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It takes GOVERNMENT to really screw things upLet's be sure that both big business and big
government get their share of blame
I know that blaming Big Business for taking
advantage of the taxpayer is all the rage right
now.
But you should look at this. Emphasis added. Investment funds are buying billions of dollars’ worth of home loans, discounted from the loans’ original value. Then, in what might seem an act of charity, the funds are helping homeowners by reducing the size of the loans. But as part of these deals, the mortgages are being refinanced through lenders that work with government agencies like the Federal Housing Administration. This enables the funds to pocket sizable profits by reselling new, government-insured loans to other federal agencies, which then bundle the mortgages into securities for sale to investors. While homeowners save money, the arrangement shifts nearly all the risk for the loans to the federal government — and, ultimately, taxpayers — at a time when Americans are falling behind on their mortgage payments in record numbers. It took an act of Congress to set it up. It took two Presidents to sign it into law. And it's taking several government agencies. Wall Street profits guaranteed by the taxpayer, sanctioned by the government. Remember THAT when the administration goes off on the greed of Wall Street. Big business is screwing you, but so is big government. And it could not have happened without both conspiring against you. 
Posted: Mon - November 23, 2009 at 01:16 PM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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