Late last night, when the news cycle was dead… Fannie Mae announced the need for at least $15 billion more to continue operations. Taxpayers already own this company and just like the other $60 billion Fannie Mae has been given by us, this $15 billion is already money down the drain.
Fannie Mae needs more money because of the ridiculous $8000 “First Time Home Buyer” program which we will soon find out is going to be extended to everyone. Now everyone can buy a home before May 1 and collect up to $6,500 from the government. If you’’re a first-time home buyer, you still get up to $8,000.
The House voted 403-to-12 yesterday to expand the huge money losing program to encourage people to spend money that they don’t have. The end result will still be the same….this bubble is going to pop, and 90% of the money we’ve spent to keep this from happening will simply disappear. Our kids and grand-kids will be left with the responsibility of paying for it. Total liabilities including on & off budget are about $100T, yes, “T” as in trillion dollars divided by approximately 350M US population equals a liability of almost $300,000 per person thanks to these arrogant and ill-advised politicians.
Soon we will see planted stories in the NY Times that Fed Chairman Ben Bernanke may have “made some mistakes”… and that will be the beginning of the end for him. That will also be the point where interest rates begin to rise, along with inflation, and that the stock market begins its move back to the March lows.
Again, for those that doubt my views, I encourage you to read “FDR’s Folly” by Jim Powell that I recommended on my 3 October post. Read the truth about the 1930′s. You will think that it was written just yesterday. Simply put, we are repeating the exact mistakes that led us into that 10 year Great Depression.
Folks, more millionaires were created out of the Great Depression than at any other time in our history. If you are financially educated and well informed… (SEE THE ELITE WEALTH PLAN TAB ON THIS BLOG, OR CALL ME AT 303.674.8488) you too can participate in the what is now going to be the greatest transfer of wealth this country has ever seen. Don’t become a victim of this foolish government, rather learn how to profit from it!
