Actually I bought two mortgage companies. And so did you -- Fannie Mae & Freddie Mac. The federal government's unprecedented bailout of the mortgage giants could cost American taxpayers up to $200 billion (that's with a "b").
To be fair, the U.S. Treasury didn't have a lot of choices. Failure of these organizations is not an option. Combined, they hold over $5 trillion (that's with a "t") in mortgages. At the same time, it is extremely frustrating to know that risky behavior by Fannie & Freddie during the boom times is what led us, in part, to the crisis at hand.
If you are like me, you have followed the mortgage crisis and subsequent credit crunch in the news over the last year or so. I got the gist of the situation -- but I only vaguely understood exactly how we got in this mess. Then a few months ago This American Life broadcast an amazing hour of radio that completely explains who did what, when and where and how these actions built up to the largest government bailout in U.S. history. They've got a transcript of the show, but if you have about an hour, you should really listen to it. It's easy to digest, entertaining and you can download it to your iPod. It will make you mad, but you'll be glad you listened.
My apologies if this topic has been beaten to death in the last two days, but I've been in court and in transit and sadly not in touch with the blogosphere since Sarah Palin's big speech in Minnesota last night.
First of all -- was that some great TV or what? My favorite moment was definitely Palin #4 giving a spit bath to Palin #5 during mom's speech.
That's entertainment! I thought Governor Palin said and did exactly what she was supposed to. I don't agree with her politics, but she wasn't talking to me last night -- she was talking to her base.
After watching McCain's speech tonight and finally finding the time to digest Governor Palin's words from last night, I realized what made me so angry -- bashing Obama for his work as a community organizer. Really? Is that the best you can do?
It started with Giuliani's speech and Palin found a way to work it into her speech -- twice. I don't need to remind political junkies watching gavel-to-gavel coverage this week that the GOP's theme on Tuesday night was "service." Then tonight, Senator McCain riffed for a long time on the importance of getting involved. So why bash the guy for opting-in to community service -- isn't that what you were just encouraging people to do?
A quick Google search of the term "community organizer" found that this topic is a darling among the right-wing media. Apparently Senator Obama's ideas for national voluntary service plans are threatening to the American way of life. What really makes me mad though, is that this kind of doublespeak is a big slap in the face to all those people who bust their butts everyday, trying to make a difference in their community.
Unlike politicians and celebrities, community organizers don't serve for headlines or political advancement. They sure as heck aren't doing it for the money. They do it because they see the need to fight for those who cannot fight for or by themselves. Because they recognize that the wedge between the ruling class and everybody else is getting so big that the only thing between life and death for many in our society is a helping hand.
Convention speeches are meant to get people fired up -- a bunch of hyperbole and sound bites meant to energize true believers and wow the uninitiated. Dogging a guy for serving his community? It's just stupid and mean. It's as bad as dogging a guy for serving his country in the military. But while no politician would dare go near that third rail, the GOP decided last night that it was okay to bash another form of service to our country.
I happen to like the idea of a former community organizer serving as our next president. At least he won't be out of touch with our communities. Hail to the Community-Organizer-in-Chief!
In case you missed it during convention coverage Thursday night -- one of the highlights was definitely the speech by Barney Smith. When he was done, the outsourced Indiana factory worker had 84,000 people chanting "Barney, Barney!" Only in America.
Actually I bought two mortgage companies. And so did you -- Fannie Mae & Freddie Mac. The federal government's unprecedented bailout of the mortgage giants could cost American taxpayers up to $200 billion (that's with a "b").
Posts
