Richard Shelby actually said...

"And that is a time bomb, is it not?"

"we do not have an implicit guarantee, we have an explicit, because Fannie and Freddie are sitting in the taxpayer's lap right now."

"So while the bank crisis grew underneath their feet, they continued to sleep in a sense or look the other way."

"that is, it sits in the taxpayer's lap, like it is today, Fannie and Freddie--and privatize the profits. That is a dangerous situation, is it not?"