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Early last year, I wrote about Fannie's and Freddie's impossible business model. At that time, I said this: I ask you: what non-governmental entity competes against Fannie?Answer: None. Why is that? Because Fannie's impossible "business" model operates at a loss to give the power to Washington, creating a monopoly that is uncompetitive. AIG is in insurance. That's the next industry. And Washington's acquisition will yield similar catastrophic results. In the past week, Fannie and Freddie have come to Washington begging for more handouts - because their "business" models suck:Fannie Mae has again asked taxpayers for more money after reporting a first-quarter loss of more than $13 billion.The mortgage finance company, which was rescued by the government in September 2008, said it needs an additional $8.4 billion from the government to help cover mounting losses. Fannie Mae was started by one of the worst presidents ever, FDR. Thanks to his desire to control it all from the top, there is no free market alternative to Fannie Mae today. And for that, our kids will pay dearly. |
by Brett Rogers, 5/10/2010 1:23:43 PM
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