Fannie & Freddie Still Too Big To Fail at Least Through 2012; Treasury Banking on Mayan Apocalypse

The time for talk is over. The time for unlimited bailouts of the government-sponsored (and like totally p*wned, dude!) enterprises is now:

The U.S. Treasury Department will remove the caps on aid to the largest U.S. mortgage-finance companies for the next three years, to allay investor concerns that the companies will exhaust the available government assistance.

The two companies are currently under government conservatorship and have caps of $200 billion each on backstop capital from the Treasury. Under a new agreement announced after markets closed on Dec. 24, these limits can rise as needed to cover net worth losses through 2012.

Mo' here. I for one am glad that unlimited credit has been made available to the super-responsible types at the very agencies that literally underwrote the economic turbulence that my kids will still be paying for on their 200th birthdays.

Return now to those thrilling days of yesteryear, when easy-credit ripoffs were blamed for the troubles we got:

We've lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to borrow instead of save.

Who said it? The answer won't surprise you.

And remember boys and girls: It's always a good time to buy!