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Jeff
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10 months ago
in linklings, off to the misty mountains edition on brip blap
I just want to make a point here. Saying that the the US Capitalist system is coming down and then linking to an article about Fannie Mae is just absurd. The reason for Fannie's problems is the implicit government guarantee that they would be bailed out if they ever got into trouble (just like what's happening.) So Fannie and Freddie took more risks than they should have, since they had an enormous safety net.
Good lord I hate big government.
Good lord I hate big government.
1 reply
Steve @ bripblap
Jeff, I think given the fact that a significant percentage of mortgages will now in effect be owned by the government, and the government just wiped out, by fiat, a large number of shareholders in a semi-private company is not the healthy behavior of a capitalist society, any way you'd want to look at it. Is this level of intervention reasonable in a "capitalist" system? I would argue it isn't even CLOSE to the behavior of a capitalist system. Just my opinion...
