GSEs have retained earnings and are building capital, weeeeelllll, not true. GSEs go further into debt with the government each quarter.
Think of it like every every time you get paid you and your Lemmings are happy. Your employer is keeping track of every dollar it gives you and has you sign a 10% promissory note on the same amount. Translation, every payday, you go further into debt with your employer. What emoji and leprechaun doesn't comprehend is that with every quarter, the GSEs owe a debt to the government that is equal to this fake capital build