When homesteaders took out loans with banks to settle on “government” land, and failed due to drought (the railroads convinced them to come to the “promised land” and took their money too) the Bankhead-Jones Act passed to take back the land into “government” (as in taxpayer) ownership. The farmers didn’t get a penny, but ALL the banks were totally bailed out, principle PLUS INTEREST! It was paid by the taxpayers called “government”. Things haven’t changed since the 1920’s, banks gamble, lose, and the taxpayers bail them out. Fanny and Freddie, just like Bankhead-Jones, were creations of the banks and for the banks, actually, by the time “regulations” were altered to favor the Fed, which is of course a board made up of “Free-market” BANKERS!!
When homesteaders took out loans with banks to settle on “government” land, and failed due to drought (the railroads convinced them to come to the “promised land” and took their money too) the Bankhead-Jones Act passed to take back the land into “government” (as in taxpayer) ownership. The farmers didn’t get a penny, but ALL the banks were totally bailed out, principle PLUS INTEREST! It was paid by the taxpayers called “government”. Things haven’t changed since the 1920’s, banks gamble, lose, and the taxpayers bail them out. Fanny and Freddie, just like Bankhead-Jones, were creations of the banks and for the banks, actually, by the time “regulations” were altered to favor the Fed, which is of course a board made up of “Free-market” BANKERS!!