I feel compelled to write something about the Fannie Mae, Freddie Mac debacle despite my disgust over the whole thing. The Wall Street Journal sums up the stupidity with its usual expertise. No one listened to them either when they were sounding the alarm for the last umpteen years with numerous editorials and reports. No one can say this wasn't avoidable and the result is downright criminal.
What should happen now? These two dinosaurs should be stabilized, broken up into small enough to fail pieces and privatized. That's probably a pipe dream since congressional Euro-Socialists, Country Club Republicans and the Pseudo-Capitalists on Wall Street like having the American taxpayer as their co-signer. Who wouldn't want a business that would give them all the rewards of success and have someone else pick up the tab for the failures?
What should also happen is the arrest and prosecution of a lot of people, starting with Franklin Raines. Ken Lay was public enemy number one for tanking a $25 billion dollar private company. What should be the penalty for $5 trillion worth of malfeasance?
Previous posts on this subject here, here and here.
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