Speaking before voters in Colorado Springs [yesterday], the Republican vice presidential nominee Sarah "Glasses Make Me Look Smart" Palin claimed that lending giants Fannie Mae and Freddie Mac had "gotten too big and too expensive to the taxpayers." Umm, too bad they are GSEs and operate as private companies. It's not like this is one of the biggest issues to effect the country, oh wait, it involves 80% of the mortgages in the US. "You would like to think that someone who is going to be vice president and conceivable president would know what Fannie and Freddie do," said Dean Baker, co-director of the Center for Economic and Policy Research.
So not only does she not know what Frannie and Freddie do, she gets the taxpayers burden completely backwards. Now we are on the hook for trillions. If it was "too expensive for taxpayers", why did they just bail them out with taxpayer money? Fannie Mae and Freddie Mac weren't receiving any taxpayer money, now they are. She has no clue and looks to be Dan Quayle Version 2.0. Seems she is getting her business acumen from MBA Prez and lifelong C-student George Bush.
Note: Government bailouts socialize the losses, but the profits are always privatized. They say there are no atheists in foxholes, and by the same token there are no free marketeers in a financial crisis.
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