"The government's rescue plan for Fannie Mae and Freddie Mac is the latest move by the Bush administration that transfers risk from the private sector to taxpayers, a phenomenon that poses potentially enormous financial risks if the economy worsens," The Wall Street Journal reports. "From the bailout of Bear Stearns Cos. to a guarantee of student loans, the federal government has either injected public money into the private sector or promised to make capital available if needed. While taxpayers are not yet bearing the brunt of these moves, they could still wind up on the hook, particularly if the U.S. housing market continues to erode. The government has stepped in to assist the private sector before, notably when Congress created the Resolution Trust Corp. in the late 1980s to sell the assets of failed savings and loans. Market watchers and economists, however, say the obligations the U.S. is now assuming far outpaces anything in the past."