The nationalization of Fannie Mae and Freddie Mac has been completed. Since they are the mortgage market anymore (nobody else is lending) this means that they are bust. Ah, but this 5 TRILLION + dollar problem is now our problem. Doesn't it make you warm and fuzzy bailing out all of the lenders and borrowers and the Federal Reserve who created this mess?
This is a giant step towards communism. The largest segment of economic activity in the U.S. will start its slow decline now that the government has its claws in it. The state loves this, however, since with each new program comes the opportunity to endlessly promise to fix it in the future. Political job security is at an all-time high.
"What is history but the story of how politicians have squandered the blood and treasure of the human race." - Thomas Sowell
