Friday, May 8, 2009

Fannie and Freddie want some more

Funny how billions just get lost in the trillions being tossed around in Washington.

Media Still Covering Up The $400 Billion Fannie And Freddie Scandal (FNM, FRE)

This morning, Fannie Mae (FNM) announced that it had lost another $23 billion in the quarter, and would have to call down $19 billion more in taxpayer support. It also said that it would face losses as far as the eye can see.

Do you know how much we've committed to backstopping Fannie and its partner-in-crime Freddie Mac (FRE)? $400 BILLION! Back in February that was doubled from the original $200 billion.
They just won't quit. Thanks to Glenn Reynolds.

The human mind simply cannot encompass numbers that big. Bill Whittle takes a stab at it in this PJTV video, "Mountains of Money." Still, boggle is about all that one can do. The politicians who are slinging this money around like spaghetti at a food fight do not comprehend the numbers, either. The difference between them and normal human beings is that they don't even try to comprehend, so they don't boggle!

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