Thanks to the unending reckless generosity of our Congress and President with taxpayer money, Fannie Mae and Freddie Mac again are free to continue to gamble in the high roller mortgage casino that brought them to the brink of collapse.
The beneficiaries of this latest extension of socialism for the rich financed by ordinary citizens left to struggle in the cold of what remains of the free enterprise system after their repeated plunderings by our rulers.
Fannie and Freddie were on the brink of collapse until President Bush said he would not veto their bailout and Congress responded by promptly enacting the lifeline legislation for them. Until shortly before the bailout was voted into law there was disagreement within the Congress on how much should be allocated to prop up the two high rolling losers. Various figures ranging from $20 billion to $100 billion of taxpayer money were being tossed about. But the potential for a road blocking disagreement was removed by the genius of the Congress for compromise -- they granted the corporate deadbeats an unlimited line of taxpayer funded credit -- that's right, a whole book of blank checks.
In 2006, the last year for which the information is available, the total compensation of Freddie Mac's chief executive officer was a bit more than $14.7 million while that of his counterpart at Fannie Mae was a bit more than $11.6 million. Not bad for having led their companies into placing the bets that essentially broke them.
Keep spinning the wheel and let the games continue!
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