"The ploy here is simple. They are keeping Fannie Mae and Freddie Mac off the government’s balance sheet and out of the federal budget, along with their $1.6 trillion of corporate debt and $4.7 trillion of mortgage obligations.
[. . .]
this was supposed to be the administration that, in his words, would put an end to “the era of irresponsibility in Washington.” Instead, he has provided us a new beginning.
[. . .]
Excluding Fannie and Freddie, the national debt held by the public is about $7.9 trillion. With them, it exceeds last year’s $13.2 trillion gross domestic product.
[. . .]
The government lacks moral standing to prosecute crimes such as accounting fraud when its own books lack integrity."
http://www.bloomberg.com/apps/news?pid=20601039&sid=a.G6KFfaDdSc
Obama’s $6.3 Trillion Scam Is America’s Shame: Jonathan Weil
Commentary by Jonathan Weil
Feb. 4, 2010
(Bloomberg)
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