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Tuesday, February 23, 2010

Shhh!! Don't Tell the Tea Partiers

"Hands Off My Mortga . . . Oops! Never Mind!"

As best I can tell, the tea party movement is angry about out-of-control government intrusion into people's lives.

Apparently, they're not aware of the following factoid:

There were $390 billion in new mortgage origination's in the last quarter of 2009. Excluding home equity lines, Fannie Mae, Freddie Mac, the FHA, and the VA stood behind up to 95% of those mortgages.

"Anyone who looks at the numbers says, 'My God, look what it's come to,'" said Guy Cecala, publisher of Inside Mortgage Finance.

--"Paul Volcker Says Mortgage Market Will 'Have to be Reconstructed"; The Huffington Post (2/19/2010)

The predicament reminds me of a scene from Annie Hall, an early Woodie Allen movie.

A woman is lamenting to a friend that her uncle thinks he's a chicken.

"Send him to a shrink," the friend advises.

"We can't," the niece replies. "We need the eggs."

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