Congress voted and passed a bill today in the House to bail out Freddie and Fannie May up to 800 billion dollars. So in other words, you and I are paying for greedy and/or stupid people who bought houses they couldn’t afford. And the stupid and/or greedy lenders that loaned to them. Responsible people, such as myself, who passed on insane house prices are currently living in apartments and end up paying for those that were irresponsible.
To make things worse, you’re not even bailing out the irresponsible home buyers. You’re bailing out the fat bankers that leveraged themselves that put themselves in this mess.
Why is it the goverment doesn’t step in when home prices go up 25% every year for 8 years? Yet, when the bubble bursts and prices go down 15% in one year it’s suddenly a crisis?
As usual, Ron Paul is the voice of reason.