U.S. promises unlimited financial assistance to Fannie Mae, Freddie Mac

The Washington Post reports:

The Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress.

An important moment in the history of socialism. The Obama administration loves bailouts!