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Freddie and Fannie still broke
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| An Editorial |
February 03, 2009 |
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Freddie Mac, the quasi-federal outfit that Cong. Barney Frank guaranteed us was solvent, needs $35 billion more in taxpayer aid, according to Bloomberg News.
The company got $13.8 billion from taxpayers in November.
So far Treasury officials have pledged as much as $100 billion each to Freddie Mac and Fannie Mae since Frank's indignant guarantee that both were financially healthy.
Frank's emotional endorsement of the two mortgage giants came after officials of the George W. Bush Administration questioned their viability two years ago.
The companies have posted five consecutive quarters of losses totaling over $68 billion combined.
It is hard to build consumer and taxpayer confidence with people like Frank, Nancy Pelosi, Harry Reid, and Charles Schumer in charge of fixing our financial problems.
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©The Democrat 2010
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