We, as Americans, pay taxes to the government to pay for the things that are needed to run this country. I don’t have a problem paying taxes because I like it when my garbage is picked up, when criminals are put in jail, or if my house catches on fire that the fireman will come and put the fire out. My issue toward taxes changes when the Treasury department goes ahead and buys Freddie Mac and Fannie Mae to help stabilize the housing market. These two entities were created by Congress in 1938 and in 1970 to help promote the housing market and from the looks of it, it doesn’t look like they’re doing too good on that idea. I do understand that if they didn’t do something, the two could have been saved from outside sources like Korea or even China.
How is it that a “company” (and I use that term loosely) that is sponsored by the Federal Government, and that might need to be saved by the government, be a company that has shareholders? If you follow the stock market you would know the on Friday the stocks of Freddie and Fannie closed at $5.10 and $7.04 respectfully, are now trading at $.70 a drop of over 85%. The common stocks are pretty much worthless.
The treasury dept has decided to use our tax dollars to save the trouble mortgage lenders. I’m not a happy camper about the fact that I’ve paid off my mortgage and that my taxes won’t even benifit me or my family in this aspect. The only thing that may work in my favor is that when I go and aquire a new loan in the next year, I may be able to get the loan at 5.5% or better.
Tags: Congress, Government Spending, taxes
