Here's the only thing you really need to know about Fanny Mae and Freddie Mac:
The U.S. Government has now promised 500 billion dollars to bail out the rich once again.
This is the kind of socialism you don't hear the Republicans bitching about: SOCIALISM FOR THE RICH.
Where will the money come from? Out of the taxpayers' pockets of the middle class.
Right now it will be added to the debt being passed on to your children and grandchildren.
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3 comments:
The money coming from middle class taxpayers' pockets is only going to pay some of the interest on the $4.4 trillion national debt.
when I see how my wealthy friends squirm out of paying taxes, it makes me sick. I can't do it.
I moved away from the US before I had a good understanding of the tax system. But if it's like it is here, the more money you make, the more opportunities (legal ones) you have to get out of paying tax. Service trusts, family trusts, negative gearing, etc etc, not to mention the aggressive tax avoidance schemes. I know what you mean smilen' lady - why don't these people just pay their tax? How much money do they need? It's just greed. I don't know if they have negative gearing on residential property investments there - but here it means you can purchase a second house/apartment, rent it out, then claim all of the interest on the mortgage, taxes, repair and maintenance expenses as a deduction against the income you get from all sources (eg paid employment). It (and a 50% cut in capital gains tax) has totally distorted the property market, so much so that people on average incomes can't afford to buy a house anymore.
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