On The Soap Box At 9 a.m.

I am pissed off. In the news is that the U.S. government may soon take over Fannie Mae and Freddie Mac mortgage companies. As you well may know the mortgage industry is a mess here in the U.S. Companies issued mortgage loans to high-risk clients. Now with the economy the way it is, people are defaulting on their mortgages. What has me pissed off about the whole Fannie/Freddie issue is that it will most likely cost taxpayers $25 billion. In a nutshell, these companies issued mortgages to high-risk clients that they well knew could not afford the mortgages or the balloon payments; the clients defaulted on their mortgages; so now we, the taxpayers have to pay for these idiotic financial decisions!! What about those of us who pay our mortgages? Because we were smart enough to mortgage ourselves within our budget, we have to pay for the idiots that did not?!! Furthermore, what about the common stockholders of Fannie and Freddie? Common stock will be worthless after the government takes them over. I am so sick of the U.S. government i.e. the taxpayers having to pay for others' mistakes. And what is even more irritating is that if the government does not, the consequences are worse, so the government doesn't have a "choice". But didn't these idiots at Fannie and Freddie ever say "What if X amount of people default on their mortgages?" Was the answer, "The government will bail us out."

Here is the link to to the article so you can be pissed too.