WHAT are we taxpayers getting for our money, as we bail out the geniuses who have run some of our leading financial institutions into the ground? The Treasury is extending a reported $300 billion line of credit to Fannie Mae and Freddie Mac, but what do we receive in return?

The answer, I'm afraid, is very little - other than relief from the imminent threat of a much worse crisis. I'm glad that a systemic meltdown has been avoided again, temporarily. But these bailouts are the equivalent of "no document" loans to borrowers who are saying in effect, "Lend me billions right now or I'll destroy the international financial system."

I wish that Treasury and Federal Reserve officials would do a better job of bargaining - so taxpayers won't have to dig into their pockets again a few months from now to rescue yet another group of spendthrift financiers. Perhaps Congress can ask some tough questions before approving the Fannie and Freddie package Read Full Article...

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