Three Points Define a Plane

... and that plane is heading straight into the ground. Here are the three points.

• Point 1:

  June 14 (Bloomberg) -- The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.
  
  Fannie and Freddie, now 80 percent owned by U.S. taxpayers, already have drawn $145 billion from an unlimited line of government credit ...

  Who is in charge of fixing this mess? The same crew from faculty lounge working on the oil spill.
  

  Figuring out how to stanch the losses and turn them into sustainable businesses is the biggest piece of unfinished business as Congress negotiates a Wall Street overhaul that could reach President Barack Obama’s desk by July.

  Outstanding.


• Point 2:

  President Obama urged reluctant lawmakers Saturday to quickly approve nearly $50 billion in emergency aid to state and local governments, saying the money is needed to avoid "massive layoffs of teachers, police and firefighters" and to support the still-fragile economic recovery.

  No need to make hard decisions, the feds are here to bail you out.


• Point 3:

  June 15 (Bloomberg) -- Greece’s credit rating was cut to non-investment grade by Moody’s Investors Service, threatening to further undermine demand for the nation’s assets as it struggles to rein in the euro region’s second-biggest deficit.

  Greek bonds are now officially junk. Cataracts of cash flowed out of the Greek government to care for the poor and pay for social services. The end result is that they still have poor people, but now they struggle to pay for basic services.

Maybe these points are colinear because points one and two lead to point three.