Palin thinks Freddie Mac is a government agency Issues Beyond Palo Alto, posted by Voter, a resident of Another Palo Alto neighborhood, on Sep 6, 2008 at 7:11 pm
Palin's remarks today (note: the Feds are thinking of taking over Fannie Mae and Freddie Mac, but it had not happened as of the speech):
“Fannie Mae and Freddie Mac, they’ve gotten too big and too expensive to the taxpayers,” Palin said to applause. “The McCain/Palin administration will make them smaller and smarter and more effective for homeowners who need help.”
From the Freddie Mac web site:
"Freddie Mac is not an agency of the Federal or any state government nor does Freddie Mac receive federal funds. In fact, Freddie Mac is one of the nation's largest federal taxpayers. Freddie Mac is owned by its shareholders and, like other corporations, is accountable to its shareholders and a board of directors. Freddie Mac's enabling legislation calls for our Board to have 18 directors, five of whom are to be appointed by the President of the United States."
I thought I saw John McCain cringe a little bit as she said this, but I guess everyone was so star struck they couldn't be bothered to notice that Palin thinks Freddie Mac and Fannie Mae are government agencies. (The media of course has allowed itself to be whipped into submission again by the Republican cry about the "liberal" media, and can't roll over fast enough to pull hard to the right.) Note that by contrast to his running mate's remarks, McCain has been quoted in the past as saying he thought Freddie Mac was too big to ever fail, as in big = good...
At least Barack Obama's 8 years as an Illinois state legislator and two years in the U.S. Congress gives him the experience to tell the difference between a corporation and a government agency. (And he knows the difference between state law and federal law.)
Palin is suggesting more government involvement - dressed as more neoconservative ideology whose intentions run totally counter to actions and outcome - no different in substance than the bloated and bumbling government involvement of the Bush administration.
Looks like the Feds (Bush administration) are going to take over Freddie Mac and Fannie Mae. Maybe it's necessary. But I am completely alarmed to see that, not only does Sarah Palin have no idea what is going on in an issue that is vitally important to our economy and a good segment of American households, but the media has already allowed the Republicans to whip them into submission ala pre-war Bush administration that they can't comment intelligently on it.
Posted by R Wray, a resident of the Palo Verde neighborhood, on Sep 7, 2008 at 10:03 am R Wray is a member (registered user) of Palo Alto Online
Freddie and Fannie are essentially government agencies. They were created by the government and are sponsored by the government. They are heavily regulated. Congress has implicitly promised to guarantee their debt--witness the recent takeover. They certainly cost citizens (not only taxpayers) by disturbing the free market, and the takeover will cost taxpayers plenty.