The Fed, Fannie and Fred

"[Tim Geithner, Ben Bernanke and Barney Frank] are calling to raise the debt ceiling. This will assist them with perpetuating the biggest legal government scam in history [financial institution bailouts of over $12 trillion]. Meanwhile, responsible middle class Americans are barely making it, as their investments are devalued and government expands, finding more ways to collect money from them to support its Ponzi scheme.

This is not capitalism gone amuck, as Barney Frank claims. The government bailing out private banks is not capitalism but quasi-socialism. There is a simple solution to fix this: the banks must be held accountable. There should be a way to sue the banks that originate the irresponsible investments and loans, even if they transfer their risky ventures to other banks. Nor should they be bailed out when they fail. For every bank that fails, another one that is more financially responsible is ready to step up and take its place. Fannie Mae and Freddie Mac are quasi-governmental lending agencies, so suing them would only hurt the taxpayers. They were responsible for the highest rates of foreclosures. They have grossly failed, and represent government at its worst, so the only solution is to eliminate them." Rachel Alexander

The Biggest Legalized Theft of Middle Class American Wealth - Page 1 - Rachel Alexander - Townhall Conservative