Tuesday, August 14, 2012

Fannie Mae, Freddie Mac Clamping Down On Banks

One of the batty ideas that the likes of Paul Ryan believes is that the government GSEs Freddie and Fannie caused the supposed mortgage crisis.  This is one of the great cons the dumbed-down Republicans, including Paul Ryan, have tried to perpetrate upon society.   It deflects criminal investigations and accountability into Wall Street while at the same time gives cover to this Republican neoliberal message that government can’t do anything right.  Our government can’t do anything right because it has been gutted by massive corruption in large part paid for by Wall Street criminals.  The GSEs were stuck with the trash that Wall Street dumped onto their books.  An act that probably should have landed plenty of politicians and banksters in prison were we to actually have seen investigations.  Ryan wants to do away with the GSEs and turn over all mortgage operations to private banks. 

I have written on here repeatedly that mortgages should be written under a public banking system and many of the benefits that would provide including zero-interest loans, variable loans that could see payments reduced or even delayed were citizens to suffer economic or health crises, etc.   Under a public banking system, with the addition of a living wage for all Americans, every citizen could own a home.   That is democracy. 

Here’s the truth.  The banking criminals who created the mortgage mess are being handed back their piles of corrupt toxic shit by the GSEs.

posted by TimingLogic at 11:38 PM