And David Harsanyi knows what pisses me off:
The feds will rescue anyone, it seems, except those suckers who dutifully mail their mortgage checks in on time every month.
I go to work every day, whether I feel like it or not. I paid my way through school. I take care of my own problems. Stupid me.
These reliable citizens, in fact, soon will be propping up the for-profit businesses of Fannie Mae and Freddie Mac (not to mention Bear Stearns) in the de facto nationalization of a huge chunk of the mortgage industry.Stockholders of Fannie and Freddie, for decades, have profited from an implicit taxpayer guarantee on their business, while pretending that such a pledge didn't exist.
Well, it does. We know this because as a reward for a feeble job done, executives may walk away with $15 million in severance pay.
You? The bailout allegedly will cost taxpayers approximately $200 billion. And, as you know, federal projections are always on target.
I say: screw them. Let Fannie Mae and Freddie Mac collapse. Would the bottom fall out of the economy? Good. We'd recover in a few years, and we'd be wiser for it. What's more, the people who made such dumb decisions would never be trusted with anyone else's money again.
Instead, the government grabs a shovel and scoops money from my pocket and gives it to idiots.
