Can You Spare Half A Trillion?
The Big Picture's Barry Ritholtz makes an important point about the impending federal takeover of Fannie Mae and Freddie Mac:
That's right -- we have no money for rebuilding our infrastructure, for any form of National Heath Care, for fixing/saving social security, but a bunch of rogue traders and Alan Greenspan, under the guise of "Deregulation" can leverage up and lose trillions, which you the taxpayer is on the hook for!
Please remember this the next time some radical conservative sings the virtues of the "free market." This is another example of the privatization of profits and the socialization of risk.
And don't worry -- these same people will make sure the government is not there to help you in bad economic conditions.
It's the free market!