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02-06-2010
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Bloomberg
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Subject: So, Was Joe Wilson Wrong When He Called Obama a Liar?
In an article by Jonathan Weil titled,
Obama's $6.3 Trillion Scam Is America's Shame,
he reports that the President's latest $3.8+ trillion federal budget
leaves out a few minor items that might have a little bit of impact
upon the country. For example, this budget does not include:
- The Liabilities of Fannie Mae and Freddie Mac
- $1.6 Trillion of Corporate Debt
- $4.7 Trillion of Mortgage Obligations
Last year, the federal government lifted the $400 billion liability
debt ceiling for Fannie and Freddie, pledging to cover unlimited
losses through 2012! I guess this was necessary because at the same
time they eased restrictions on the size of their investment portfolios,
allowing them to accumulate more and more bad debt.
As Weil comments,
"[I]t seems Obama and his budget wizards decided that including
the liabilities at Fannie and Freddie would be too much reality for
the world to handle. So they left the companies out, in a trick
worthy of Enron's playbook, except not quite so hidden."
So much for openness and transparency. I agree with Joe Wilson,
"Mr President, You Lie!"
[Thanks to Mark Kalinowski for bringing this article
to my attention and to Pamela Geller for breaking the story.]
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