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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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