Merry Christmas from Tim Geithner and Ben Bernanke

While you were opening presents or going to church or carving your roast beast Treasury Secretary Tim Geithner and Fed Chairman Ben Bernanke played Santa Claus with your money.

The Department of the Treasury announced today that it will lift its $400 billion cap on support for the failed GSEs Fannie Mae and Freddie Mac. More here and here. The Treasury's press release bears the conveniently bland headline "TREASURY ISSUES UPDATE ON STATUS OF SUPPORT FOR HOUSING PROGRAMS" — because I guess "Merry F'ing Christmas: Your grandchildren will live in penury so we can prop up a bunch of deadbeats and incompetent bankers" was taken long ago.

Because these hosers did such a bang-up job of managing the housing crisis so far, co-Santas Tim and Ben stuffed their stockings with your money.

But wait! It gets better. Remember how Barry and his "pay czar" made quite the media spectacle of demanding that recipients of federal bailout money can only pay their top executives $500,000 per year? What was the phrase Barry used? Oh yeah, "fat cat bankers". The "fat cat" is in the eye of the beholder.

The CEOs of Fannie Mae and Freddie Mac get to scoff at that $500,000 pay limit. They're in line to earn more than $6 million each for 2009.

Government bureaucrats aren't "fat cat bankers"; they're "friends of Barry!" And they're perfectly capable of flushing billions and billions of your tax dollars down a toilet with no semblance of accountability whatsoever, while earing top-tier salaries to boot. Another blank check from the Bank of Obama makes their yuletide bright indeed.

Merry Effing Christmas, from the White House to your house.

Posted at 20:46 by Chris Wysocki   [/rants]   Comments | Perm Link |
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