Call your leaders today. I agree with Mike Pence. The $700 billion bill remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people.
The economy will do just fine without this so-called help, but the taxpayer will suffer if it passes. Please call your legislators today. If your legislators approve this bill, vote against them when they are up for reelection.
While there are probably several factors involved, such as the Roe Effect, I believe technology is playing a major role in these attitudes. When I was growing up, teachers and the media would talk about how the fetus was just a lump of tissue or a generic being that was indistinguishable from animals in the womb. Doonesbury was a typical example of the disinformation spread by the left, making fun of pro-lifers by showing a speck that the pro-lifers wanted to defend.
What changed? Ultrasounds made a difference; abortion "counselors" try to dissuade potential clients from having ultrasounds because once a woman sees her baby, she has no doubt that the unborn child is human. General Electric’s 4D sonogram technology is having an even more dramatic impact. GE even has a site where you can see pictures showing the week-by-week growth of the unborn. It is difficult to kill a child when you can no longer pretend that the unborn is not human.
I stand by my prediction that Roe v. Wade will be overturned in my lifetime. While this event may have to wait until enough Baby Boomers die off, the pro-life beliefs of more and more young adults are at least reducing the numbers of unborn babies killed in the States each year.
As part of FDR’s New Deal, Fannie Mae was created in 1938. Freddie Mae was created in 1970 because the government was concerned that they had created a monopoly. They had, but having two government sponsored semi-private agencies was not the proper fix and the government finally allowed private banks to also provide mortgages again. In other words, both Fannie and Freddie were started at the behest of the government and given special privileges of which most businesses could only dream. They were the only two Fortune 500 companies that may keep their financial difficulties hidden from the public. Thus the government ensured that there was no chance for the free market to work because the free market depends upon open access to information. The government also provided a de facto guarantee that if they ever ran into trouble, the government would bail them out. Finally, based on this government backing, the two entities were able to borrow money at very low rates – rates usually given to governments.
I cannot think of a way to better ensure an eventual disaster than to allow private organizations to run without much supervision, allow them to hide their problems, and to guarantee that bad risks would be covered by Uncle Sam. It is amazing that the system has lasted this long. These two government backed agencies hold more than five trillion dollars in mortgage-backed debt. I am glad that the government is ending this horrible experiment and hope they have learned the right lesson. I also hope that Freddie and Fannie are shortly forbidden from accepting any new mortgages. I am not optimistic about this, but if the government would do so, in 30 years (when the last of the mortgages that they currently own expire), we could close these failed experiments in government run business.