Monday, June 21, 2010

Another reason to trust more in God than the government

For all the focus on the historic federal rescue of the banking industry, it is the government’s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money. So far the tab stands at $145.9 billion, and it grows with every foreclosure of a three-bedroom home with a two-car garage one hour from Phoenix. The Congressional Budget Office predicts that the final bill could reach $389 billion.--Binyamin Appelbaum

If we added the liabilities from these agencies back onto the federal balance sheet, it would increase our debt by $5 trillion, and it would exceed our GDP.

Let's also not forget to give credit where it is due: the congressionally chartered rating agencies.

And the runner-up award goes to the GM bailout; the UAW has the government wrapped around its little finger.

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