Contrary to Sarah Pahlin's mistaken understanding, neither of these are public institutions. They simply have the guarantee of the backing of the US Government. So while the executive leadership made disastrous decisions, and corporate lobbyists brainwashed the Republican Congress to avoid necessary regulation, the mortgage industry imploded.
This is essentially one of the largest and most expensive corporate welfare programs that have taken place under a Republican administration. This of course does not help our budget deficit.
Today the CBO has come out with a very bleak projection for the US Economic outlook.
http://money.cnn.com/2008/09/09/news/economy/cbo_budget_update/?postversion=2008090912
"The budget deficit will jump by $246 billion to $407 billion this year, the Congressional Budget Office estimates in a report released Tuesday."
"Over the long run, growing budget deficits and the resulting increases in federal debt would lead to slower economic growth," the agency said.
The budget deficit shot up 153% from last year's shortfall of $161 billion. The government's fiscal year ends Sept. 30. The agency attributes the jump to "a substantial increase in spending and a halt in the growth of tax revenues."
Now more than ever, the country needs to wake up and choose Obama to lead us out of this mess. We can not afford another Bush administration or worse - which is what McCain would offer!
It's clear based on economic history, Democratic Presidents are much better at managing the economy than Republican Presidents.
http://www.nytimes.com/2008/08/31/business/31view.html?em
This is NOT a difficult election.
Either we change the policy and leadership or we stick with MORE of the same.
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