Why The Feds Want To Bailout Fannie & Freddie–Can You Say Lobbyist?
Posted on July 16, 2008
Filed Under Journalism, News, commentary |
When the U.S. government announced this past weekend an emergency plan to bailout mortgage giants Fannie Mae and Freddie Mac by increasing their credit line and maybe even using taxpayer dollars to purchase shares in the companies, the conventional wisdom was that this was being done because officials concluded that Fannie and Freddie are too big to fail. But it turns out there may be more to this story. A lot more!
POLITICO reports that over the past ten years, Fannie and Freddie have shelled out almost $200 million for lobbying and political campaign contributions.
And, Politico says, the two government created, but now shareholder owned and run companies, are chock full of Washington’s power elite, including people who have worked on behalf of both John McCain and Barack Obama.
This story is a MUST read! It helps explain lots and puts into context what is going on now in D.C.
The question needs to be asked–is it that Fannie and Freddie are too big to fail, or is it that too many powerful jobs are on the line? Or, maybe both.
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