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The slaughter of Fannie Mae and Freddie Mac continues in the stock market, and President George W. Bush is going exactly the wrong way with his response.
At a press conference, the President began implying a willingness to step in and support Fannie & Freddie instead of allowing the problems to work themselves out naturally.
Bad move, Bush. It’s like financing a house of cards with a subprime mortgage. In the end, the free market solves problems better than government interference ever could.
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2 Comments So Far»
Once again, you are right on the mark. Unfortunately, this is just another clue that we are no longer a republic. No longer a government run by the people. No longer are we represented by an the “elected”. We have a chance to throw all the bums out across both lines. This is our only hope with regards to true change. Vote for the non-incumbent ! Throw the bums out and let the market work itself out. Otherwise, what did we sacrifice everything to stop the fascist Nazis and the socialistic pro literate for?
Normally I would agree… the less government involvement, the better. Unfortunately, at this time, however… if Fannie or Freddie were to fail this country would go into a financial tailspin. Just think of how hard it is now for so many to get a mortgage. Take fannie and Freddie out of the picture and what’s left? FHA and Jumbo lenders. Immediately we would see rates of non FHA loan jump to 7% or higher. No one would get a 95% loan… 10% down would be the absolute minimum. And even that could go away. So with millions of pre-foreclosures and millions of people that would just like to sell, more than 50% of the buying public could be taken out of the market. What would that do to values? One thing that people need to remember is that a very large reason for the value of real estate is the ability to access mortgage funds. Take that away and we’ll all be on the Titanic just after it kissed an iceberg.
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