It’s Only Money

Ever since the US government took over the GSEs in September 2008 under Bush/Paulson, and the expansion of that policy under Obama/Geithner, the Government has injected ~$112 billion into these two entities. If Goodman is correct — and her guess is about as good as anyone’s — the budget deficit is about to get $336 billion larger.

To put that into context, from September 5, 2008 forward (the day the the GSEs were put into conservatorship) the U.S. Government is likely to spend more money bailing out Fannie/Freddie than they have on the Iraq and Afghanistan Wars — combined.

via The Big Picture » Blog Archive » Estimated GSE Losses = $448 Billion.

Of course, Congress is busy condemning the bankers for their problems, all but ignoring the much bigger problem which Congress itself created. While there are a few in Congress on the right side of this issue, a wholesale replacement is needed. Throw the bums out!

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