Nationalization of the mortgage market

Foundation for Economic Education
by Robert P. Murphy

12/09/08

On Sunday, September 7, the United States government took control of more than half the U.S. mortgage market, through its seizure—and that is the word used in mainstream press accounts—of Fannie Mae and Freddie Mac, two colossal government-sponsored enterprises (GSEs), hybrid organizations owned by private individuals yet created by the government. The likes of this and other recent actions taken by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have not been seen since the 1930s. Will the GSE takeover someday be viewed as a decisive step in bringing state socialism to the United States?

//tinyurl.com/6qahnt


Informant: Thomas L. Knapp

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Republicans Bring Socialism to America

Robert Scheer, Truthdig: "Let the record show that it was George W. Bush, the rich Texas Republican, who brought socialism to America, so don’t blame it on that African-American Chicago Democrat community organizer who made it into the White House. The government takeover of the banking and automobile industries not only happened on President Bush’s watch, it was also the deregulatory mania of this president’s family, beginning with his father, which took this country into such starkly unfamiliar territory."

//www.truthout.org/121008D



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