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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (87886)	7/21/2010 6:26:17 PM
From: TimF	1 Recommendation Respond to of 224749

$3.7 trillion in new debt? No problem From Reuters: “Increased housing commitments swelled U.S. taxpayers’ total support for the financial system by $700 billion in the past year to around $3.7 trillion, a government watchdog said on Wednesday. The Special Inspector General for the Troubled Asset Relief Program said the increase was due largely to the government’s pledges to supply capital to Fannie Mae and Freddie Mac and to guarantee more mortgages to the support the housing market.” The federal government has another $3.7 trillion unfunded liability? No problem. We will assure lenders that the federal government is good for the money by guaranteeing it the newly formed Budget Assistance Regulatory Authority Corporation. Ah, who will guarantee its loans? Why the newly founded Office of Budget Analysis Management Agency. Under this plan, BARAC and OBAMA would be responsible for fully repaying that $3.7 trillon (or $3.7 million million, if you prefer). blogs.dailymail.com