Big banks are government-backed: Fed's Hoenig

``The 2008 bank bailouts at the height of the financial crisis and other implicit guarantees effectively make the largest U.S. banks government-guaranteed enterprises, like mortgage finance companies Fannie Mae and Freddie Mac, said Kansas City Fed President Thomas Hoenig. "That's what they are," Hoenig said at the National Association of Attorneys General 2011 conference.''

Sadly this is true. But to us, anything being like Fannie and Freddie means it should be eliminated, not supported as a walking zombie and hazard to the economy.