From Michael Perelman, who cites a Wall Street Journal article. Do try to resist the urge to punch walls….
More Bailout Obscenity
As if the bailout were not were not bad enough, the Wall Street Journal reports that the Treasury Department is, in effect, rewriting the tax code to give away what will easily be tens of billions of dollars.
On the opposite page, the paper reports that the Fannie and Freddie bailout is likely to cost the government considerably more than expected because of court suits charging, probably correctly, that management misled investors.
One can safely as that more will be discovered later.