Rescue plan of for Fannie and Freddie can double the budget deficit over the next seven years – failure of Capitalism?
Fred Day
Sep. 6, 2008

It sound good. But it is temporary relief without targeted drug delivery for the cancer patient.

The US Treasury has a rescue plan for Fannie Mae and Freddie Mac, the two struggling government-sponsored mortgage groups whose fate is key to the future of the US housing industry and financial markets.

The plan could involve a government takeover of the two giant mortgage financiers by putting the two companies into the temporary conservatorship of their regulator, the Federal Housing Finance Agency, said people close to the talks.

This can mark the end of so called big buzz Capitalism and start of American version of socialism. No matter who gets elected, America is now destined to become a socialist counytry.

The initial cost of ‘nationalizing’ Fannie and Freddie ios $150 billion. But even conservative estimates call for $2 trillion in deficit increase ocer the long run. The estimate of what kinds of funds are needed is just a speculation. $150 billion is what is needed now. Perhaps the same will be needed in every quarter.

Rescue plan of for Fannie and Freddie can double the budget deficit over the next seven years – failure of Capitalism?
Fred Day
It sound good. But it is temporary relief without targeted drug delivery for the cancer patient.
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