HowardResponse to Fred Thompson on Fannie Mae
September 9th 2008 22:38
Real Crash- Looking at Capitalism and its Laws:
I guess that's why they call it the blues
The article by Fred Thompson is interesting and somewhat useful in his misgivings about the take over by the US Government of Fannie Mae and Freddie Mac. Unfortunately it ends with the sort of "symbolic opposition" that drives me up the wall. If this is conservative, the financial liberals will win every time.
If we are to have a United States, we need real concrete statements of "give it back, stop it now, and political organizing to back it up. An alternative policy is needed as well. We can't bail out $5 trillion of mortgages...as a starter.
To do that, the mortgages must be frozen, and the banks accept rental payments until the crisis is over, even if that takes years to deflate the real estate bubble. We cannot raise the national debt ceiling indefinitely to bail this $5 trillion out. After all, there is more to come for sure... trillions more, like the soon to be not-exotic topic called financial derivatives.
Finally, the USA needs a four powers agreement with Russia, China and India for stable currency parities, long-range credit for infrastructure projects and national sovereignty especially relating to things like Protection of Food Production, and other similar tariffs.
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Comment by S.L.
The Political Brief
Comment by Howard
Real Crash
Comment by S.L.
The Political Brief