Coddling Those 'First-Timers'

Interestingly, the administration shill on Washington Journal this morning once again used the virginal homebuyers to justify throwing more billions in taxpayer monies after bad. This shouldn't surprise, but shows once again that the occupied White House has staked out mindlessness - even aggressive ignorance - as its territory. The continued lying in public statements provides proof as usual, that the Big Lie has worked and is working to avoid accountability for malfeasance in office.

As pointed out extensively yesterday, the executive branch did not do what it is there for, which is to carry out the laws. Now it wants to insist other laws would do the trick, and does not own up to causing the crisis we're in by refusal to do its duty. Anyone following the situation from a position of minimal consciousness knows that the 'trickle down' theory the war criminals cling to has been shot down, definitively, on record.

Good thing McClatchy has been doing its job of seeking, finding, reporting news.

When Treasury Secretary Henry Paulson announced the weekend seizure of mortgage-finance giants Fannie Mae and Freddie Mac, he cited the need to stabilize nervous financial markets and bolster the slumping housing market.

What he didn't say publicly is that foreigners, among other big institutional investors, had lost confidence in one of the most vital and plain-vanilla U.S. investments. In a sense, they were losing confidence in the world's largest economy, and he needed to reverse matters.

"That's the unstated objective," said Vincent Reinhart, a former chief economist of the Federal Reserve's rate-setting Open Market Committee.
(snip)
Bethune likened the unraveling financial situation over the past year to tremors that precede an even bigger earthquake, "and at some point the whole system could melt down. I think that's why they had to move."

The maladministration is using your money to shore up their tumbling structures built on mythical principles, using shoddy construction by cronies. If it all goes down, if the world doesn't accept more lies from a White House constructed of lying, you will be in huge trouble.

The odds are against us.

The falloff in investment from overseas reflects a fall in confidence worldwide in U.S. financial firms' practices, a fall in confidence that has been earned by losses, losses caused by the failure of the executive branch to enforce laws that were used to establish the value of investments here. Using promises that are then vacated only works once.