Why are we doing this bailout again?

Several commenters to my last post wondered why the heck Hank Paulson & Co. think they need to bail out Fannie and Freddie. I'll give Paulson's answer, then translate: These Preferred Stock Purchase Agreements were made necessary by the ambiguities in the GSE Congressional charters, which have been perceived to indicate government support for agency debt and guaranteed MBS. Our nation has...