Fail-safe Fannie and Freddie – now Bush faces biggest humiliation signing America into a socialist state
Fred Day
Jul. 26, 2008

the homeowners from foreclosures. In essence that is what socialists countries have – guaranteed worry free housing.

The Senate on Saturday overwhelmingly passed a landmark housing bill that will offer up to $300 billion in loans for troubled homeowners and establish a government rescue plan for mortgage finance giants Fannie Mae and Freddie Mac.

Socialism got its root from right wing neo con failure. Now the Treasury secretary, a staunch Republican is now a strong supporter of this socialistic bill that socializes housing. As American economy gets more depressed, America will turn more socialistic starting from health care to higher education.

The House passed the bill on Wednesday just hours after President Bush reversed his long-standing vow to veto the bill. Bush is expected to sign it soon.

Though the Senate vote was 72 to 13, the bill was not without its staunch opponents. Sen. Charles Grassley, R-Iowa, the leading Republican tax writer, had supported earlier versions of the legislation but objected to the rescue plan for Fannie and Freddie. "This bill has fallen prey to the special interests on Wall Street and K Street at an unjustifiable expense to taxpayers and homeowners on Main Street," Grassley said. The White House also objected to parts of the bill, including aid to states to buy foreclosed properties. But White House Press Secretary Tony Fratto said the measures concerning Fannie and Freddie are "urgently needed now ... President Bush will sign this bill when he receives it, despite our concerns with some provisions." Bush is expected to sign this socialistic bill in a day or two – the biggest humiliation for any American President.

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