Saturday, December 24, 2016 10:43:30 AM
Only the shareholders bore 100% of the pain so everyone else could be kept whole. The crisis is over. Everyone else has been made whole except the government. They have been made MORE than whole. But now the shareholders are required to make further, 100% sacrifices of all their income solely because the government REFUSES to deal with its budgetary disputes. It plays brinksmanship with exceeding the debt ceiling each year. Its deficit grows each year. Government shutdowns are either threatened or actually occur each year. Ad nauseum.
The GSEs cannot continue to have 100% of the income due shareholders appropriated by the U.S. Treasury and spent to float Uncle's Boat. It was one thing to take the action in 2008 that, as obiterdictum's brilliant historical retrospective so eloquently recapped, could have crippled the overall domestic economy and ruined the financial health of institutions and average citizens, everywhere. But that scenario simply no longer exists.
It is time for this chapter in American history to come to a close.
That is my wish for the holiday of everyone's choice. Merry Christmas, Happy Hanukkah, Season's Greetings and a very Happy New Year to all.
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