Corporate Welfare

Freddie Mac the Freeloader

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Regarding the Freddie Mac and Fannie Mae, the government-backed mortgage colossi, whose bailout could cost $200 billion:

"Doesn't this make the case for privatization, and powerfully at that? Don't forget that we are also sitting here with Social Security and Medicare leaving taxpayers on the hook for more than $50 trillion in liabilities."

That's James Pethokoukis, economics columnist of U.S. News & World Report, quoted by reason contributor and Denver Post columnist David Harsanyi, who asks when will the government gravy stop being poured?

Airlines already have benefited from the largesse. Detroit's auto industry, it has been reported, hopes to secure $50 billion in additional federal loans to, you know, help out.

Well, because the Big Three built cars no one wanted, failed to embrace new technologies, offered sweetheart deals to executives, and surrendered to predatory union demands … naturally, they deserve a cushy government loan. (I only hope newspapers are afforded such compassionate treatment. We're a national treasure, after all.)…

Isn't it ironic that government bars a citizen from risking his own Social Security funds because it's too chancy yet uses your money to bail out companies that have engaged in the very behavior government supposedly is safeguarding us from?

And really, what's riskier than letting Washington handle your money?

More here.

Jeff Taylor on FMFM here.

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  1. And the shark, he has teeth
    And he wears them in his face
    And Macheath, he has a knife
    But the knife one doesn’t see

  2. And really, what’s riskier than letting Washington handle your money?

    Witholding the protection money from the IRS?

  3. The part I love is the failed executives’

    http://online.wsj.com/article/SB122079276849707821.html?mod=hpp_us_whats_news

    “exit package.” I can think of a number of business disasters JMR could perpetrate on the taxpayers, but the idea of this kind of compensation for my hypothetical disaster blows even MY greedy mind.

  4. I, too, am a national treasure, but I don’t need no $200 billion. A million will suffice. I really am too precious to fail. Thank you all, and God Bless America!?.

  5. ed –
    don’t be foolish. Everyone knows that our children are the ones who are too precious to fail. No Child shall be Left Behind!

  6. Speaking of freeloading, I used to use Steganos internet anonymity software and it worked great (really – not part of the joke. Steganos.com). I heard about this Ultimate Anonymity software, but word on the street is it really sucks, and its sales are mostly through spamming. It would be really cool if I could find a link for both…

  7. I heard about this Ultimate Anonymity software

    LOL McSame bullshit monkey shines that really is too much shoot me now.

  8. No Child shall be Left Behind!

    Not even the “special needs” children? Won’t they slow down the “no particular needs” children?

  9. Wait, I think we’re on to something here. Freddie and Fannie are “special needs” corporations. Washington could have aborted them, but God said every corporation is Special. I suggest they merge Fannie and Freddie into one and call it Trig.

  10. Epi, too tired to look up the actual lyrics?

  11. Oh the shark has
    pretty teeth, dear
    and he shows them
    pearly white.
    Just a jacknife
    has McHeath, dear
    and he keeps it
    out of sight.

  12. My lyrics are the direct German translation, Kant.

  13. Isn’t it ironic that government bars a citizen from risking his own Social Security funds because it’s too chancy yet uses your money to bail out companies that have engaged in the very behavior government supposedly is safeguarding us from?

    QFT. I’m a resident of Motown and I deplore any bailout of the big 2.5. Of course both of the daily rags (one allegedly conservative) support it. I’ll bet dollars to donuts that it happens though.

  14. The part I love is the failed executives'”exit package.”

    Anything more than a boot in the ass to speed them on their way is ridiculous.

  15. Regarding the Freddie Mac and Fannie Mae, the government-backed mortgage colossi, whose bailout could cost $200 billion

    I think the Rule of 10 should apply here. Any government estimate regarding a program or action’s cost should be multiplied by a factor of 10 to get closer to the real cost of the program or action.

  16. “Not even the “special needs” children? Won’t they slow down the “no particular needs” children?”

    Of course they will. But they’re all working in government; slowing down the rest of us is what they’re paid to do.

  17. And note: Obama has figured it out.

    http://news.yahoo.com/story//ap/20080909/ap_on_el_pr/obama_mortgage_giants

    I expect McCain to ape this stand shortly…

  18. Oh der Haifisch,
    Der hat Zaehne,
    Umm ..umm..hmm

    Yeah, I forget the rest.

    Lotte Lenya everyone!

  19. I suggest they merge Fannie and Freddie into one and call it Trig.

    The Total Re-Insurance Guaranty Corp.?

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