Who are the politicians that signed the bills into law to give these institutions the power they had to provide the easy money they used to buy up no-money down mortgages and then repackage them to sell them to Wall Street?
I would like to see a list of names of the politicians who thought this was a good idea. This disaster has led to the biggest bailout ever. If 10% of the $5 trillion of mortgages needed to be made good by the government, then it will cost the government $500 billion. That is the size of the annual US defense budget.
To make matters worse, the saviors’ in congress that helped keep these giant failures in place, are now running for reelection on the merits of their efforts to institute the bailouts and save the economy. What the economy needs it a saviour from them!
Forget the bank CEO’s, forget Wall Street, forget the poor people that bought homes with no-money down – this is a failure of the government to plan the economy. The politicians that supported Freddie Mac and Fannie Mae should be tarred and feathered.
Follow up article: I Found Part of the Answer to My Question About Freddie Mac and Fannie Mae