F&F with Terry Schiavo.
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