With the latest news of impending implosion of the Fannie Mae and Freddie Mac the stalwart free-market priests are predictably turning all socialist and expecting public largesse to save their asses. We're starting to talk real money here folks... like the 100s of billions these people expect us cough up to save their sorry gambler butts and preserve the huckster game rules on which they've built their house of cards economy. And it all begins to crumble because the rats have lost their religion.
In her article titled "The Bank of America Housing Bailout Bill" Elizabeth MacDonald points out that the rescue housing bill being fast tracked through congress is an almost verbatim adoption of - "two "discussion documents" about a potential housing bailout bill, both of which are stamped "confidential and proprietary" that Bank of America authored and circulated among Congress, shows that the legislation now making its way through the corridors of Washington, DC is almost word for word what Bank of America wanted."
She adds, "In a revealing disclosure, the Bank of America documents state that 'we believe that any intervention by the federal government will be acceptable only if it is not perceived as a bail-out of the bond market.'"
Yep, it sucks big time and the wave hasn't even crested yet. This could get really really really bad.
If the economy survives this pathetic fiasco at all, the first thing that should be done to these greed freaks is to tax back all the money they've absconded with over the years while sermonizing about their holy grail of deregulation. The top 1% have got to have a few trillion lying around they can drop in the can to save their own system. I say we grab anyone who looks richer than us and shake them upside down vigorously to see what spills out the pavement and then buy pizza for the neighborhood with the spoils.
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