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GSE Circus Is Meaningless: Government Needs To Back Mortgages? No @!#$

17 August 2010 No Comment

What an absolute circus this GSE garbage is. Our leaders are putting on the charade of “brainstorming” to determine what to do about Freddie / Fannie and the entire mortgage market which is essentially completely owned by the government.  Freddie & Fannie are nothing without the government – they are implicitly a part of the government.  The only reason it’s not explicit is because our stupid politicians don’t want the trillions of mortgage debt to be added to the official U.S. debt because then they’d have to explain why our Debt to GDP ratio just skyrocketed.  People.  It’s all a complete joke.

Ignore the hearings.  Fannie & Freddie are a part of the government.  If they weren’t the entire mortgage market would collapse since most mortgages go through the government agencies.

For a real dose of reality, watch the clips on this page – most brilliant interview I’ve seen in some time.

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