Wednesday, September 10, 2008

Oh, boy. Look what I just got in my inbox.

"Republican Vice Presidential candidate Sarah Palin told Colorado voters that Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) have "gotten too big and too expensive to the taxpayers."

Oops. The reality is that, as privately-held companies, Fannie and Freddie took no money from the federal government and it is only now that they will become a liability for taxpayers. The Huffington Post reports that "The major concern about Palin's position on the ticket is that she lacks the economic and foreign policy wherewithal to serve as vice president. This certainly doesn't help on that front. At the same time, the remark went almost entirely unnoticed over the weekend and discussions on the developments of the housing market can be difficult to process for even the most attuned voter."

When Palin made the remark, the audience cheered and McCain clapped -- meaning that neither the Republican Presidential candidate nor the Vice Presidential candidate, or even their supporters, understand the roles of Fannie and Freddie. More troubling, McCain told The Boston Globe last year that "The issue of economics is not something I've understood as well as I should," and, here's the real kicker, said that he would look for someone who was a true economics expert in his VP pick."

American politics just keep getting better and better.

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