Fannie Amnesia

As we posted yesterday....80% of U.S. citizens don't trust the Federal Government to solve problems.

As coincidence would have it, today we have an article in the Wall Street Journal that talks about the huge financial failure of Fannie Mae and Freddie Mac....both of which are Government Sponsored Enterprises (GSE) and are going to cost taxpayers at least $400 billion.

The story is all too familiar. Politicians in positions of authority today had an opportunity to prevent this fiasco but did nothing. Now—in the name of the taxpayers—they want more power, but they have never been called to account for their earlier failings.

Why was there no action in the full Senate? As most Americans know today, it takes 60 votes to cut off debate in the Senate, and the Republicans had only 55. To close debate and proceed to the enactment of the committee-passed bill, the Republicans needed five Democrats to vote with them. But in a 45 member Democratic caucus that included Barack Obama and the current Senate Banking Chairman Christopher Dodd (D., Conn.), these votes could not be found.

Recently, President Obama has taken to accusing others of representing "special interests." In an April radio address he stated that his financial regulatory proposals were struggling in the Senate because "the financial industry and its powerful lobby have opposed modest safeguards against the kinds of reckless risks and bad practices that led to this very crisis."

He should know. As a senator, he was the third largest recipient of campaign contributions from Fannie Mae and Freddie Mac, behind only Sens. Chris Dodd and John Kerry.

With hypocrisy like this at the top, is it any wonder that nearly 80% of Americans, according to new Pew polling, don't trust the federal government or its ability to solve the country's problems?

See it all here; http://online.wsj.com/article/SB10001424052748704671904575193910683111250.html?mod=rss_Today's_Most_Popular

As Henry Ford, founder of Ford Motors famously said; "It is well enough that the people of the nation do not understand our banking and monetary system, for it they did, I believe there would be a revolution before tomorrow morning."

Friends, it is becoming very obvious why Jesus told us to ONLY have faith in God. Because having faith in our government will prove to be useless as this one time trusted entitiy robs us all blind and a handful of people pad themselves with our money while in power.

What did I read?...Obama made over $5 million dollars last year?