Billions more for banking bailout

The second banking bailout isn't getting the attention it deserves because Democrats don't want to talk about the disaster at Fannie Mae and Freddie Mac.

The Obama administration waited until Christmas Eve to announce it was lifting the $400 billion cap for funds available to cover Fannie's and Freddie's financial losses. The Treasury Department admitted that taxpayer losses well surpassed that fortune, so taxpayers are on the hook for an unlimited amount more for these two losers.

By contrast, between the 1980s and 2004, the savings and loan crisis cost American taxpayers about $124 billion. After adjusting for inflation, the S&L mess will have cost less than half the money already lost by Fannie and Freddie - and their red ink continues to flow.