"This book truly
is a must read."
-- Congressman Ron Paul
TAXPAYERS GIFTED WITH ANOTHER BASKET CASE!
It’s official.
Fannie and Freddie are now full wards of the state, departments of the U.S. government.
And their obligations are now the obligations of the American taxpayer.
That’s right, Fannie and Freddie’s obligations are not just implicitly guaranteed by the U.S. Treasury, as they were before Fannie and Freddie were taken into conservatorship by the U.S. government in September of 2008, nor are they just temporarily guaranteed, with a $400 billion cap, as they were under conservatorship.
Now, Fannie and Freddie’s obligations are explicitly guaranteed, without limit by the U.S. Treasury for 3 years, and as needed thereafter.
Who made this decision? The Obama administration. When did it happen? Interestingly, on December 24th, after everyone had gone home for Christmas. Even more interestingly, by playing Santa before the New Years’ ball was dropped, the Obama administration dodged the need to bring the decision to Congress...
