They say when the Titanic hit the iceberg, most passengers didn't even feel it.
The Fannie Mae and Freddie Mac are like that. Tectonic shifts that we don't feel locally. If WaMu went belly up, that would be alarming.
The biggest bail-out in history?
Not so much.
But it does prove the old adage; owe the bank a little, they own you. Owe the bank a lot, you own the bank.
"Supporters, however, argue the government had little choice but to support Fannie and Freddie, which together hold or guarantee $5 trillion in mortgages — almost half the nation's total." USA Today.
Well, we own the 'bank.' The government, the taxpayer, you and me...
I feel really wealthy owning so much debt.
The Fannie Mae and Freddie Mac are like that. Tectonic shifts that we don't feel locally. If WaMu went belly up, that would be alarming.
The biggest bail-out in history?
Not so much.
But it does prove the old adage; owe the bank a little, they own you. Owe the bank a lot, you own the bank.
"Supporters, however, argue the government had little choice but to support Fannie and Freddie, which together hold or guarantee $5 trillion in mortgages — almost half the nation's total." USA Today.
Well, we own the 'bank.' The government, the taxpayer, you and me...
I feel really wealthy owning so much debt.