Is it a fairy tale or nightmare?
Once upon a time (except this isn’t a fairy tale) an elegant young man inherited a large farm.
The farm had cows, chickens and a goose. Oh, and a big wheat field.
The cows gave milk to sell. The goose laid golden eggs. But the grain crop was a disaster.
The farmer looked at his farm and decided he could sell eggs, milk and golden eggs, bail out the failed crops, and more than enough money to build a large barn and a fine house for himself.
But it didn’t work out, so he went to his neighbor and borrowed lots of money with his neighbor holding the mortgage on the farm and the goose that laid the golden eggs.
Lo and behold, the farmer still needs more money.
Then, he started harassing the cows, chickens and the goose.
Although this was counter productive, he increased the harassment with more rules and regulations.
Does anybody out there see the moral of this story yet?
The failed crops are Fannie Mae, Freddie Mac and the housing market.
The goose is the economy.
The barn and fine house are entitlement programs.
The cows and chickens are you and me.
Henry R. Gaudé
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