We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Wednesday, June 18, 2014

The plot to use Fannie Mae and Freddie Mac to steal billions from the taxpayer

Click here to access article by Matthew Yglesias from Vox.
Ever since Fannie Mae and Freddie Mac went bust necessitating a federal takeover and about $190 billion in bailout money to cover their debts, plans have abounded about how to best fix the mortgage finance system in the United States. There are plans from the left and plans from the right and many many plans from the center.
And then there is a plan from four hedge fund managers — Bill Ackman, Bruce Berkowitz, John Paulson, and Richard Perry — who think the right solution is for the government to hand them tens of billions of dollars for no good reason at all. It's a plan so shocking that the fact that it's even receiving any consideration at all is a testament to the extent to which our republic is becoming a corrupt oligarchy.