It is the Congress, stupid

Twice, last Summer, we have asked the removal of the Executives at Fannie Mae. It was insane and irresponsible for the Congress to ask additional funds for supporting a management who has mismanaged more than $11 billion in previous years.

Recently, the Federal Reserve chairman, Ben S. Bernanke, and Treasury Secretary Henry Paulson have both urged Freddie Max and Fannie Mae i to raise additional capital from investors. Easy to say, but investors are a little smarter than Congress.

Now, typical White House, they propose to change the accounting rules in an desperate effort to raise $75 billion in additional capital — an enormous sum for two firms that have already asked investors for $25 billion since last December. The new trend in our country: a loss will become an asset. We will surely impress the real world...again.

Instead of lecturing the world, Mr. Paulson should stay home, like all other members of the White House, save fuel, and taxpayers money, and try to replace the incompetent team at Fannie Mae. There is no use to give more money to executives who have no ethics, no moral and no competence. Again, typical regime of Cheney-Bush years.

As we have previously stated before, twice last Summer, once more last Fall, once more last Winter, the whole Executive of Fannie Mae should be fired, and replaced by more competent and honest people. Like everything else under this scandalous administration, we will have to suffer loses. Better do it now, save and protect what can be recuperated, instead of losing everything later.

Never too late, to wake up, Congress. Your children will blame you for your coward behaviour of yesterday, but will never excuse you for your stupidity of today.

The Facilitator.