Say what you wish about John McCain, but he's said and written that Fannie and Freddie should be sliced, diced, and privatized. This is a position held by many respected economists, including Poole, who writes in a New York Times op-ed that what they claim to need government guarantees to do, the private market can handle quite well, thank you.
Beyond the presidential campaign, consider why barely 10 percent of Americans express confidence in Congress.
Congress ignored for years the festering problems at Fannie and Freddie, despite lights shined on these problems. Now we taxpayers (you and me) are exposed to some $5 trillion of their debt.
Unfortunately, this political irresponsibility is the rule rather than the exception.
This is the same Congress that woke up one night to discover 12 million illegal immigrants in our country.
And the same Congress that continues to ignore the $50 trillion or so (whose counting?) in unfunded liabilities of Social Security and Medicare.
The pathetic dynamics are quite clear. Being honest about problems means taking responsibility and making hard decisions. Why do that when you can ignore them, let them fester and grow, and pawn them off on the next generation when you will be long gone?
Government -- federal, state, and local -- now takes about one of every three of the dollars we produce. Estimates are that by mid-century it will be more than one of every two.
Are we going to be in rocking chairs telling our grandchildren how we remember when America was a great country?
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