Sunday, Oct 23rd

Last update05:20:13 AM GMT

You are here News Politics Mortgage crisis has Washington putting aside free-market ideology

Mortgage crisis has Washington putting aside free-market ideology

E-mail Print PDF

Despite decades of free-market rhetoric from Republican and Democratic lawmakers, Washington has a long history of providing financial help to the private sector when the economic or political risk of a corporate collapse appeared too high.

The effort to save Fannie Mae and Freddie Mac is only the latest in a series of financial maneuvers by the government that stretch back to the rescue of the military contractor Lockheed Aircraft and the Penn Central Railroad under President Richard Nixon, the shoring up of Chrysler in the waning days of the Carter administration and the salvage of the U.S. savings and loan system in the late 1980s.

Now, with the U.S. government preparing to save Fannie and Freddie only six months after the Federal Reserve Board orchestrated the rescue of Bear Stearns, it appears that the mortgage crisis has forced the government to once again shove ideology aside and get into the bailout business.


Most Recent Related Stories...

Trump's growth projections leave economists in disbelief

Trumps growth fantasyEconomists are dubious of Donald Trump’s claim that he could more than triple economic growth if...

Economists: A Trump win would tank the markets

Economists : Trump plan a disasterWall Street is set up for a major crash if Donald Trump shocks the world on...

Trump threatens to sue women accusing him

Trump threatens to sue womenDonald Trump on Saturday vowed to sue the women who have come forward to level allegations...

David Duke qualifies for Louisiana Senate debate

David DukeFormer Ku Klux Klan leader David Duke has qualified for a televised debate in Louisiana's Senate...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!