Here we go again! It seems like just yesterday the government ran to the rescue when Bear Stearns was on the verge of bankruptcy ; threatening to unravel the whole mortgage loan industry after learning that the Consolidated Debt Obligations (CDOs) banks worldwide were holding weren't worth the paper they were printed on.
Now investor confidence in the two largest holders of mortgage obligations in the United States, the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) are at historic lows as their stock prices have tanked quicker than Enron pension funds. Put simply, these two "Privately Traded" companies are about to get bailed out by the government with our tax dollars so that the rest of the world will still look at them as real. Those Republicans hate big government but love big bailouts. And the help comes fast too, unless you are needy people like the New Orleans Katrina crowd.
This is what our Republican led government has brought us. As Phil Gramm said this week, yeah McCain's chief financial advisor, Foreclosure Phil says it's all in our head! Tell you what Phil, I agree. It is all in my head, alright! It's in my head that we are looking at a weak dollar, weary jobseekers, oil prices rising quicker than a hooker's hemline , and even her dress is getting tattered. It's mental, and I'm so glad that we have George Bush to figure out how to get out of this crisis. He's already proven that he can get us out of two wars at one time just declare Mission Accomplished in one and never mention Osama bin Laden and the Taliban again in the other! Thanks George! And do me a favor and pass on your wisdom to your buddy John McCain so we can place our trust in him too! Maybe he will make our Rich Uncle buy us some candy and soda pop!