Here is a short and very excellent article on the subject.
Fannie and Freddie must go - here's how
By William M. Isaac and Richard M. Kovacevich
CNNMoney, December 20, 2011
There is no end to the politicizing of the recent recession but we should never forget that the whole thing was government caused and all the abuses that came along with it were government enabled.
Fannie and Freddie can and should be wound down very quickly and remembered as yet another lesson in the inevitable failure of progressive central management. Government should recommend and regulate; government cannot and therefore should not do. Think the Post Office and the takeover by the awful 111th Congress of student loans. These pale of course in comparison to Fannie and Freddie and Medicare or even to the Social Security “Trust Fund” which is filled with IOUs not cash.
Is it just me or are you furious too about student loans? Congress is now guaranteeing loans to students who have no collateral, no co-signers and in huge numbers, no chance of ever repaying the loans. And if that isn’t bad enough, the loans can be used at schools with no accreditation and fees higher than Yale and Harvard.
And another thing. I'm glad Congress wants extend the payroll tax cut and I'm glad they want to pay for it. But how does it feel when Congress raises fees rather than cuts some spending somewhere?
And another thing. I'm glad Congress wants extend the payroll tax cut and I'm glad they want to pay for it. But how does it feel when Congress raises fees rather than cuts some spending somewhere?
Who are these people in our legislature?
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