Fannie Mae and Freddie Mac

The news is more detailed this morning.

The government is taking over the troubled entities and using our tax dollars - yes, those would be yours and mine - to the tune of one billion dollars to each entity as an initial cash infusion. Where are the fat cats who created this mess with their greed and lack of oversight? Their million dollar salaries, bonuses and incentives should be garnished to clean up this mess. The American public should not have to bear the brunt of their misdeeds.

Barack Obama stated yesterday that the shareholders in those companies should realize, as do working class Americans who invest their hard-earned monies, that they are in a situation where they might make money and they might lose money, not that they should be in a "heads win, tails, don't lose" situation (the investors at Fannie and Freddie).

I am not finished editorializing on this issue. I will keep following it and updating the blog as needed.

Thanks for reading.

The Freddie Mac and Fannie Mae debacle

I could hardly believe the headline on my mobile phone early this morning. The federal government is actually going to bail these two companies out.

All their lobbying, stock options, million dollar salaries for executives - gone in a few weeks, we can only hope.

Fannie Mae and Freddie Mac will be officially in government care - or receivership - akin to chapter 11 bankruptcy. They will be reorganized - managers and board members fired and new blood brought in to turn things around.

The government will infuse cash as needed - yes, cash from yours and my tax dollars, until such time as they become solvent - we can only hope.

Isn't there a federal penitentiary out there somewhere for whoever the hell was at the helm of this ship when it started sinking?