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May 10, 2010

Fannie Mae Wants Another $8 billion In Bailout Money

Topics: Political News and commentaries

Clearly, the principle instigator behind America's financial crisis was the housing bubble, and the bubble and the subsequent foreclosures that caused so much damage in the rest of the financial sector can be traced back to government policy mistakes. And where were the government's biggest mistakes? That lays squarely at the feet of the destructive impact of two government-created entities known as Fannie Mae and Freddie Mac (whose policies resulted in 25 million junk mortgages - and that President Bush tried 17 times to reform against Democrat opposition). And even now, the much-hyped banking reform now being pushed by Democrats totally ignores addressing the needed reforms of both Fannie Mae and Freddie Mac.

Yet Fannie Mae now wants another $8 billion in bailout money on its own, bringing the total in requested bailouts, along with Freddie Mac's most recent request, to $19 billion for the two government-sponsored lenders over the last week and $145.9 billion in bailouts altogether.

Is there no end to Fannie Mae's obviously insatiable need for bailout cash?

If the question alone doesn't alarm you, think about what's next - Americans for Tax Reform are calling Sen. Dodd's "Wall Street Bailout" bill - Fannie Mae 2.0 - and says it adds lighter fluid to the fire that started the financial collapse in the first place.

Related must-watch video: Government Intervention, Regulatory Policy, and the Financial Crisis

Posted by Richard at May 10, 2010 1:25 PM



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