Wednesday, December 10, 2008

No Bank would loan, why us?

Our elected representatives are criticizing Fanny Mae and Freddie Mac for having such loose loan requirements. They are grilling the past four CEO’s of these companies over mismanagement. Yet these very same representatives are turning around and formulating loans to the auto industry that no bank in the world would make. The taxpayer is not in the business of making loans. Congress has not been able to manage the taxpayer’s money for decades. Need some proof? The last budget surplus was in 1957!

If no bank in the world would loan the big three a single penny, why on earth are our elected representatives even contemplating a loan?

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