Well, when the federal reserve is a private bank just printing money out of thin air, of course it's not a problem. What's another $85 billion to inflate the money supply? All it means is that you and I get poorer.

I agree with you 110%. This should definitely be the penalty for abusing the taxpayers.

That's the wrong question.

You should be asking "What did the Democrats do to avert the problem in 2003 when it was brought up by the Bush administration?"
I'll give you your answer - they obstructed any attempt to reform Fannie and Freddie. While stuffing great wads of Fannie and Freddie's money into their pockets.

"I've called on private sector mortgage banks and banks to be more aggressive about lending money to first-time home buyers." - President Bush 3/26/04

http://www.whitehouse.gov/news/releases/20...0040326-15.html

and don't forget...

gwb took very opportunity to take credit for record home ownership during his first term and beginning of the second...

does he still do that?



lol....

Lobbyist Hired by Freddie Mac to Work on McCain is Now Senator's Aide - Wash. Post 10/3/08

A Freddie Mac Money Trail Catches Up With McCain - Newsweek 9/27/08

McCain Aide's Firm Was Paid by Freddie Mac - NYT 9/23/08

McCain Transition Head Lobbied for Freddie Mac Before Takeover - Bloomberg 9/23/08

McCain campaign manager's lobby firm on Freddie payroll - Roll Call 9/23/08

gop: suckers.....one more time?

{sarcarm on} Ah yes, that most definately answers the question of why the Dems didn't support but obstructed GSE reform. {sarcarm off}
Setting McCain up as a strawman is the poorest of debating tactics. And is mostly meaningless in this context as McCain was not part of either the Bush administration (that requested the reform) nor the Finance committee (that obstructed the reform).
And you lose all credibility by resorting to childish name calling.