Fannie/Freddie: Happily Afloat Through Debt

I dunno, I keep hearing that Fannie/Freddie were ways the Chinese et al. could funnel money back to us so we could buy more goods from them.

That's pretty much the message of the segment on today's Morning Edition entitled, "U.S.-China Cash Flow Depends On Fannie, Freddie".

That's one way of looking at it.

The other way is that it financed the removal of our industrial base to foreign climes without the kind of civil disturbances you might otherwise expect from a dramatic collapse in the purchasing power of average working Americans.