Monday, May 17, 2010
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In the midst of a catastrophic financial breakdown, Greece has decided to take Barack Obama's longtime advice and blame America first. They feel that their debt-based economy wouldn't have collapsed if U.S. financial institutions, led by Fannie Mae and Freddie Mac, hadn't similarly tanked. And so they're considering fighting it out in the courts. Which basically puts American taxpayers in the docket.
And the Greeks can probably make a pretty decent case. Despite the recent Congressional push for financial regulatory reform in the U.S., Democrats were careful to make sure that Fannie Mae and Freddie Mac, largely guided by Barney Frank and Chris Dodd, would remain completely unencumbered to continue their horrendous business practices. In fact, government-owned Fannie Mae lost another $13 billion in just the first quarter of this year...with the money to come from our already struggling economy.
There's an old joke that asks "How do they separate the men from the boys in Greece?" The answer is "with a crowbar." It seems more likely every day that they'll need to use the same tool to separate Democrats from taxpayers.