Mish's Global Economic Trend Analysis: Contact Your Senator: Say No To Fannie Bailout: "Hats off Shelby and Bunning. The latter is threatening to Filibuster Paulson's proposed bailout of Fannie Mae and Freddie Mac. See Paulson Crosses Rubicon Lands In 5th Dimension for Paulson's absurd proposal asking Congress for 'authority to buy unlimited stakes in and lend to the companies, aiming to stem a collapse in confidence'.
Earlier today Senators Bunning and Shelby Blasted Bernanke on Monetary Policy."
Norton's comment: Using taxpayer money to buy equity in these GSEs' is further taxation without representation.....plus I can buy it myself if I want to. Additionally, WHY not let them fail and reorganize in a responsible way? This plan resques the execs (rich) from their irresponsibilities and greed (it is socialism for the rich) while punishing the poor taxpayer by dictating our support of someone elses misdeeds. This sounds alot like the Saudi version of representative democracy...:)
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