When I hear about government stepping into bailing out of financial distressed companies I can't stop thinking about the financial incompetence of the policy makers that tout themselves as the guardian of taxpayers money.

Consider this - how a government where great economists advise can falter to this extent that it has to face bailing out financial institutions one after another?

I am sure economists aren't dumb and political interests must be overpowering the decision making process in the congress.

Just a few months ago government had to intervene and bail out Bear Sterns by having it overtaken by JP Morgan Chase and financing the takeover. Who paid the money?

The taxpayers paid the money.

Freddie Mac and Fannie Mae account for around half of the 10 to 20 trillion mortgage debt in USA. Their dual position - part private and part implicitly government backed made them unaccountable to their actions.

Their CEOs kept taking on riskier loans thinking that the government is there to help in case the risk becomes too big to handle. On the other hand investors kept buying their shares thinking that they are government backed. Investors forgot to look into the details that the government back up is ONLY implicit. There was no law or rule suggesting how the government will back them.

The CEOs made lots of money without any sense of responsibility and now the onus is on the taxpayers to pay for the bail out decided by the government.

How much will it cost to the taxpayers? To start with the government plan to inject around 2 billion USD. Nobody, not even the perpetrators of this deal know how much money would be required in whole to bail out these mortgage giants. It could be couple of more billions or trillions. Only time will tell.

So the money that taxpayers pay to the government for basic infrastructures, safety, security and education to lead a smooth & good life is being spent on bailing out giants that the taxpayers never had any say in the creation.

Do you think you would have approved creation of these mortgage giants had you known that you will end up paying for their bailout? I definitely wouldn't.

Fannie Mae and Freddie Mac speculated and allowed bad loans to creep into their portfolios showing lack of quality control and lack of sincerity on their business practices. Their executives and policy makers should be investigated for this. Just another government bail out is ridiculous.

I strongly think that housing should be affordable to American people but not at the trillion dollar cost that will make a dent in the US economy.

Government should rethink their plans of providing affordable housing. They should put economic and taxpayers interest over their political interests. The economists must come forward and put their feet down to now allow such disaster to happen again.