The Ending of the Big Government Era Comes to An End
Bill Frezza at Real Clear Markets - satire, I think, but it's so hard to tell any more. [gsc]
In a grand compromise reflecting a bi-partisan awakening in Washington, congressional leaders outlined a bold new plan designed to stem the rising tide of home foreclosures while averting the imminent bankruptcy of American manufacturing icons Ford and General Motors.
Calling on citizens to simultaneously sacrifice and spend more, the Whip Depression Now (WDN) Act heading to the President's desk for signature is being hailed by both outgoing President George Bush and President-elect Barack Obama as the most decisive Federal intervention in the nation's economy since Franklin Delano Roosevelt saved the world from the ravages of unbridled capitalism.
While some details remain to be worked out, Fannie Mae will acquire all the assets of the Ford Motor Company while Freddie Mac will do the same for General Motors Corp., pouring the full faith and credit of the US Treasury into these backbones of American Manufacturing.
Ninety-five percent of homeowners facing foreclosure will be allowed to stay in their primary residence rent free for a renewable four year term provided they divert at least 80% of their current mortgage payments toward the purchase of two new American cars, one of which must get no less than 35 miles to a gallon of corn ethanol and the other of which must be a plug-in hybrid that can travel no more than 40 miles on a full charge. In order to qualify, cars must be built in UAW-certified plants that operate fully staffed Job Banks while associated auto loans must be serviced by banks that have accepted TARP funding.
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