A recent study from the Congressional Budget Office (CBO) has zero credibility. It pegged likely taxpayer losses in the Fannie Mae and Freddie Mac bailouts at $25 billion. For those with a sense of history, it is worth remembering that the S&L bailout had a $160 billion price tag. The numbers diverge so far from reality as to be laugh-out-loud funny. Funny, that is, except that the CBO estimate demonstrates a willful disconnect with the actual consequences of federal government actions.
"For those with a sense of history, it is worth remembering that the S&L bailout had a $160 billion price tag. "
"If the people were to ever find out what we have done, we would be chased down the streets and lynched." -- George Bush, cited in the June, 1992 Sarah McClendon Newsletter