Stupid, stupid, stupid

This is just plain dumb. And it’s also the sort of thing that brought about the Great Depression.

Let ‘em fail! So a risk didn’t pan out. Let it fall. Do NOT force the hardworking, already stretched American citizen to pay for these failures! It’s immoral and wrong, fleecing us for over five trillion dollars to prop up something that is clearly not working. It is an unmitigated disaster, indeed:

 The U.S. Treasury Department’s plan to shore up Fannie Mae and Freddie Mac is an “unmitigated disaster” and the largest U.S. mortgage lenders are “basically insolvent,” according to investor Jim Rogers.

…”I don’t know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae,” Rogers, 65, said in an interview from Singapore. “So we’re going to bail out everybody else in the world. And it ruins the Federal Reserve’s balance sheet and it makes the dollar more vulnerable and it increases inflation.”

…”These companies were going to go bankrupt if they hadn’t stepped in to do something, and they should’ve gone bankrupt with all of the mistakes they’ve made,” Rogers said. “…What’s going to happen three years from now when the situation’s much, much, much worse?”

…”They’re ruining what has been one of the greatest economies in the world,” Rogers said. Bernanke and Paulson “are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.”

What bullcrap. Where’s my pitchfork? My torch? Nowhere does the Constitution authorize the government to do such a thing, and it’s the SECOND TIME IN A YEAR they’ve pulled this sort of garbage! Indeed, this is an illegal action by the federal government…and a stupid, stupid, STUPID one at that.

Asinine. Evil. Wrong. Immoral. Because you never would have invested in Fannie Mae or Freddie Mac, would you? No, of course not, because they are failed businesses, they’re insolvent, they’re being run in an idiotic fashion. If I gave you $5,000 to invest, FM&FM are among the last places you’d look; you’d put that money into successful companies like Apple Computers or Target or Wal-Mart or something. No one in their right mind would invest in a company failing so spectacularly, and the government most certainly should not be doing so with our money.

Government never helps. It only screws things up more.