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Monday, August 23rd 2010

9:23 AM

Bill Hennessy, the Tea Party Hatred of Fannie and Freddie May Have Unintended Consquences

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I wrote of my concern about the Tea Party policy regarding Fannie and Freddie, on the Hennessy blog. My concern also remains the pace at which cuts to spending should be made. I believe we should proceed slowly because the massive cuts advocated by the IMF along with their value added tax should be avoided. We need to realize as Dick Morris has said and what the left has known all along, that the IMF is a dangerous bank, part of the trio of evil: IMF, BIS and World Bank.

Ok Bill, lets say we get rid of Fannie and Freddie. If the government guarantees the loans anyway, like many Republicans want, what changes? Absolutely nothing.

And if the 30 year mortgage goes away, which was discussed on your favorite network, CNBC, then house prices will plummet like you have never seen. Maybe that is what we need, to start over. But if the IMF comes in and tries to rule our treasury like they want to rule the Eurozone, we will play into the hands of the richest once again.

I don’t know the solution, just that right wingers can be burned just like everyone else if the massive deflation advocated by the IMF prevails. I am not against some cutting, some alignment of prices, and some decline of commodity prices. We are not competitive as a nation and we need that. But if you implement it too fast, like by taking away the 30 year mortgage or by the massive raising of interest rates no government guarantee would cause, then you will have the IMF messing in our business Bill. And you don’t want that.

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