If The Free Market System Works So Bloody Well - Why Does The Private Sector Always Seem To Need Billions Of Tax Dollars To Bail The Bastards Out?
So here we go again. In a desperate attempt to keep hundreds of thousands of families from foreclosure in the mortgage meltdown south of the border, the US government is making billions of tax dollars available to bail out irresponsible companies.
"The Treasury Department gains unlimited power, until the end of 2009, to lend money to Fannie Mae and Freddie Mac or buy their stock should they need it. The Federal Reserve takes on a new "consultative" role overseeing the companies. [...] The Federal Housing Administration, (FHA) could insure $300 billion in such mortgages, which would be available to homeowners who showed they could afford a new loan.
Billions in bailout tax money for Fanny Mae and Freddy Mac .... (so much for the 'unfettered free market') ...