The biggest scam that anyone knows about is the Bernie Madoff Ponzi scheme but that is only because we could put a face and name to it. Scams much larger have been perpetrated on us for longer periods of time and for dollar figures that make Bernie look like a stick up man at a country store.
The Banking/Fannie Mae/Fed scam has been going on for so long that we think it is just the way things are and have always been. But nothing could be further from the truth. Fannie Mae was established in the 1930’s depression era as an answer to the banks breaking the backs of the American home owner. The idea was like most ideas to help people. People that had fallen on hard times were having the hammer come down on them with the power to take their homes and put them on the street.
So our government created Fannie Mae to insure mortgages and give the banks the benefit of having a quasi-government agency insure the mortgage would be paid. The banks were in a no can lose situation and they lent money with greater frequency and higher volume. The only problem is that Fannie Mae is not the government and is not private any longer. It is like having the worst of both worlds. We have the profit minded oversight of the banks mixed with the not for profit regulation of the government. This creates a situation that is no less a scam than selling 110% of anything.
Fannie Mae cannot lose and when they do they still win because the government just writes them another check to cover the losses. This is a rip off of all Americans that pay taxes and the snow ball gets bigger with each passing moment. Fannie Mae bets big and the execs get rich off of the bets that win and the bets that lose still pay off. This would be an awesome scam if were in a novel but it is how the banks and federal government have created an ongoing scam that benefits everyone except the people who fund it…us.