Government (you) bailout of the government (Democrats) update

Just a recap, here, prompted by info from Irene:


1.  Red lining was once the law of the land so banks would not make bad investments.

2.  Clinton got into office, redlining became illegal and, indeed, lending to people with no credit was mandated by Freddie and Fannie, if you wanted to stay in its good graces. To accomplish this stupid thing, banks merely laid off the bet to Freddie and Fannie by immediate sales to them.  Thus, the banks got rid of most of their bad loans. Appointees made a fortune.

Democrats sang and danced. Cuomo was ecstatic. Clinton friends made tens of millions of dollars.  GOP mumbled.  Bush and McCain, a few years ago, started jumping up and down about out risk exposure, they were ridiculed.  

3.   Stupid economics catches up with the government, the Clinton people are all gone with their money, and the financial crisis starts.

Cry:  Goldman Sachs did it!  (They packaged the stupid loans and sold them to stupid countries that believed our government.) Of course, the gnashing of teeth about Goldman, now, is theater as the government is Goldman. It is the carbon credit exchange, it is the source of Treasury and Fed executives, it is where the Supreme Court nominee was advising when all hell broke loose and the U.S. saved Goldman.

4.  Heritage Foundation: ... Chris Dodd (D-CT) told reporters about his financial regulation bill, “We’ve ended the ‘too big to fail’ debate. So no longer do I expect any argument to be made that this bill exposes the American taxpayer.” Really. Someone might want to tell Sen. Dodd that in other news yesterday, Freddie Mac announced that it lost another $6.7 billion in the first quarter of 2010 and therefore needed another $10.6 billion in cash from U.S. taxpayers. Since formally nationalizing Freddie in 2008, the federal government has already spent $50.7 billion bringing the Freddie bailout total to $61.3 billion so far. Combined with Fannie Mae’s raid on the Treasury, the Congressional Budget Office estimates that the American people will spend $389 billion bailing out the two Government Sponsored Entities by 2019. So much for American taxpayers no longer being exposed to “too big to fail.” 

I suppose one could invest in Goldman Sachs as it runs the White House, if not the world.  Still, its like aking a pact with the devil.

The nation has shown severe reaction to the oligarch's socialistic pandering, but New York is going to elect mini Cuomo. Sell if you can.

[Its the Cheshire cat: strange philosophical discussions and vanishes as needed.]