Friday, July 11, 2008

More trouble than I know how to begin to describe

The United States federal government may soon be taking over Fannie Mae and Freddie Mac.

Anyone else out there know how much raw badness this portends?

Nobody I've spoken to about this in the past couple of days - and y'all might be surprised at who this includes - believes that either of these two mortgage houses is solvent. And nobody in the government seems to be talking about anything but a bailout at the expense of the taxpayers.

More shades of that "Hell Époque" thing that I wrote about back in January.


Anonymous said...

The FedGov's answer to every question is now:

Condsidering the debt load we are already carrying this strategy can only work for a protracted period (I'm sure the DemReps in D.C. are hoping it holds together at least through the November elections).

What a mess our country has become!