The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Freddie: ‘You Can Fool Yourself. You Can Cheat Until You’re Blind’

Posted on | May 5, 2010 | 3 Comments

by Smitty (h/t the Whip)

The country is in the very best of hands, as Insty is fond of noting. Especially when, for example, Freddie Mac unexpectedly finds itself facing a $10.6B loss.

Eric Cantor whipped it good:

Washington D.C. – House Republican Whip Eric Cantor (R-VA) today issued the following statement after Freddie Mac released its first quarter financial report this afternoon:
“Today’s financial report confirms what we already knew: the American taxpayer continues to pick up the bill for a reckless government-backed institution that was at the heart of the financial crisis. And as it turns out, the tab was even steeper than we thought.
“What’s even more troubling is despite the fact that Fannie Mae and Freddie Mac received the largest taxpayer bailouts by far, President Obama, Speaker Pelosi, and Senator Reid refuse to even mention them in their Financial Regulatory Reform Bill. Not even once. Something has to be done about Fannie Mae and Freddie Mac—not next month, not next year—but now. The American people are tired of footing the ever-growing bill created by Freddie and Fannie, even if Democrats are content to ignore it.”

A ‘a reckless government-backed institution’. The recklessness in question is simple scope creep.

Cantor, you’re fighting the good fight, and I don’t want to distract. But let me plant a seed: real improvement will occur when the Federal government is confined to Federal activities. The bulk of the evils besetting the republic can be visualized as the Federal Mississippi River departing its banks to cruise down Beal Street in Memphis, Tennessee. The evil of Freddie is not so much that it is reckeless; rather, that its 10th Amendment-violating existence is tolerated, period.

Ending on a great note, here is an acoustic Yes cut that is teh rockin’:

Comments

3 Responses to “Freddie: ‘You Can Fool Yourself. You Can Cheat Until You’re Blind’”

  1. bruce
    May 6th, 2010 @ 10:38 am

    Like what Clapton done to Layla. I never noticed the similarity of the 2 songs come to think of it. Guess that sound was in the air 1970.

    Gonna a lot more laid back rock songs to pipe in the nursing homes in a decade or so!

  2. bruce
    May 6th, 2010 @ 5:38 am

    Like what Clapton done to Layla. I never noticed the similarity of the 2 songs come to think of it. Guess that sound was in the air 1970.

    Gonna a lot more laid back rock songs to pipe in the nursing homes in a decade or so!

  3. Oh Shock! Freddie Mac Suffered a Loss and Needs a Bailout! :: The Lonely Conservative
    July 7th, 2010 @ 1:07 pm

    […] Other McCain: Freddie: You Can Fool Yourself. You Can Cheat Until You’re Blind Red State: Hi, federal government. Pay my mortgage, […]