Fannie Mae and Freddie Mac together have cost the US Taxpayer over $400 billion dollars. And there is no end in sight.
Unlimited bailouts will now allow the Treasury to keep them in conservatorship, which means they can help to conserve the Democratic majority in Congress by increasing their role in housing finance. With the Federal Reserve planning to step back as early as March from buying $1.25 trillion in mortgage-backed securities, Team Obama is counting on Fan and Fred to help reflate the housing bubble.
Yet, with all this cost, and with Fannie Mae and Freddie Mac being extensions of government, their CEOs each will get $5 million dollars salary.
So a pay czar only pay czars folks the unions are pissed at? Is that it? Pay no attention to the places where Democrats park their cronies?
Crony capitalism.. brought to you by the Democratic party. Personally, I’d be ashamed to be associated with that party.