The U.S. Senate voted this week on a $700 billion government bailout of Fannie Mae and Freddie Mac, the guarantors of about half of mortgages in this country. In September, the government bailed out AIG, the 18th largest company in the world, at a cost of $85 billion.
The dictionary definition of socialism is “A social system in which the means of producing and distributing goods are owned collectively and political power is exercised by the whole community.” Read more
GUEST: Dan Celia, The Regency Foundation
We are currently experiencing what some say is the worst financial crisis since the 1930′s. The largest guarantor of mortgages in America, Fannie Mae and Freddie Mac, were in such financial trouble that the U.S. government chose to bail them out by giving them a $200 billion loan. Days later, AIG, a large insurance company entered the same death spiral resulting in the government again stepping in to bail them out with an $85 billion loan. Read more