Diary

Stealth Welfare

It’s simple really.

When Republicans were successful during the 90’s in getting real welfare reform passed the Dems had to find a new vehicle to keep their wealth redistribution engine churning. They found the perfect piggy bank in Fannie Mae and Freddie Mac. Couching the scheme in lofty sounding rhetoric about the American Dream, blah, blah, blah. I do not think for one minute that the Democrat party did not know that, at some point, these loans were going to go belly up and that the “patriotic” taxpayers were going to have to bail them out. They put their friends in to run the scheme and all the politicians, even alot of Republicans, got their palms greased.

Easy credit has become the new welfare. 100%, interest only mortgages became the new way to funnel money to constituents. We have low income households with large screen TVs and $100K in “Student” loans. This bailout is going to wipe the books clean of alot of bad behavior while exacting no penalty for that same bad behavior.

The reason they are trying to rush this through is because they don’t want the people to see just how ugly this problem really is.