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wcaseym (82.62)

Socialism for bankers. The poor can eat cake.

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July 27, 2008 – Comments (1)

The bill grants the Treasury Department broad authority to safeguard the nation's two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation's $12 trillion in mortgages.

To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government's credit card has grown to 14 digits


Link to the original post [... thanks Harry!]:

http://boards.fool.com/Message.asp?mid=26850412

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1 Comments – Post Your Own

#1) On July 29, 2008 at 12:24 PM, GS751 (27.27) wrote:

Privitized Profits socialized losses

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