Freddie and Fannie Take a Dive

By Laura McGann 07/07/2008 06:06PM

Friend-of-the-site Charles Morris just wrote in to let us know that Fannie Mae and Freddie Mac's stock took a nose dive today, dropping 17 percent and 18 percent respectively. That's grim news for the federally funded/privately held duo that was anointed to lead the major bank bailout at the first signs of the housing crisis last summer. Charles wrote about their role in the housing crisis this morning in a piece that outlines how federal efforts to ease the pain of hte mortgage crisis are merely stop gaps. This crisis is going to get much worse before it gets better.

Comments:

jeffwalker
Posted 07/23/2008 09:14pm with

I was just witnessing congressional spending at its finest when it bailed out Fannie Mae and Freddie Mac as well as all those folks who were dumb enough to get in over their heads on mortgages when I realized what was happening. We are now losing our ability to hold ourselves individually accountable for our actions. Collateral damage is the ability to hold others accountable as well. Individual bankruptcy, stomach staples, misbehaved children at restaurants, public profanity, credit card debt and other excesses that are largely caused by the lack of individual self control are entry points for collective controls over everyone’s’ lives.

Those of use who are responsible are left exposed to unnecessary controls, laws, and limits on our freedom.

Now on to the collateral damage – we can no longer hold companies (unless you are an oil company), government, or groups accountable for their terrible lack of control either. When are we going to hold the US Congress and members of either party responsible for ANYTHING? Last I checked they made the laws that allowed the current banking and real estate crisis possible (besides the dumb individuals). They are also the same group who thinks that those of us who have behaved responsibly should be taxed on some of our hard earned 401K savings – no kidding. How about the companies who thought sourcing everything to China was a great idea for costs, now we have lost numerous jobs – where is the outcry about China’s human rights violations. Lastly, where is the press? Where is the in depth analysis of the cost of oil and the real reason for the supply side issues, or the pollution caused by third world countries. I see so much written negative about the United States it amazes me how we gloss over far more significant violators on this planet and give them a free pass. Did you know that China is shutting down factories up wind of Beijing prior to the Olympics so it does not appear too polluted?

When are we as Americans going to say enough and hold individuals and the groups to which they belong accountable?