EnduringSense

In its most recent report, Fannie Mae showed a loss of $72 billion for 2009.  No problem, they just went to the US Treasury and tapped it for another $15.3 billion of Taxpayer money.  That will bring the Fannie Mae bailout to date to mores than$76 billion.  But what’s a mere $76 billion when we are running trillion dollar deficits?

Fannie Mae’s 2009 $72 billion loss exceeded its 2008 loss of $59 billion.  Amazingly, even with these huge losses none at this government supported firms has been held accountable.  Remember Bernie Madoff?  His merely $18 billion rip-off got him a jail cell, were he belongs.  Rip off taxpayers for over $130 billion in two years; no problem if you are in with the Progressives running Washington.  They will make the excuses and let you sip rum in the islands enjoying your wealth created at taxpayers’ expense.

To add insult to injury, with the 2009 reported loss, Fannie Mae Chief Executive Michael Williams excused the loss with typical Progressive dribble.  “Our overriding objective is keeping people in their homes whenever possible.”  Hey Mr. Williams, that dribble deserves a few questions from us taxpayers.  How about protecting taxpayer money as an overriding objective?  Why would you want to force people to stay in homes in which they owe more than currently worth?  Doesn’t that action guarantee their stay in the poor house for the long term?

Had it not been for Fannie Mae supporting bad loans, many of the folks with mortgages underwater would not be in the spot they now find themselves.  One more question Mr. Williams: Is your objective for the good of the folks whose mortgages are underwater or to protect the knuckleheads that made these bad loans?

Fannie Mae’s role in created the housing bubble and the subsequent economic mess that the popped bubble created is huge.  Just a few years ago the Progressives in Congress told us that Fannie Mae’s balance sheet and loan policies were sound.  They either lied or had no idea what they were talking about.  Either way, this is to be expected of governmental intervention.  Should the Progressives be successful in nationalizing America’s healthcare system, we should expect the same results.