Monty Pelerin's World

Economics, Finance and Politics Through The Prism of Classical Liberalism

Enron was an Ethical Angel compared to our Government

Fannie Mae reports third quarter loss of $18.9 billion and requests another $15 billion in taxpayer funds.

Another government enterprise comes back to the well for more, with no end in sight. Bloomberg has a summary of the results here. FNM was the organization that couldn’t do accounting properly several years back. Based on inaccurate numbers, they paid government-hired cronies huge bonuses. There is little doubt in my mind that this accounting is also wrong, but for different purposes. The government cannot release the real numbers. I believe they would be terrifying.  As Joe Weisenthal states: “Just to be clear, Fannie Mae (FNM) is still a total sinkhole.” Unfortunately this coverup, along with other policies, will result in much larger taxpayer losses.

One of the other policies was announced yesterday. Fannie intends

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