Friday, November 04, 2011

$72 Billion Dollars and Counting...

Hey what's $72 billion dollars plus and counting? If you are a taxpayer that is how much you have given collectively to the Federally run Freddie Mac mortgage company. Of that $72 billion, approximately $14.9 billion has been paid back. Of the remaining $57 billion that is owed, in my economic opinion I doubt seriously if it will ever be paid back. And we are not even counting how much Fannie Mae has stolen from taxpayers.
So-hey what's $59 billion and counting when it comes to taxpayers monies. Washington realizes that those taxpayers (like myself) who actually pay federal taxes (along with state and local taxes) have unlimited sources of income to pay for these types of corporate welfare bailouts. And to continue to pay we shall so long as this economically inept administration is in office.
The mortgage market needs to clear out once and for all. Those who can not afford their homes need to move out of them, bad mortgage debt needs to be written off and Fannie Mae and Freddie Mac do not deserve one more cent of taxpayers monies. They both need to be privatized. Once and for all clean up the mortgage debt market.

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