Since I seem to need to write today, I’ll throw this out at ya….so when are the congressional investigations into the real culprits on Capitol Hill who denied there was anything wrong at Fannie Mae and Freddie Mac going to start? Hmmmm? That would be the ones who were getting a bunch of money from the two government (ie, taxpayer) backed agencies. I’m just shocked at how long this business of loaning money to people who can’t pay it back has been going on…and I didn’t even know about it. Not that that is anything. ( But heck, I’m loathe to loan money to anyone in my family who can’t pay it back. I would probably just have to give it to them. )This year is the first time I heard about that act Congress passed back in the 90’s that allowed this mess to accumulate. I have read the name of it, but didn’t retain it. I will mention it when I come across it again. ( I just started this blog on the fly. I haven’t even thought about links yet.)
Oh yes, I must mention this…I am hearing that with all the money Congress is shelling out to save the money handlers (ie banks), they are now eyeballing our 401K’s and IRA’s as a source of money. Now this was mentioned a few years back, don’t ask me where. But the other day I heard a very cogent explanation of how all this would work. This is probably just in the initial stages. When I find some online info, I will provide a link. For now what I have been hearing is that they will offer to buy our 401K’s and IRA’s at the prices they were in August, back before all this big dip in Wall Street. That sounds good, eh? But then they will be in charge of all of your retirement money and will dole it out when you need it. Does this sound familiar to anyone? I have been hearing for years that the Social Security fund has a big fat IOU in it. There’s no money in it. Hmmm…No thanks, I think I will manage my own retirement funds, thank you very very much.