I have had several requests to comment on the Housing and Economic Recovery Act of 2008.
This afternoon I read hundreds of pages of bill language. Essentially, my take on the bill is that Fannie Mae and Freddie Mac have issued more debt than can be paid back, so the solution is to have the US government essentially assume responsibility for their debt until such time as the fact that the US government cannot service its own debt is addressed.
By clearly signaling to the market that the US government stands behind Fannie Mae and Freddie Mac’s debt, this new law actually increases the national debt from $9.5 trillion to $14.8 trillion overnight (that is a $5.3 trillion increase as opposed to the $800 billion increase provided for in the debt limit increase accompanying the bill). Not surprisingly, a lot of pork needs to be added to pay a lot of people to go along.
A more appropriate bill title would be the “Housing and Economic Takeover Act of 2008.” Rather than declaring the New World Order, we are apparently going to legislate it sector by sector.
Here is the bill language:
Housing and Economic Recovery Act of 2008
Here is a rosy summary from the Senate Finance Committee:
Senate Finance Summary – Housing and Economic Recovery Act of 2008
The best overview so far is from Larry Lindsey. Lindsey was one of the more excellent governors of the Federal Reserve. Lindsay had to resign from the Bush Administration in 2002 as Director of the National Economic Council when he had to the good sense to warn that the Iraq War would be expensive.
As Lindsay points out, the number of porky add-ons in this bill are stupefying. Bloomberg provides a review of one:
Fed Loans to Banks Made Easier By Fannie Mae Rescue
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While I believe you should move where you believe your life will be enriched and I agree with most of your sentiments (Iraq/Vietnam, New World Order, etc.) but you should investigate the moral fiber of the Phillipines with regard to pornography – especially child porn (but you will be able to watch Father Knows Best and I Love Lucy reruns during primetime TV). I dream of “leaving it all behind” but that is why so many of the “immigrants” migrate here – people of morals and ethics fled their country leaving it to those with immoral and unethical character. Sounds rather selfish and cowardly.
It is frightening what has happened to the late great U.S. of A. Gradualism at its best has been put to use by the New World Order for many years. The dumbing down of America was an essential piece of this plan. Political Correctness to erode your freedom of speech through fear of being attacked by the minority which in turn has led to minority and not majority rule. Systematic increases in taxes on everything under the sun and the constant erosion of rights as displayed by something as ridiculous as a seat belt law. Human life is not cherished only used as a political football when it serves a purpose such as control by the Global Elite / Skull and Bones / Trilateral Commission / Industrial Military Complex – The Real Global Government. The systematic moral decay led by the pornography industry in this country is another scam of epic proportions. We openly live with and in some case applaud the careers of porn stars and at the same time arrest individuals for soliciting a prositute in supposedly FREE country. What a JOKE. How did the prime time TV go from “Father Knows Best” and “I Love Lucy” to the trash we have today. Another planned erosion of the morals in this society to help bring the quality of life down to that of a third world country in an effort to achieve “Equillibrium” and destroy the Middle Class. The music in the last couple of decades is another example of the aggression, hostility and degradation that has been cultivated in our society by the New World Order. Lets talke about the War on Terrorism – we have a tremendous amount of terrorism taking place at our own borders affecting the lives of Americans on our own soil much like that of 911. Lets be honest, Iraq is another Vietnam where the Carlyle Group / Industrial Military Complex gets to steal again from hard working Americans. I am thoroughly disgusted with the way our country has been trashed while sleeping with the enemy within our borders. I guess history does repeat itself and this country will go the way of the Romans and maybe some day return to be the true land of the brave and home of the free. But, for now it is the land of the disillusioned and enslaved just like a lot of third world countries. Honestly, when I can amass a bit more cash I will leave this country that I was born in and retire in the Phillipines where my beleagured dollar still has some value. I now understand why the immigrants come here to work and send money back to the countries they came. They do this because they life is better where they came from and I now agree.