Posted by Davy on November 8th, 2007 in Politics
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Bernanke is testifying as I type this and he just made the suggestion that the Federal Government help the mortgage crisis by guaranteeing Freddie & Fannie’s exposure to allow those GSEs to buy and package more loans. Of course, they’ll underestimate exposure to possible losses from these mortgages and the taxpayer will be left holding the bill.

Keep in mind that I consider myself politically progressive and to the left of most mainstream Democrats and liberals. But irresponsible bailouts isn’t a left vs right issue — it’s a matter of future economic survival.

Privatize the gains, socialize the losses. Absolutely f#^king disgusting.