1. Peter, I’m sure — or maybe President Bartlett will appoint a commission to investigate the predatory lending that caused this crisis.

2. I would just add the following to Steve’s excellent “How to explain Fannie & Freddie simply and in 30 seconds or less”:

Executive compensation:

Franklin Raines (Obama adviser and Fannie CEO 1999-2004): $90 million

Jim Johnson (Obama adviser and Fannie CEO 1991-1998): $21 million in 1998 alone — which, as Byron has detailed, was initially concealed from the public) (I haven’t been able to find, in a quick search, how many more millions he made from 1991-1997)

Jamie Gorelick (former Clinton administration Deputy AG & Fannie vice chair 1998-2003): $26 million.

Campaign Contributions

Barack Obama, though only in the Senate since 2004, took in $126,349 from Fannie & Freddie (second only to Sen. Chris Dodd, $165,400 — whose collections go back to 1989).

Taxpayer Liability Increase

Potentially $5 trillion.