Freddie, Fannie And Friends

The wonderful world of our capitalist society, small c for the few that capitalize!

With trouble brewing inside mortgage giants Freddie Mac and Fannie Mae, Armen Keteyian reports that the nation is learning more and more about the companies and their friends in high places.

It was during the Great Depression that Fannie Mae was founded – in 1938 – with a simple purpose in mind: to give lower and middle income Americans more access to the Great American Dream, owning your own home.

It did it by guaranteeing if a homeowner defaulted on a loan the bank would get paid, CBS News chief investigative correspondent Armen Keteyian reports.

The American way, on paper and in words, but:

“You’d have people in Congress that would make it very clear that they wanted nothing to touch Fannie and Freddie,” Leach said.

And as Robert L. Borosage says, over at Huffington:

Wall Street Socialism

That’s right. If the guarantees work, private speculators, having driven the stock down, will clean up on the upside. And the bank’s CEO’s will continue to pocket the multi-million dollar salaries. Call it Wall Street socialism. Their losses are socialized; their profits are pocketed. You and I will pay for their failures. And if conservatives have their way, their families will pocket their successes, without even having to pay a tax for the transfer of the estates we’ve helped to create.

For not only Fanny and Freddie but across the board, reaping more take off the smaller investor than they get and taking all of us to the cleaners.

And with the trickle down taxcuts what do they do to avoid those smaller amounts required by them them:

Super Rich Tax Cheats Outed by Bank Clerk

Technician in Liechtenstein Turns Over Names of Americans With Secret Bank Accounts

Hundreds of super-rich American tax cheats have, in effect, turned themselves in to the IRS after a bank computer technician in the tiny European country of Liechtenstein came forward with the names of US citizens who had set up secret accounts there, according to Washington lawyers investigating the scheme.

They’re going after him as a Thief!

And he may be of Criminal mind just trying to make a huge buck off of the lists, and not just a concerned human!

If that be the case than What Does It Say About Those Hiding Their Wealth!

Seems than he’s just Playing the Game they Started!!!!!!!!!

He is now in hiding but scheduled to testify to the Senate’s Permanent Subcommittee on Investigations Thursday via a video statement from a secret location, according to Congressional investigators.

What are the expectations that might come out of these hearings, any perp walks, pay back taxes owed plus, we’ll see.

But I can’t hold my breath forever!