By: Guest Authors
By: Glen Goodrum
The New York Times this week said The U.S. government is considering taking over Fannie Mae and Freddie Mac if their problems worsen, causing shares of the mortgage finance companies to plunge.Shares of Fannie fell 27 percent and shares of Freddie fell 35 percent over 80 percent since August.
This is the worst housing market since the Great Depression. The New York Times said the government is considering a plan that would place the companies into conservatorship.
Their shares would be worthless, and the losses on home loans that they own or guarantee which is half of all U.S. mortgages, would be paid by US taxpayers.
If the government guarantees the loans it will double the size of the National debt and that’s very bad news too.
This a example of a government out of control and trying to control capitalism with a form of socialism.
Our Government can not own businesses so they created some, to buy home loans, thus relieving banks and other loan companies of the dangers of low income loans.
Then they give them away to be ran as a private company,with the US government backing them.
Fannie Mae and Freddie Mac are not home mortgage lenders they do not make any loans. Instead, they operate at the wholesale level, buying up mortgages already made by the private sector.
Congress created Fannie Mae and Freddie Mac and granted them special exemptions and benefits worth tens of billions of dollars annually.
You liberals will go down in flames with the rest of us if the Government crashes our economy and bankrupts us. It will not make any difference who is in power because both parties are responsible for the mess we are in.
I use to think that we needed a new conservative party, but I do not now believe that .
I believe that we need to retake the Republican Party and remove all liberals from it. The liberals have their own party anyway , the Democratic Party, so we need our our own party” The Republican”.
What made me change my mind is I have a lot of black friends in Savannah ,Ga. and all of them are voting for Barack Obama for various reasons. If that trend carries over into the other states then we will have the largest black turn out in history all voting for Obama.
I warned them that he could win the popular vote and still lose. Some did not understand that the President was elected by electoral vote not by popular vote.
In researching the electoral vote I came to realize that it would take to long for a 3rd party to gain enough electoral votes for a president to be elected.
So now I believe we should retake the Republican Party and make it so no liberals can join or be a member.
The American people need and deserve a true two party system or 3 party system.
United we stand, divided we fall.So Please unite before its to late to make a difference.