(Photo via Mako Snark)
This is enough to make your blood boil. President Obama will appear tonight to talk about the State of the Union, but something tells me he won’t talk about the unlimited taxpayer bailout of Fannie Mae and Freddie Mac. And he certainly won’t mention his statist buddy Chuck Schumer and the little racket he has going with the GSEs.
The Wall Street Journal: Yesterday he demanded that the two failed mortgage giants guarantee low rent for tenants in a Manhattan property they now own after the owner defaulted. As they say in Democratic Washington, a crisis is a terrible thing to waste.
Recently we told you about the Treasury’s Christmas Eve announcement that after chewing through $111 billion from taxpayers, Fan and Fred can now consume an unlimited amount of cash from the U.S. Treasury. The companies have been losing billions each quarter to serve President Obama’s political goal of modifying troubled mortgages. They can lose still more by serving Mr. Schumer.
In truth, they already are. The New York lawmaker has pioneered the use of the Fannie and Freddie earmark, having successfully pressured Fannie to sell another property in the Bronx to an affordable housing group. But his appetite is growing for taxpayer cash to dole out to his constituents. Whereas the Bronx housing complex was worth a mere $29 million, Fan and Fred’s interest in the mammoth Stuyvesant Town complex in Manhattan could run into the billions.
Read the whole thing. And then throw every leftist, progressive, Democrat and RINO out of office. That’s our only defense. Vote these people out!!!
