Bail-outs of Freddie and Fannie will bury us under unpayable debt
“To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers.” –Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
The “Federal” National Mortgage Association (Fannie Mae) and the “Federal” Home Mortgage Corporation (Freddie Mac) are driving this country further into financial collapse. Since 1968, those two entities have operated as gigantic rip-offs called “government sponsored enterprises” or GSEs. Translated it means those companies are privately owned and operated (just like the privately owned and operated “Federal” Reserve Banking System). Freddie and Fannie have shareholders who are financially protected by your wallet. The sweat of your labor. The thieves in Congress gave them a line of credit which comes from the fruits of your labor. Those two corrupt operations are exempt from state and local income taxes and SEC oversight.
And now… the rest of the story. …..
Harold
