- 27 August 2016
Obama vs Rudd
When the northern hemisphere financial crisis hit, Obama moved to prop up the mortgage originators called Fannie Mae and Freddie Mac by some $251 billion as some mortgage holders left their properties and posted the keys back.
By keeping both these institutions alive with these funds the economy was allowed to continue breathing and instead of losing money the US Treasury has now seen this $251 billion returned in dividends from the living and breathing mortgage originators. What a shame that Kevin Rudd didn't follow this example of the US Treasury.
The US Treasury also supported their ailing car industry with billions of dollars of loans. These loans attracted interest and these loans kept people in their jobs. They were also paid with interest to the Treasury! Read about it here.
What did the poor Australian tax payer get out of Rudd's similar largess? Whoops, nothing!
Will our government learn from Obama?
I hope so.
Kevin Young Club Founder of Property Club
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