More Government Interference in the Marketplace

Just minutes after reading this little ditty, in which the GAO reveals that the government's take-over of Chrysler and GM has been a tad less--shall we say--hands off--than the Obama Administration would have had us believe, we come to this gem, in which Goldman Sachs seeks to buy millions of dollars in deflated assets from Fannie Mae; in the process, Fannie Mae improves its cash position and Goldman Sachs improves its tax position. Win-win, right? The essence of microeconomics (a transaction benefits both parties involved) right?

Not so fast, Comrade. What about THE PEOPLE?

You know, THE PEOPLE. The ones who had to "save" the financial industry--including both Fannie Mae and Goldman Sachs. THE PEOPLE demand that Fannie Mae receive better terms for the assets Goldman wants--irrespective of their market value--because that's what THE PEOPLE want! And hey, what is this stuff about Goldman Sachs making money? Didn't we just SAVE THEM? Aren't they supposed to be wards of the state? Read this baloney:

"Goldman is looking to buy millions of dollars in Fannie Mae assets in part because it would provide a tax benefit to the Wall Street bank, reducing its tax payments. But the deal comes at a sensitive time, when resentment remains over the ability of Wall Street firms like Goldman to rebound so quickly, racking up healthy profits after taking government bailouts at the height of the financial crisis."

So now we resent Wall Street firms who took the bailouts? Putting aside for a moment that many firms (not GS) were not PERMITTED to not take the bailouts, what in God's name did we bail them out FOR, if not to become profitable again? And what is it that will help them be more profitable? GOOD BUSINESS DECISIONS--like limiting one's tax liability. There's nothing dishonest or immoral about what they are doing. It isn't a "loophole"--it's good business. And in the process, the Government Owned Albatross also known as Fannie Mae gets an infusion of cash.

But the whole deal could get scrapped because nattering nabobs of neo-socialism (hey--that's it--the other side has made great sport of labeling everyone with whom they disagree a "neo-conservative; let's start calling them "neo-socialists!") don't believe "THE PEOPLE" are getting a good enough deal here because the ridiculous part federal part private beast they've created (Fannie Mae) can't get out of its own way.

Get out of the way, Mr. Obama.