Has Government Spending Got Your Eyes Rolling?
By Sandy Morris on Dec 17, 2009 in Featured, WiseGuy-N-Rants
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Has government spending got your eyes rolling? As 2009 comes to an end we must take a moment and reflect on the things that we have accomplished this year plus look ahead to see just where our country is headed in the near future.
It does not matter whether you are a Democrat, Republican, Independent or not affiliated at all. We as Americans need to decide if our political leaders are doing the right things… things that are going to strengthen, secure and allow our country to prosper. Or on the other hand have they begun to disregard the wishes of the people they represent.
Is it possible that our government thinks we will not understand the magnitude of their actions? Do they think we do not care? Could it be possible that they really do not care what we think?
A lot has been reported on the Wall Street Bailout, The Tarp Funds, The Federal Reserve lowering our interest rates and lets not forget the cash infusion of the automakers, AIG and projected cost of health care.
This evening my eyes began rolling when it was reported that Fannie Mae and Freddie Mac would need another infusion of cash before the end of the year. The federally controlled mortgage finance giant, Fannie Mae, said it lost $18.9 billion in the third quarter alone. Total cost to the American taxpayer to date is $121 billion which ranks as one of the costliest government intervention to stabilize the financial markets.
The figures of money dispersed by our government have risen so quickly that my calculator can not keep up the computations. It is no longer a million here or there… no not even a billion here or there. We are talking 100′s of billions. Meanwhile my calculator is beginning to smoke, wheeze and act irritable with each keystroke.
Could there be a reason for the smoke coming out of Washington, DC? Could there be an ulterior purpose to all of this? One that only people who need to know actually know? Maybe.
My one question to you dear reader is this – just where did all those toxic assets on the Banks books go? Have you seen them lately? Have you heard anything about them lately? I didn’t think so. Could that be more smoke coming our way?
When are we going to deal with the root to the banking problems? When are we going to put a floor under all those upside down houses? These are all good questions that somehow have fallen through the cracks made by the 100′s of billions leaving the Treasury vault.
Additional articles of interest:
- 4 Big Mortgage Backers Swim in Ocean of Debt (nytimes.com)
- Pointing the finger (economist.com)
- F.D.I.C. Chief Criticizes Financial Reform Plan (nytimes.com)
