Fannie & Freddie Bailout = Socialism

J.J. Jackson | September 12, 2008 

And I am not the only one that thinks so either! Now, while I say you should be wary of anyone that got into bed with the socialist George Soros, Jim Rogers is 100% correct in that government lenders Freddie Mac and Fannie Mae should be allowed to fail:

Has America created its own variety of communism with the U.S. Treasury Department’s bailout of two beleaguered government-sponsored enterprises (GSEs), Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE)? According to Rogers Holding CEO Jim Rogers, the answer is yes.

“America is more communist than China is right now,” Rogers told CNBC Europe’s “Squawk Box Europe” September 8. “You can at least have a free market in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters.”

Rogers, known for launching the Quantum Fund with left-wing heavyweight George Soros, said the bailout was not benefiting homeowners or helping average citizens improve their standing for a home mortgage.

…

Rogers had previously called for Fannie and Freddie to be allowed to go bankrupt. “They should not be bailed out,” he told “Worldwide Exchange” July 15. “This is outrageous. Who are these people who are taking our money and doing this and ruining America?”

“Let the patient go bankrupt,” he said. “We have courts in America; they will be reorganized.”

Right now the government by default “owns” every home for which Fannie Mae and Freddie Mac held mortgages on. Private property? Not any more. And if America elects a Marxist this November do not be surprised if he flexes his muscles and exploits this glaring error of the federal government’s ways.


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