Eye On Freedom – Keeping a watchful eye on the preservation of our liberty at home and freedom around the world

During a House Financial Services Committee hearing on Fannie Mae and Freddie Mac, the two housing finance giants bailed out by taxpayers and taken over by the federal government, Chairman Barney Frank (D-Mass.) said, “You can’t really tear down the old jail until you’ve built a new one.”

Jail is a suitable metaphor for what congressional Democrats have created for generations of American taxpayers, now shackled to hundreds of billions of dollars in debt.

It also describes what the Obama administration has in mind for Fannie and Freddie – a massive and more permanent version of what was a key factor in the collapse of the financial markets, and one that could be the most costly of the 2008 bailouts.

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