Fannie Mae needs another $15.3 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned that its losses will continue this year.
This is god dam ridiculous. The government is making school cuts, benefits, aid, etc because supposedly its bankrupt but can pull $15 billion out of its ass out of now where to bailout big corporations.
And how ridiculous is it that in the Haiti thread you see people saying that we were bankrupt and $100 million in aid was too much...
Governments don't bail out places for fun you know, if companies don't go out of buisness then they can't hire workers, the unemployed do not spend money and the economy digs itself even deeper. Investing money in the economy is not a bad thing.
I don't care if they are going to cut spending just so they can spend, I think they need to make sure that there is not some internal problem with the place they are bailing out.
It's just government waste, they should let them fail and let someone else take their place, but the government seems too sentimental. Either that or the politicians own stock in these companies, that would make sense. But don't worry, our loving Federal government knows exactly what to do with our money, I just can't wait until they go to Vegas and bet it all to pay off the national debt. What's sad is that would not surprise me.
Late last year, the Obama administration pledged to cover unlimited losses through 2012 for Freddie and Fannie, lifting an earlier cap of $400 billion.
The government has already given them huge sums. Why aren't there mass protests in the US against this bullshit like there is in England, Greece, France, Ireland, etc?
