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Palin thinks Freddie Mac is a government agency

Original post made by Voter, Another Palo Alto neighborhood, on Sep 6, 2008

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.

Comments (5)

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Posted by haha
a resident of Professorville
on Sep 6, 2008 at 7:19 pm


very weird post,

have thought about getting a life?

Or better still a job,

maybe as a community organizer

Like this comment
Posted by BHO
a resident of Duveneck/St. Francis
on Sep 6, 2008 at 7:32 pm

The Courage to Whine

Barack Obama announces that he "won't be bullied."
Poor widdle Barack! "Bullied," I guess, means "criticized" or "disagreed with."

Whether Obama is revealing personal weakness or simply highlighting the historic weakness of his party, this is not talk that projects strength, especially in the current context -
what is Obama saying,
he won't be bullied by a 44 year old hockey mom?
Stand Tall, Barack - you won't be bullied by Sarah Palin! OMG, is this a secret plan to assassinate Putin by making him laugh so hard he gets an aneurysm?
Or is this Laugh Attack launched at the Right Blogosphere (It's working! I can barely type through the tears).

Our next President - ready to take on hockey moms, PTA heads and small town mayors. Even former ones.

Obama seems to think it's dirty pool for the Republicans to try to win the election. Maybe that's because he thinks he's already President:

Like this comment
Posted by Walter_E_Wallis
a resident of Midtown
on Sep 7, 2008 at 6:02 am

Walter_E_Wallis is a registered user.

Freddy Mac has a license to steal, backed by government guns.

Like this comment
Posted by R Wray
a resident of Palo Verde
on Sep 7, 2008 at 10:03 am

R Wray is a registered user.

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.

Like this comment
Posted by Mike-Crescent park
a resident of Crescent Park
on Sep 8, 2008 at 9:29 am

Mike-Crescent park is a registered user.

It turns out she was right.

Sorry, but further commenting on this topic has been closed.

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