Thursday, September 11, 2008

Thoughts on the Fannie/Freddie Ordeal

The treasury secretary Henry Paulson, an unelected official, and Ben Bernanke, an unelected official, decide to increase the national debt by $1-$5 trillion during a weekend.

Ohhhhhhh... and Henry Paulson, if I am not mistaken, used to be CEO or chairman of Goldman Sachs.

And Bill Gross, who runs the biggest bond fund in the world, seems over joyed about the whole thing. What's this? His fund was 65% in Freddie and Fannie backed bonds? oh.

And Chris Dodd, the senate banking head, says he is interested in getting more information about the whole thing. WTF? Was he not invited to the meeting? But wait, his name is on the bill for the government take over.

All these taxes and debt and 50 million people don't have health care. Good work. Fine work.

Sad.

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2 Comments:

At 6:08 PM, Blogger Kent Stalker said...

Does anybody not find it strange that a former Wall Street CEO bails out all his friends by putting tax payers on the hook for $1-$5 trillion? And the bond holders don't even have to take a 5%-10% haircut or anything? They just take a mountain of bonds from a private corporation and guarantee they will be paid?

 
At 12:41 PM, Blogger Kent Stalker said...

Glenn Beck was asking, "WHo was representing the tax payers at his meeting?"

I know it sounds corny, but really. Were there any elected officials there? Pretend that elected officials represent the tax payer for a moment.

 

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