Merry Xma$, banksters!
Latest move in the toxic assets shell game: Hide the Big Shitpile in Fannie and Freddie:
The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.
Since there’s no way Freddie and Fannie took unlimited losses, one has to wonder what all this money is going to be used for. Is it to make up losses they don’t want to admit? Is it to make future bad mortgage loans? Is it so they can take bad debt from the banks and put the government at risk for it?
Notice also how they’ve made an unlimited commitment without consulting Congress. You only need Congressional approval to spend money on wars and healthcare, when it comes to bailing out banks, apparently the Presidency controls the power of the purse all by itself.
It’s also interesting that this is unlimited till the end of 2012.
Well, that's a relief. Obama's kicking the can down the road to the next administration.
You know, I can't help but notice how Versailles services the banksters instantly and lavishly and with no accountability or transparency whatever; a constant through this adminstration and the last. Nor can one help but contrast the multi-year, laborious, incremental approach recommended for health insurance reform improvements by even the best of pundits to the way everything's greased for Chase, Citi, and Golden Sacks -- and how nobody mentions what's hidden in plain sight: That their money is more important than your life (and it's also your money!) It couldn't be more clear how broken Versailles is -- to anyone who doesn't live or work there, at least. We have no place to go. I don't know what a place to go would look like, but perhaps we can begin to create one.