Chalk up another victory for American "nanny government." The Fannie/Freddie bailout, which we've railed about recently here on Weber County Forum, just cleared the U.S. Senate by a 72-13 vote. All that's lacking now is the president's signature. We incorporate CNNMoney's lead paragraphs below:
NEW YORK (CNNMoney.com) -- The Senate on Saturday overwhelmingly passed a landmark housing bill that will offer up to $300 billion in loans for troubled homeowners and establish a government rescue plan for mortgage finance giants Fannie Mae and Freddie Mac.This bailout legislation is so knuckle-headed that even the Voice of Wall Street, The Wall Street Journal, condemned it in a strong editorial yesterday, rightly labeling it the "scandal" that it is.
The House passed the bill on Wednesday just hours after President Bush reversed his long-standing vow to veto the bill. Bush is expected to sign it soon.
The legislation, one of the most far-reaching housing bills from Congress in decades, marks the centerpiece of Washington's efforts to address the nation's housing meltdown.
Hold on to your wallets, folks. If you think inflation is bad now, just wait. You ain't seen even the beginning of it yet.
In closing, we've embedded an instructive YouTube video below, featuring an interview with commodities guru Jim Rogers, who provides a clear and succinct analysis of the economic downside to this unprecedented act on the part of Congress, to make U.S. taxpayers full partners in the banking industry melt-down mess:
Our readers' ever savvy comments are invited as per usual.
