Fed Moves $4.4 Trillion of Debt to YOU

The Federal Reserve has "adjusted" the books of GSEs Fannie Mae and Freddie Mac to shift $4.4 Trillion in toxic debt from their balance sheets onto the government's  balance sheets.  

This is a slightly surprising move considering that American taxpayers are already on the hook for bad debts held by Fannie and Freddie.  At least when it is in Fannie and Freddie's hands, most of the public doesn't know any better.