07/27/2008 05:12 am ET Updated May 25, 2011

The Ballad of Fannie & Freddie

Fannie and Freddie were lenders
Lordy, how they could lend
No limit on guaranteed loans
For their good friends on Wall Street
They sure wouldn't do them no wrong

Fannie and Freddie were soft touches
As every sub-prime mortgage banker knows
Gave them everything they wanted and more
Just to make them look solvent
Ben Bernanke was their man, he wouldn't do them no wrong

Then Freddie went down to the Capitol Hill saloon
And asked his friends for six trillion dollars
No problem, they said, Jim Johnson and Franklin Raines are our friends
And so is Alan Greenspan
They're our friends and they wouldn't do us no wrong

Fannie went down to the saloon in an hour or so
Said has my loving Freddie been here?
He told me the fed's gonna bail us out
Or else the economy's gonna crash
But I hear he's been doing me wrong

I ain't gonna tell you no stories, said Chris Dodd
I ain't gonna tell you no lies, Barney Frank declared
We saw your faithless Freddie
Making love to a hundred lobbyists
He's your man but he's been doing you wrong

Well Fannie went home in a hurry
Came back toting a .44 gun
Freddie said please don't shoot me
Chris Cox is gonna take care of us
And Henry Paulson's our man, he wouldn't do us no wrong

But Fannie wouldn't listen
Ain't nobody gonna help us now that Pelosi and Reid are in charge
She shot once, twice, three times
Freddie said my God, the market's gonna collapse
I've been your man, but I know I've done you wrong

Roll me over real easy, he said
Roll me on my right side
Cause my left one hurts me so
Not even George Bush can help us now
Cause you and I have done everybody wrong