The Bush administration socializes the housing market:
The US Government took control of Freddie Mac and Fannie Mae, the stricken companies that underpin America’s mortgage market, yesterday and promised to inject up to £110 billion of taxpayers’ money to keep them afloat….
Henry Paulson, the US Treasury Secretary and a key orchestrator of the rescue package, acknowledged that it was highly unusual for a government to intervene where publicly traded companies such as Freddie and Fannie were concerned. But he emphasised that the two struggling groups represented a special case because their survival was crucial to the health of the worst housing market since the Great Depression of the 1930s.
More on this in the next week. But count on one thing. This will make matters much worse in the long run. This is nothing more than the robbing the American taxpayer to protect the investments of the Chinese, the Russians, and the investment banks.
Isn’t it wonderful to have a Republican president! This really shows how 2008 is the mostest importantest election ever….