Freddie Mac has again entered the spotlight as a new report claims the government-sponsored enterprise betrayed American homeowners after placing multibillion-dollar bets that will pay off if homeowners remain shackled by costly mortgages with interest rates well above current rates. In a scathing new revelation of their investigation, National Public Radio (NPR) and ProPublica, an independent investigative news service, uncovered multibillion-dollar investments made by Freddie in late 2010 that will pay off only if homeowners remain trapped in high-interest mortgages.
Central banks are often justified on the basis that a complex, modern economy requires top-down management by experts. These people, it is said, can study the markets and then “fine-tune” the economy to keep it humming along.
On the morning of August 3, 2011, armed agents of the U.S. government and the Los Angeles County Sheriff’s Office conducted a raid on a small private club in southern California, seizing the substances being sold therein and arresting three individuals on felony charges. It was the second raid on the club in two years and the culmination of a yearlong investigation by 10 local, state, and federal agencies that, according to the Los Angeles Times, “used high-tech video equipment hidden on a utility pole for round-the-clock surveillance and undercover agents to make covert buys.”
Obama’s Labor Secretary, Hilda Solis, has created new regulations for farming safety that would bar children under 16 from much of the work of agriculture. The rules would keep them from “agricultural work with animals and in pesticide handling, timber operations, manure pits and storage bins” or from handling most types of “power-driven equipment” as well as being involved in the “cultivation, harvesting and curing of tobacco.” Solis explained, “Children employed in agriculture are some of the most vulnerable workers in America. Ensuring their welfare is a priority of the department, and this proposal is another element of our comprehensive approach.”