I am sure you must be as angered as I am by the government take over of Fannie Mae and Freddie Mac. This taxpayer rip-off is guaranteed to cost you and me billions. . . and who is to benefit?
First and foremost, THE BANK OF CHINA. That's right, the government bank in the People's Republic of China. Among others, numerous countries in the middle east and institutions around the world are also benefiting. Billions and billions are being sent overseas at our expense.
What do Senators McCain and Obama say about this government nationalization of our home lending system? They are both reported to be supportive.
I can tell you unequivocally, that Presidential candidate Bob Barr opposes this bail out!
Why? Because our tax dollars are being used (once again - remember Bear Stearns?) to fatten the bank accounts of speculators who bought bad loans. This is a case of the government rewarding those who took high-risk investment positions and were about to lose. . .
And where is Congress through all of this? Today they are back from a six week vacation and after just three more weeks, they quit work for the rest of the year! Between lengthy paid vacations, you can be sure they will be privately encouraging federal regulators and bureaucrats to bail out their friends. You see, Congress is paid handsomely - in the form of campaign contributions and other gifts - to make sure that the wealthy are protected from their own mistakes.
Do you need still more evidence that the only ones to benefit from this bail-out are foreign investors and Wall Street, check out all the major stock exchanges TODAY and you'll see massive gains that you are paying for.
John McCain and Barack Obama support this. No surprise there. Bob Barr is alone in blowing the whistle on this multi-billion bail out.