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Fannie Mae and Freddie Mac have become gigantic financial black holes that the U.S. government endlessly pours massive quantities of money into. Unfortunately, if the U.S. government did allow Fannie Mae and Freddie Mac to totally implode, both the mortgage industry and the housing industry in the United States would completely collapse. So essentially the U.S. government finds itself between a rock and a hard place.
Obama and the Democrats continue to say there will be no more bailouts thanks to their financial reform bill. Now they want to give $30 billion to small community banks to rescue them. Instead of calling this a bailout, Obama and the Democrats are trying to pass this bill off as a $30 billion dollar loan to help banks loan to small businesses.
It’s a bank bailout. No matter how Obama spins it, this is just another scam to redistribute the wealth.