It’s gotten to the point of ridiculousness. First we’ve been forced to bail out the mortgage companies because self absorbed nitwits thought ‘flipping houses’ would be their golden highway to a quick buck. And now we have to bail out the largest of the lot because they saw dollar signs in the stars and thought it would be fun to get some of it for themselves.

The Treasury Department is expected to announce as early as this weekend a plan to bail out and recapitalize collapsing home mortgage giants Fannie Mae and Freddie Mac in one of the biggest government rescues in U.S. history.

Hey- Treasury Department- that’s our money you’re using so cavalierly! Wanna know why they’re doing it over the weekend? So fewer people will know about it.

Under the terms of the proposal, the government would make periodic injections of funds by buying either convertible preferred shares or warrants in the two companies as needed, as opposed to a large, up-front cost, according to reports citing people briefed on the plans. The bailout involves total assets that would dwarf the savings and loan rescue in the 1980s that shook the banking sector to its core. Fannie and Freddie hold roughly $1.5 trillion in direct debt, guarantees on what could be as large as $5 trillion and possibly off-balance sheet obligations that could reach $3 trillion, according to recent estimates from Ladenburg Thalmann & Co.

$3 Trillion…. Well that should ensure our great grandchildren’s debt. Thanks, greedy folk, for lining your pockets with money stolen from the rest of us through taxation. We appreciate it.