Fannie And Freddie Have A Very Merry Christmas
Written by Brian Garst, Posted in Economics & the Economy
The outrageous story of the week is Obama’s decision to try and sneak this by during Christmas:
The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.
The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama’s current term.
Merry Christmas, and have a Happy New Year of watching government continue to do all the same idiotic meddling that destroyed our housing and financial markets.
I serve as Vice President of the Center for Freedom and Prosperity, a non-profit think tank dedicated to preserving tax competition and free markets. This site features my personal views, which are not reflective of CF&P.