Rescuing Freddie Mac and Fannie Mae

If you're at all into educating yourself over the issues involved in the government's bailout out of the two mortgage company behemoths , Progress Report has done a great job. The failure of these two "banks" is not accidental - it was prompted by the failure of our government, mostly under Republican control for the past decade, to approve regulation. And you're paying for it.

Here are a few comments - contact information for the entire article is provided below the clips.

Dispensing with regulatory oversight, only to embrace dramatic and expensive subsequent bailouts, has become the hallmark of years of failed right-wing stewardship over the economy.

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Although McCain and Palin are correct in naming lobbyists as "primary contributors" to the current crisis, their feigned outrage rings hollow because "at least 20 McCain fundraisers have lobbied on behalf of Fannie Mae and Freddie Mac" in recent years.
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McCain's endorsement of the bailout of Fannie Mae and Freddie Mac is the second major federal intervention that he has supported in recent months. In March, he backed the Federal Reserve's decision to extend a $30 billion credit line to finance the takeover of Bear Stearns by JP Morgan. The strange dissonance between McCain's free-market, pro-deregulation rhetoric and his repeated support for sweeping government interventions suggests that a McCain administration would depart little from the Bush administration's status quo.

From The Progress Report, Sept. 10, 2008