Titanic Post

It amazes me to hear what I assume to be working class people working hard for their money calling other working class people “whiners” when they speak up in outrage over getting the shaft from giant corporations who can’t cover their losses for high-rate loans they made to low income people caught up in our tanking economy.

Fanny May and Freddie Mac are sub-prime lenders of money to high-risk people who would not otherwise be able to qualify for a loan to buy a house. They were originally funded by the government so that they could cover eventual losses due to the fluctuating market and to the risk involved. This is called “welfare,” corporate welfare. I also think it was a good idea to give poor families the opportunity to buy a home and to start accumulating wealth.

Now Fanny May and Freddie Mac are whining to the government to bail them out, because they were too shortsighted to put enough money aside, even with the high interest rates they charged their customers. Instead they pocketed the profits and underfunded their coverage.

If the government is brash enough to bail them out, as they invariably do with bank and oil companies that are in trouble, the profits are privatized by the rich corporations and the losses are socialized and handed down to the taxpayer.

Instead of complaining about poor people who are rightly complaining about their crappy situation, you should all be outraged at our government for screwing us all to the benefit of the rich. Karl Rove is an evil man and a criminal who should be imprisoned.

Nicholson