[quote=svelte]So…why the difference in reaction on this board? When Congress was trying to assist the homeowner, everyone was up in arms and had smoke coming out their ears.
But when the Treasury Secretary outlines steps to prop up Fannie and Freddie or the Fed steps in to take over Indymac, not a peep out of the Hogs and Hogville – only guesses as to who is next.
Quite a difference in reactions. Somebody explain that to me.[/quote]
svelte,
I think most Piggs are resigned to a massive bailout. That’s why you are seeing these reactions.
As for me, I’m not sure what the U.S. Government should do. Paulson said in his statement that a lot of foreign governments hold agency debt and he seemed to imply that stiffing these foreign governments would not be a good for the U.S. over the long term. I don’t know if that’s a real concern or if Paulson is just trying to scare the U.S. taxpayer into accepting a bailout. This administration has told so many lies that it’s tough to believe in anything they say.
It would make me feel a lot better if our government officials would admit that the GSEs have not made housing cheaper, but instead they have done the exact opposite and driven house prices to a level which most people can’t afford. I think most politicians are too beholden to campaign contributions from the GSEs to tell the truth.
Hopefully the next administration will bring in some people who aren’t afraid to tell the truth and the GSEs can either be broken up or gotten rid of all together (the best solution in my opinion).
It really sucks to see all this U.S. taxpayer money go to bailout so many crooks who got rich basically through fraud. Hopefully the next administration will hold some of these crooks (Mozillo, et al.) accountable, but I’m not holding my breath.
