Not only do government programs fail to serve the recipients of others wealth, they also could have a negative effect in the private sector such has Fannie Mae and Freddie Mac did. Fannie Mae has been in “business” for 72 years and Freddie Mac for 40 years, these two government supported companies played the biggest role of our most recent economic downturn and are broke. All these programs that are broke play by different rules than the private sector and are able to still exist, running huge deficits, at tax payer’s expense.
These programs, of course, are claimed to be for the welfare of others. At what cost do these programs stop being a benefit and become a burden on economical growth? A simple answer is to say, the program becomes a burden when you have a larger number of dependents than you have producers to support the programs needs.
Senators Barney Frank, Christopher Todd, and Charles Schumer had much to do with the huge economic downturn. These criminal politicians with the help of other liberals in Washington, through extortion like methods, used Fannie Mae and Freddie Mac for social engineering. Offering people home loans they could not afford. Eventually, these loans were offered on such a large scale that once these unrealistic loans started to foreclose, causing huge losses in the housing market. This was done in the name of welfare and fairness but, eventually helped plunge us in the situation we are in now.
Many in the Bush administration warned that these loans and the practices of these two programs were not sustainable. Liberal after Liberal told Federal regulators that they were wrong; Gregory Meeks goes as far as calling regulators incompetent and along with Maxine Waters and other liberals claiming there was no crisis with housing loans in the housing market.
http://www.youtube.com/watch?v=_MGT_cSi7Rs&NR=1
http://www.youtube.com/watch?v=cMnSp4qEXNM
If this was the private sector, the leaders of these programs would be brought up on charges of fraud and more. That is the beauty of government programs; they rarely are represented by the people and rarely answer to those that are not profiting in some way from them. We the people need to stop politician gravy trains like this, and get rid of this notion that government programs can correct all that is wrong. The sad reality is government programs line more pockets of the government, and take away more money from the producers that make this country the success story that it is.
- Micheal Garry
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