Bulldozing the American dream

Reason
by Anthony Randazzo

03/08/10

Taxpayers have already spent more than $111 billion bailing out mortgage giants Freddie Mac and Fannie Mae, and that’s going to be just the tip of the iceberg. Instead of limiting Fannie’s and Freddie’s bailouts to $400 billion as first planned, the Treasury quietly announced (on Christmas Eve, no less) that it would offer the two firms unlimited bailouts. This puts taxpayers on the hook for any losses the two firms suffer. And there will be lots of losses. Last week, Fannie announced it lost $15.3 billion in just the fourth quarter of 2009, bringing its 2009 losses to $74.4 billion. The Congressional Budget Office expects Fannie and Freddie to cost taxpayers a whopping $290 billion this year alone...

//reason.com/archives/2010/03/08/bulldozing-the-american-dream


Informant: Thomas L. Knapp

--------

Where Seldom is Heard a Discouraging Word ... Like "Bribery"

By William Blum

I really did not know that I could still be so surprised, even shocked, by corruption in the Congress of the United States. I thought my coating of cynicism was already more than thick enough to be impervious to any new revelations. I was wrong. Consider the following.

//www.informationclearinghouse.info/article24946.htm



//freepage.twoday.net/search?q=the+American+dream
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//freepage.twoday.net/search?q=Congressional+Budget+Office
//freepage.twoday.net/search?q=corruption
//freepage.twoday.net/search?q=bailout
//freepage.twoday.net/search?q=mortgage
//freepage.twoday.net/search?q=Freddie+Mac
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