Government takes over Fannie and Freddie

Fannie Mae and Freddie Mac are to go into receivership, it seems.

Per my post earlier today, “It’s the economy, stupid,” took on a whole new level of meaning. Also, in the face of history that Fannie and Freddie knew they were overextending themselves, yet continued to overextend more while paying top execs big money, combined with the Bear Stearns bailout this year, is also going to increase the “help the rich, ignore the poor” claims against the Bush Administration.

That said, Daniel H. Mudd, the chief executive of Fannie Mae, and Richard F. Syron, chief executive of Freddie Mac, reportedly will get the boot as part of the takeover. Of course, BushCo had no choice on that.

And that said, the “It’s the economy, stupid,” just had either an atomic bomb or a hot, steaming pile of crap dropped in the middle of it. Pick your metaphor.