Save the Teachers! – Divest from Fannie Mae
What would you rather invest in, our kids, or a failed quasi-federal boondoggle?
Would you prefer to invest in our kids and teachers, or invest in a failed banker led company in conservatorship, whose assets are comprised primarily of the most toxic mortgage backed securities, whose liability covers an ocean of underwater mortgages, and who could not even be in operation if not for billions in bailouts?
Well you, my dear friends, are increasingly investing in the latter, while sticking it to the teachers and our children.
That’s right, according to a recent report (See Here) I obtained from the Clerk’s Office, the County, (you and I) are invested in Fannie Mae for close to $50 MILLION Dollars. In fact, over half of our County investments totaling close to $130 Million bucks are tied up in GSEs, or “Government Sponsored Enterprises,” private companies backed by our tax dollars. (That means, they get the profits, we get the losses.) In fact, we are seemingly increasing the percentage of our portfolio placed with GSEs.
But meanwhile, back at the School District, we are facing a $6 million dollar shortfall and teacher layoffs. Recently School Board member Andy Griffiths has been discussing a huge reduction in bond payments that will free up close to $1 Million per month of capital outlays in October of 2015. But no one, including Andy, has offered any type of stopgap measure to get us from here to there in the interim…aside from the novel idea of a tax increase, of course.
So, if you think about it, dollars we HAVE, are invested in failed companies that need dollars we DON’T HAVE to operate. (Essentially federal debt we are saddling our children with.) In the meantime, resources we allocate to those very children being saddling with federal debt are being cut back. We have essentially created student loans for grade school kids, while providing them with less of an education. Seems like we could do better if we put the 1st graders in charge.
Check out the rest here…
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