One in five mortgages in the USA are "underwater", that is people owe more for their homes than they can currently sell them for on the market. There is a rumor reported today that Obama will issue an executive order to Fannie and Freddie to forgive the amount of debt that's over the value of the home. If true, this would be a huge bail out worth billions passed without congressional involvement.
Do you think this is the right thing to do?
Do you think that Congress is no longer relevant?
It's a stupid thing to do. The fact that Fannie and Freddie exist means that the taxpayer, once again, is going to get soaked. Which will probably mean the end of Fannie and Freddie when they finally go bankrupt. Or the government will print more money to bail them out and we will still pay when the dollar's value goes to zero.
Congress hasn't really been relevant since before the Civil War. When we get people like Henry Clay or Daniel Webster in Congress again, it might become relevant.
Irrelevant since 1871 when they set up the Corporation of the United States.
Nope since 1860 when the South seceded. This allowed the new Republican party to enact many of the Whig, of which many of the founding members had been members of including Lincoln, and before them, Federalist, policies.
They couldn't, at the time, create a central bank, but they did lay the groundwork for what culminated in the Federal Reserve in 1913.
Seems to me just another way to give MY money to someone else for something they haven't earned or help correct a mistake caused by their own stupidity. Eventually we will all pay for it of course, and those dumb enough to try and make a killing in an overblown housing market will still be able to come out ahead.
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