So first Freddie Mac and Fannie Mae (luvs the names by the way), now AIG. What happened to Lehman Brothers? What is the criteria for who gets bailed out? I only need $12,000 bail me out and save $84,999,988,000.
What’s interesting to me is that we, the taxpayers, will receive the brunt of these bailouts when it is we, the taxpayers, who are partially responsible for the failures of these companies.
GMAC, CitiGroup and subsidiaries along with Wells Fargo are all feeling the crunch. GMAC is laying off 20,000 employees because they are seeing record foreclosures. In turn, mortgage insurers such as Freddie Mac and Fannie Mae are paying up in record numbers.