The bankruptcy bill will help Citigroup. They will be able to get more deadbeats to pay off their credit cards, probably by getting CitiFinancial home equity loans, for which they will rake in even more fees. Many, many people have lousy credit but are sitting on a ton of home equity.
I'd love to see them apply the Microsoft monopoly criteria to Fannie and Freddie. Equal protection before the law, dammit.
The witch hunt has already started, that's why the stocks are down during a roaring mortgage market.
The housing bubble is being used to hide the stock bubble. How long can we play hide the pickle? How else can you have strong consumer spending during a recession?
Fannie and Freddie do not represent the government pumping up the housing market. They are a two-headed monopoly, just like Microsoft, and just like Microsoft, they are helping the economy.
Oh yes they do. You see you create easy money for the housing market, which artificially inflates prices, which "increases" the value of your real estate portfolio, which allows you to create more easy money for the housing market.
When this process kicks into reverse it will destroy wealth even faster than it created it. Houses are no longer places to live but rather speculative instruments.
Only the politicians can screw this up, and they seem to be ready to do it. They will never learn.
Yep, the GSEs are a gift from our old pal FDR. Other include Social Security, the BATF, criminalized gold, etc, etc.