Money Losing Zombies in the Fed’s Bosom
Brian Carney is the editorial page editor of my favorite newspaper, and he writes today about Fan and Fred, described as ‘money-losing zombie financial companies in the bosom of the federal government. ” Perfect!
He describes the two bloated home loan agencies with more than $5 trillion in liabilities as already costing taxpayers more than $150 billion…with no end in sight. Yet our own Barney Frank and his corrupt fellow senator, Chris Dodd, say that it’s too complicated to fix them right now. First they have enacted a giant-sized series of regulations that Carney said is ignoring the biggest problem with our economy–these zombies!
“Until these two are wound down, the work of cleaning up after the financial crisis won’t be nearly done.”