!: Fannie Mae / Freddie Mac - Robabaron is at work

Tuesday, October 19, 2010

Fannie Mae / Freddie Mac - Robabaron is at work

www.govtrack.us McCain tried, but the Democrats blocked it. 'More Communist than China' CEO: Fannie/Freddie Bailout Makes America 'More Communist than China' Rogers Holdings chief tells CNBC Europe US brand of socialism is meant only for the rich. By Jeff Poor Business & Media Institute 9/8/2008 5:24:06 PM Has America created its own variety of communism with the US Treasury Department's bailout of two beleaguered government-sponsored enterprises (GSEs), Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE)? According to Rogers Holding CEO Jim Rogers, the answer is yes. "America is more communist than China is right now," Rogers told CNBC Europe's "Squawk Box Europe" September 8. "You can at least have a free market in housing and a lot of other things in China. And you can see that this is welfare for the rich. This is socialism for the rich. It's bailing out the financiers, the banks, the Wall Streeters." Rogers, known for launching the Quantum Fund with left-wing heavyweight George Soros, said the bailout was not benefiting homeowners or helping average citizens improve their standing for a home mortgage. "It's not bailing out the homeowners who are in trouble, by the way," Rogers said. "It's not bailing out people who want a mortgage -- it's just bailing out financial institutions. This is not my idea of the way things are supposed to be, but if that's what America wants, you know, it can elect people who are going to do it. I think it's a mistake." The Rogers Holdings Chief Executive Officer ...