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Published:September 7th, 2008 17:22 EST
Fed to the Rescue of Fannie and Freddie

Fed to the Rescue of Fannie and Freddie

By Robert Paul Reyes

The George W. Bush administration has been an unmitigated disaster at home and abroad. Obama will be forced to spend the first few years of his first term restoring American`s pride in their country, and restoring our good name in the international community.

The Bush plan of imposing elections on Palestine lead to the Hamas takeover of Gaza. The Bush policy of indifference and neglect resulted in Russia`s invasion of Georgia. Bush`s taunting of Hugo Chavez has crystallized the dictator`s power in Venezuela and South America. And need I mention Iraq and Afghanistan? Dubya`s disastrous foreign policy has borne bitter fruit: An erosion of America`s prestige all over the world.

At home Bush hasn`t fared any better, our great country has been brought low by the mortgage meltdown, sky-high unemployment, health care calamity and the energy crisis.

In the latest sign that America is in a tailspin, the federal government is set to take control of Fannie Mae and Freddie Mac.

"The boards of mortgage finance companies Fannie Mae (FNM.N) and Freddie Mac (FRE.N) were set to meet on Saturday to discuss a government plan to place the companies under federal control, sources said. The U.S. Treasury Department plan to put the two government sponsored enterprises, which own or guarantee almost half of the country`s $12 trillion in outstanding home mortgage debt, into federal conservatorship could amount to the largest financial bailout in the nation`s history."

Reuters

"Fannie Mae and Freddie Mac, the nation`s largest buyers and backers of mortgages, lost a combined $3.1 billion between April and June. Half of their credit losses came from risky loans with ballooning monthly payments."

FREEP

Bush twiddled his thumbs while the black citizens of New Orleans drowned, but when investors and speculators are in danger of losing money he quickly comes to their rescue.

I wish Bush would have moved as quickly to come to the aid of homeowners who were taken advantage by predatory lenders.

Bush gives tax cuts to the rich, but he gives poor folk the back of his hand. He values banks and mortgage companies more than he does hardworking taxpayers who are struggling to make ends meet.

It`s time for a change, real change, the kind of change that only Barack Obama can deliver. If you desire an administration that looks out for Big Oil, Big Business vote McBush/Palin, but if you want an administration that looks out for your interests choose Obama/Biden.