363 billion reasons to vote for Sean Bielat
The government’s bill for bailing out Fannie Mae and Freddie Mac might reach as high as $363 billion by 2013, the Federal Housing Finance Agency said Thursday.
The twin mortgage giants have already sucked in $148 billion in order to stay afloat, and according to the new projections, that number might reach $221 – $363 billion by 2013.
The Treasury Department has been supporting the foundering Fannie (FNMA) and Freddie (FMCC) since the twin mortgage giants entered financial difficulty following the implosion of the mortgage-backed securities market.
The two companies essentially have been given a blank check from the government since Treasury lifted the $200 billion funding limit for each late last year.
While the Obama administration and the Democrats in Congress are more than willing to excoriate the private sector bankers and traders for whatever blame they share in the current economic crisis, not a word is spoken about Fannie and Freddy, and the looming disaster they pose for the nation’s balance sheet—-all at the expense of taxpayers.
One of the Congressional enablers of this mess is Barney Frank. He needs to be voted out of office and the good people of Massachusetts’ 4th district have a clear alternative.
I’ll let Sean Bielat’s recent campaign ad speak on behalf of the arrogance and idiocy that is Barney Frank, who was minding the store while the housing market collapsed:
In any other year, the notion of being able to vote Barney Frank out of office would be insane. But this is unlike any other year. As with so many races across the country, if getting insane liberal Democrats out of their entrenched political ratholes was ever possible, now is the time.
Other bloggers have been pushing this race as a potential pick-up for the GOP and momentum is building. We know about Frank lending his campaign $200K, and that doesn’t happen when you’re confident down the stretch. And kudos to Stacy McCain who’s been pounding the table for Sean Bielat for weeks.
Voters in Massachusetts’ 4th Congressional district have a clear choice–more of the same, with $386 billion bailouts to GSEs that promote left-wing social engineering, or some real change.