Now we all get to play bank. Well, it’s more like playing PayDay Lender, since the feds decided in their infinite wisdom yesterday to take over Fannie Mae and Freddie Mac. As a taxpayer, you now own pieces of bad mortgages all across the country.
When you spread the pain out over so many people it doesn’t hurt so bad, right? More socialism, more burden for tax payers, and (maybe worst of all) now the federal government has the lion’s share of the mortgage market.
Of course, this (it’s not a) bailout is only temporary. Right.