Posted: June 3, 2014
Ask Tom Udall why he continues to vote for bonuses for government employees? It seems that things don’t change in Washington D.C.
Before the V.A. bonuses, we had bonuses for the top execs at Fannie Mae and Freddie Mac that were at the core of the 2008 economic crisis that created the too big to fail mentality.
Back in the day, Fannie Mae and Freddie Mac guaranteed a huge amount of home loans in the U.S. Since most borrowers had bad or no credit, had no down payment, had no G.I. bill or other way to buy a home, had no jobs, Congressmen like Tom Udall, Barney Frank, Chris Dodd pushed for the U.S. government to make home loans, pushed for the U.S. government to guarantee home loans made to borrowers at your local banks, credit unions, mortgage companies etc. When the economy tightened, borrowers defaulted, loans went bad, and the Federal government had to bail out Wall Street, bankers, and money men who got rich making the bad loans. Taxpayers paid for banks bad business practices forced on the banks by a government who made them make bad loans to get federal money.
In the aftermath, now, Fannie Mae and Freddie Mac at still with us, the Federal government still backs risky loans, and Tom Udall is still in Congress making bad votes. Tom Udall still likes the government in the home loan business. He voted not to get rid of these two government giants.
Why would he since he likes the idea of government being involved and owning everything?
What happens in this still jobless environment when homeowners default and the government is asked to bail out lenders again? We guess we will have another TARP bill that doesn’t fix the problem but gives politicians money to pass out to their supporters.
Tom Udall continues to vote for taxpayer support of big bankers, big corporations, big money men.
Tom Udall supports the too big too fail mentality. Tom Udall supports big government over private enterprise and private losses for bad decisions every time.
Full article here >>>.
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