Not only will the Federal Government require financial service businesses to foot the bill for affordable mortgages by writing junk, subprime loans with no income check, nothing down. Not only will there be quotas for unqualified home buyers who can’t pay. Obama has a great new idea, called a Financial Stability Fee. In order to keep the economy stable while all these bogus, subprime loans are being written to make mortgages affordable, Obama will need to impose a new tax.
Hotline – On Call Obama: Financial Solution Should Be Crafted In A “Bipartisan Manner”
(Obama calls for a Financial Stability Tax)
…. after the economy recovers, we should institute a Financial Stability Fee on the entire financial services industry to repay any losses to the American people and make sure we are never asked to foot the bill for Wall Street’s mistakes again. We can ask taxpayers to make an investment in the stability of our economy, but we cannot ask them to hand their money over to Wall Street without some expectation of return.
While the financial services industry goes out of business in the United States due to government quotas for issuing non-performing paper, it can keep the economy running by paying another tax; to the tune of about $100 billion per year.
But that’s not enough; the Federal Government has done so well in its FNMA and FMAC “government sponsored enterprises” that it should continue to compete with capitalists in the free market:
we should consider giving the government the authority to purchase mortgages directly instead of simply mortgage-backed securities
Capitalism works; what the financial crises of the last few months proves is that government sponsored enterprises do not. The bigger these get, the more cataclysmic the results when they fail. No amount of tax can keep a government sponsored enterprise solvent; they amount to massive theft from American taxpayers, and there is no limit to what government will steal, as we have seen in the payments made to Franklin Raines, Jamie Gorelick, Jim Johnson, Daniel Mudd, and a host of other incompetent, unqualified, unbusinesslike, socialist bureaucrats.
To add insult to injury, Obama employs Failed Franklin Raines as campaign financial adviser. Next treasury secretary?