The Nightmare Before Christmas

Congress seems to be able to play a shell game where legislation is being passed right under the nose of the American people without  the public smelling the stench. As the Senate was passing the Health Care bill, Congress was in the process of increasing the debt ceiling to $12.5 million. And if you think that will be the end of the deal, you better grab a clothes pin for your nose. This ceiling will only get us pass the next couple months, because at that point Congress will be trying to raise the same ceiling to $14 trillion. Oh what the heck, why don’t  they just remove the ceiling all together? It’s not a serious limbo bar anyways.

And if that doesn’t raise your blood pressure, Congress also removed the caps of the losses they were covering for Freddie Mac and Fannie Mae. The treasury had guaranteed up to $200 billion in losses each — $200 billion for Freddie and $200 billion for Fannie. This $400 billion was to cover bad mortgages and it’s us the taxpayers that pay for that. But instead of Fannie and Freddie having to constantly go to the Feds for raising the cap, the treasury just removed the cap completely. So from now until 2o12, the treasury will cover 100% of Fannie and Freddie’s losses.

This is a government out of control! And we’re the suckers that will have to pay for the crazy spending.

So Merry Christmas. If your Christmas wasn’t so hot this year due to the economy, you ain’t seen nothing yet.


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