Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“The state is the great fictitious entity by which everyone seeks to live at the expense of everyone else.”     Frederick Bastiat

September 8, 2008

Freddie Mac & Fannie Mae: Just The Beginning

by Doug Mataconis

Now that the Treasury Department has rescued Freddie Mac and Fannie Mae to the tune of $ 200 billion, it’s not surprising that other industries might be lining up for their chance at the federal trough.

First in line; the Big Three automakers:

WASHINGTON (AP) – Auto industry allies hope to secure up to $50 billion in federal t loans this month to modernize plants and help struggling car makers build more fuel-efficient vehicles.

Congress returns this coming week from its summer break, and the auto industry plans an aggressive lobbying campaign for the low-interest loans.

The situation is growing dire after months of tumbling sales, high gasoline prices and consumers’ abandoning profitable trucks and sport utility vehicles.

Lawmakers authorized $25 billion in loans in last year’s energy bill, and automakers now want lawmakers to expand the pool of money available to $50 billion over three years.

Isn’t this what private credit markets are supposed to be for ?

H/T: Coyote Blog

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  1. [...] the fact that Warren Buffet buys businesses that make money and have strong management.  All the businesses we’re buying [...]

    Pingback by How AYSO Is Destroying This Country | Hear ItFrom.Us — September 19, 2008 @ 7:41 am

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