It was July 22, 2008, when I blogged about the absurdly low $25 billion price tag that the CBO had put on bailing out Fannie Mae and Freddie Mac, linking to this NYTimes piece.
I speculated that it would more likely be more than $100 billion. To date, a net $135 billion has been pumped into the two agencies. Now we learn that an additional $124 billion may be needed.
Yikes! That's supposedly a "worst case scenario," and maybe as little as $6 billion more will be required. However, based upon the track record of the estimators in 2008, it seems just as likely to me that we'll burn through $500 billion before we're done.
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