When no private source was willing to loan money to Wall Street banks at discount rates, the Fed stepped in to do the job. When private buyers of mortgages vanished from the scene, federally insured Fannie Mae and Freddie Mac bought more of them—losing a ton of money in the process. What's wrong with this picture?
Uncle Sam
The Garbage Man
When bubbles pop and slickers flee,
When profits from their sport falls short,
"Too big to fail," becomes the plea,
And players to Big Sam resort.
Sam, Sam, the garbage man,
Jumped in when others madly ran.
The regs that would prevent bad routs
Are much disdained in heady times,
The market then its wisdom flaunts
Until a crash, and then it whines.
Sam, Sam, the garbage man,
Cleans up the mess because it can.
You wonder, though, how long this game
With public money can be played,
Will private greed such outlays tame
Or make it worse, just more delayed?
Sam, Sam, the garbage man,
A willing purse without a plan.
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