"The royal screwing of American taxpayers will only get worse in the near future...for a interlocking mixture of reasons that are, in many cases, nothing more than flimsy justifications.
"1) Increasingly, I hear the phrase "privatizing profits, socializing costs" (or losses) because, increasingly, the situation described is being imposed by politicians. The most notorious instance is the recent bail-out of the "Macs" -- Fannie Mae and Freddie Mac -- by which those quasi-private agencies are rewarded for almost criminal fiscal incompetence/irresponsibility by forcing taxpayers to absorb the cost. And, lest you believe the bailout is no more than some American taxpayers 'helping' some others who are Mac bond holders, heed these words from Freedom works, As politicians call for taxpayer bailouts and a government takeover of troubled mortgage lenders Freddie Mac and Fannie Mae, FreedomWorks would like to point out that a bailout is a transfer of possibly hundreds of billions of U.S. tax dollars to sophisticated investors and governments overseas. The top five foreign holders of Freddie and Fannie long-term debt are China, Japan, the Cayman Islands, Luxembourg, and Belgium."
full story Wendy McElroy: Bend Over! The Government Wants to Say "Hello"