The columnist is one of the few who have a cue and is always willing to point out that most Emperors have no clothes. His is always a refreshing, thoughtful point of view...kind of like Wes Pruden here at home.
The thing that irks me the most about these bailouts, particularly the nationalizing of Fannie Mae and Frannie Mac is that my hard earned money now is being transferred to the Chinese Communist Party. I didn’t sign on for that.
The bailout is a transfer of hundreds of billions of U.S. tax dollars to governments overseas.
The top five foreign holders of Freddie and Fannie long-term debt are China, Japan, the Cayman Islands, Luxembourg, and Belgium. In total, foreign investors hold over $1.3 trillion in Fannie and Freddie bonds, according to the U.S. Treasury’s “Report on Foreign Portfolio Holdings of U.S. Securities.”