CHUCK ROGÉR: OBAMA’S NEWEST WORST IDEA EVER—FANNIE II |
The Wall Street Journal nicely encapsulates The One’s newest fiscal absurdity. Obama wants to see “Congress create a ‘bank’ that could borrow huge sums with only a small federal outlay and would be independent of any political interference.” The bank would allegedly “stimulate” the economy by funding public works projects and jobs that would otherwise go unfunded. The WSJ points out that the tactic would result in unions and construction companies benefiting from the same taxpayer largesse–a recipe for another subprime-like economic meltdown. The Journal also observes that an infrastructure bank would end up functioning just as characterized by Connecticut Democrat Rosa DeLauro in 2008, as a “public private partnership like Fannie Mae.”
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