WASHINGTON (AP) -- The Federal Reserve and the Treasury announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as losses from their mortgage holdings threatened their financial survival.
In other words use tax dollars to buy up shares in the bankrupt companies. One of the companies - Fannie Mae - was until recently run by one of Obama's advisors, Mr. Jim Johnson. And holy cow surprise surprise, Obama is all for the bailout. The bailout was orchestrated by Henry Paulson. Before becoming Secretary of Treasury, Paulson was CEO of Goldman Sachs. And who was CEO before him you ask? John Corzine. Ring a bell? It should. He is the current governor of NJ and former Senator from NJ. Doesn't matter anymore. Democrat, Republican, same incestuous pigs at the corruption trough.
After swearing up and down that the bailout of Bear Sterns was a one time only event, Bush, Paulson and the rest of the crooks in Washington are bailing out Freddie and Fannie as well. And when Wamu or Bank of America is on the brink, a few hundred billion of your dollars will be ready as well.
This kind of shit is to be expected in African countries. It's to be expected in Mexico. It's to be expected in Eastern Europe. It's not to be expected in the USA.