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Dismantle Fannie Mae, Freddie Mac

March 16, 2012 by  

Cutting back at Fannie and Freddie. In a well-publicized effort to slam the barn door a few years too late, the Administration of President Barack Obama proudly announced that it is capping the pay of Fannie Mae and Freddie Mac bosses at half-a-million bucks a year. That’s an improvement over the past few years, when Fannie and Freddie chief execs pocketed several million dollars a year. But it’s a far cry from what Congress should do: Dismantle both unConstitutional boondoggles.

Phooey on Daylight Savings Time. I’ve ranted before on the absurdity of our annual “spring forward, fall back” exercise. Among other things, I think it’s a terrible idea to send our kiddies off to school in the dark. But a report from the Sleep Program at Loyola University Health System indicates it can actually be dangerous. There is a sharp spike in traffic accidents and workplace injuries on the first Monday of daylight savings — probably because many people are even more sleep-deprived than usual.

Sort of a sad finale. I was sorry to learn that that the cruise ship that inspired a million romantic fantasies — and several hundred TV parts for Hollywood B-list actors — has been sold for scrap. The “Love Boat” was actually the Pacific Princess, which joined Princess Cruises in 1974. After languishing at a dock in Italy for more than year, the 19,903-ton vessel (tiny by today’s standards) was sold to a Turkish demolition company. I trust that Captain Stubing (Gavin MacLeod) and Gopher (Fred Grandy) will shed a tear at its passing.

Bad karma for the Karma. The Consumer Reports test of the hugely subsidized, fancy new hybrid automobile the Fisker Karma was put on hold temporarily. It seems the $107,850 car broke down during speedometer calibration runs. The magazine said, “We buy about 80 cars a year and this is the first time in memory that we have had a car that is undriveable before it has finished our check-in process.” Fisker mechanics looked into the problem, replaced the battery pack and returned it to Consumer Reports. Testing is once again under way.

–Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • Bob Johnson

    I too am still wondering whey they even exist, another example of why congress should be refreshed with completely different faces, with limits of one term each, including the president.

  • http://PersonLibertDigest 1 Son of Liberty

    Freddie and Fannie have been a disaster from the beginning. Barney Frank sure lined his pockets and had all his friends on the payroll. I looked at homes in the early 80′s and they could not help me out at all. I was young and just getting started in life. It was because I was white employed at a good job as a tool maker and had no children. Now had I been in a low paying job that I just started with a couple of kids that I could not afford so I needed some sort of support I would have been right up their alley. Giving loans to irresponsible people was their idea of helping. I did better without their handouts and am a better person because of it. I have noticed over the years that the people who get the most handouts just learn more to be dependent and irresponsible.

    • f14driver

      It’s all by design.

  • Elzie Lavery

    Fannie and freddie both have their places in a subservient, obedient, fixed-value society. Look at the beating the redipients of their policies take, these people now see the fallacies of their ways…..by the time the house is paid off, the taxes to the local gendarmes are headed higher than the mortgage payment when purchased. Real estate is still grossly over-priced…….yes, you can still build a sturdy single-family home that will last for generations for $30.000 or even less, doing the work yourself..High property prices are just a way for government to steal more from you in taxes, since the more you are into a property for, the less likely you will be willing to let it go for a tax sale…..so, every year, higher taxes. We can only reverse this with a revolution….the name Ron Paul comes to mind…..here’s the kicker, and where I see Americans as being real sheep being lead to slaughter, it’s the “personal property tax”. If you live in a state with a personal property tax, it means you are an idiot, who deserves to be only the poorest of the poor, and qualifiedly an un-american. If you tolerate such theft, you are too stupid to be allowed to vote in a free country…..but then, America lost being a free country some years back, it just hasn’t been publicly accepted by people who watch Jeopardy, the Wheel, then Voices, then Dancers, then another game show……Get the drift? GET POLITICALLY INVOLVED, quit being a couch potato. No wonder obesity is such a problem in this country. It’s not necessarily an overeating problem, more like a lack-of-aftivity problem. The greater the level of passive people, the easier it is for the thieves to continue what they do best.

    • ChristyK

      Technically, nobody in America owns any property or houses. The government owns it. If I “rent” a house, I pay an up front deposit and periodic (usually monthly) fees (rent). If I fail to make my rent payments, the owner, kicks me out.

      When we “buy” a house/property, we pay an upfront fee (purchase price), we then make periodic payments (called property taxes, but really rent). If we fail to pay our property taxes (rent) we are kicked off of our property.

      Why should someone who has lived on a certain property (farm or ranch) for several generations lose the property because they were unable to pay their property taxes or their inheritance taxes? This is morally wrong.

      Anybody that cares at all about personal property or liberty should be strongly fighting property taxes.

  • John OConnor

    The reason there is still a Freddy and Fanny is that if private banks had to make such loans they would have to substantially raise the interest rate for the risk involved. For a time there would be no such loans and the housing market would get much worse.
    As more serious borrowers came forward willing to pay the higher interest the interest rate would start going up on all borrowing causing higher prices for the necessities.
    Freddy and Fanny maybe the only entities keeping us from hyperinflation. I agree they should never have been but dismantleing them needs to be done very carefully.

  • ONTIME

    Fannie Mae and Freddie Mac are two major problems we had better get a grip on, they are the other shoe waiting to drop along with the Feds printing syndrome. We as voters need to put some hard minded tough fiscal policy people in place and real backers of the rule of law and the Constitution, if we fail to make the repair and maintenace possible to survive the future and overcome this huge debt, then we are going to lose this Republic.

    The Dolt in the Volt cannot do the job, he cannnot even produce valid credentials.

    • s c

      Kudos, Ontime! It’s easy to come up with a lot of alternate names for Washington filth. However, ‘Dolt in the Volt’ is a winner. It’s fairly polite (for those who have thin skin), and it’s also on target and VERY to-the-point at the same time (for those who know the difference between ____ and shinola).

  • Raggs

    This idiot usurping a term in the white house is in bed with F&F.
    I say to hell with them all.

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