Republican economics continues to show America how costly it is to ignore the basics. Failure to properly regulate and letting financial institutions do pretty much anything they liked is going to cost the US much more than any regulation would have cost. So now that we're in an economic downturn and funding two costly wars, where are we supposed to find the cash for this?
Congressional budget analysts put a $25 billion cost estimate on a Bush administration plan to bolster mortgage finance giants Fannie Mae and Freddie Mac, but raised questions about a key assumption underlying the plan.
The Congressional Budget Office said the estimated cost to taxpayers would be incurred over 2009 and 2010, if Congress approves the plan proposed by Treasury Secretary Henry Paulson amid a deep slump in the U.S. housing market.
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