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Rush Limbaugh

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RUSH: I have to ask you a question. The federal government now runs the mortgage industry, right? The federal government is now the mortgage industry. The federal government is bailing out Fannie Mae and Freddie Mac. Now, let me give you a stark truth. The fact that Fannie Mae and Freddie Mac were private sector entities is a joke because the federal government always had partial ownership. These were private sector entities with federal government involvement. Well, right there, when they admit that, they admit that they do not have a private sector entity, Freddie Mac, Fannie Mae have always been government entities. But here’s the thing, here’s the thing. The people who destroyed the housing market, the people who destroyed the mortgage industry are now running it, and everybody is going, ‘Yay, all right, all right, all right.’ The socialists around the world are beside themselves, world stock markets through the roof over the news that the US government is taking over the mortgage industry. Look, nothing we can do about it now but I’m going to tell you, it’s typical. They blow it, they botch it, they screw it all up, and they end up running it. And everybody applauds. The people who destroy things end up taking them over and running them. This arrangement, the private sector arrangement with Freddie Mac, Fannie Mae, having partial government involvement, was designed to specifically prevent what happened. We’re gonna get the federal government involved here in the mortgage business, we’re going to have these two private sector entities, Fredie Mac and Fannie Mae, but we’re going to have our hands in there the federal government says, to make sure things go right, make sure the mortgage industry stays on the up and up.

And, lo and behold, the very thing they told us they were doing to save and protect and keep this mortgage industry aboveboard is what destroyed it! And the truth be known, these two things have just been little playthings of the Democrats. Remember when we discovered that one of the things — I think it was Fannie Mae — had donated, contributed over a million dollars to the Reverend Jackson’s Monochrome Coalition, and who the hell knows who else got money. But these were just political playthings of the Democrat Party and the liberal entrenched bureaucracy, passing out money, contributions to various Democrats and so forth. It’s just striking and is anybody paying the price for the failure? Is anybody paying the price for the failure of these two institutions other than us, other than the taxpayers? Any management being prosecuted here, any politicians forced to resign, any mortgages going to fail, are they going to try to Ken Lay somebody here, are they going to try to do to the Fannie Mae, Freddie Mac people what they did to WorldCom? Hmm, hmm? Are they? No. They want to give these people $9 million severance packages on their way out the door.

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