I'm Changing My Name to Fannie

Jesse Walker | September 9, 2008

David Boaz puts the feds' latest economic encroachment in context:

[T]he Fannie-Freddie takeover is not the only bailout in the works these days. There was the Bear Stearns bailout back in March. Which might not be considered a real bailout, as Bear Stearns shareholders lost most of their investment, though it was certainly a then-unprecedented assertion of federal power. Arnold Kling noted in April that the housing bill, at least, was a pure bailout for homebuilders. Now the Big Two and a Half automobile makers are asking for $50 billion of federal help. (Didn't we already bail out Chrysler once? How many bailouts does one company get?) And now Congress is talking about "a second economic stimulus package, totaling $50 billion in the form of money for infrastructure projects, relief for state governments struggling with rising Medicaid costs, home heating assistance for the Northeast and upper Midwest, and disaster relief for the Gulf Coast and the Midwestern flood zone." And Transportation Secretary Mary Peters wants "an $8 billion infusion" for the federal highway trust fund. It's a good thing that the federal government is so flush with money these days, or we might be risking a large deficit.

Musical bonus: Arlo Guthrie sings a classic from the Carter era, "I'm Changing My Name to Chrysler." The YouTube version is accompanied, alas, by a tedious fan-made slideshow. Ignore the pictures and listen to the words.

Comments

Alan Vanneman|9.9.08 @ 8:06AM|#

"The YouTube version is accompanied, alas, by a tedious fan-made slideshow."

I am sorry, Jesse, but I made that slideshow and it is BRILLIANT. I am, if I say so myself, the Arlo Guthrie of slideshows dude.

|9.9.08 @ 10:30AM|#

It's a good thing that the federal government is so flush with money these days, or we might be risking a large deficit.

Does he think that's funny? I'm ready to trow up.

Open question. Where are you investing your savings?

Rhywun|9.9.08 @ 11:46AM|#

They want to raid the transit fund and/or the general fund to build more roads, when people are driving less and transit ridership is at an all-time high in many areas. Sounds about right to me.

the innominate one|9.9.08 @ 12:11PM|#

Chrysler was indeed "bailed out" once, but if Iacocca's autobiography is to be believed, at least they paid the feds back.

|9.9.08 @ 12:20PM|#

Slag off, Walker. The song IS great, but the slide-show was just fine, too!

Invisible Finger|9.9.08 @ 12:27PM|#

The most fitting musical tie-in is

Take a load off Fannie
And put the load right on me.

|9.10.08 @ 9:57AM|#

Lotta freaks, man.