Your tax dollars at bailing out major financial institutions once again, this time to the tune of about $30 billion.

Regulators announced Friday a rescue and revamping of the nation’s wholesale credit union system, underpinned by a federal guarantee valued at $30 billion or more. Wholesale credit unions don’t deal with the general public but provide essential back-office services to thousands of other credit unions across the U.S. The majority of retail credit unions are sound, but they will have to shoulder the losses through special assessments over the next decade.

Friday’s moves include the seizure of three wholesale credit unions, plus an unusual plan by government officials to manage $50 billion of troubled assets inherited from failed institutions. To help fund the rescue, the National Credit Union Administration plans to issue $30 billion to $35 billion in government-guaranteed bonds, backed by the shaky mortgage-related assets.

Officials insist this won’t cost taxpayers any money. Except for the fact that we’re guaranteeing $30-35 billion in bonds to bail out private sector financial institutions. Again. So we’re on the line for quite the pretty penny.

Oh, and the Wall Street Journal says the federal government now controls 70% of total assets at credit unions. But don’t dare mention the words “socialism” or “takeover”. Because that would make you a conspiracy theorist loon. Or something.

Recovery Wreckovery Summer continues.