Sunday, September 21, 2008

George F. Will - Bailout on Wheels -

"Politics produced Fannie Mae. It was created by the government in 1938 to further the government objective of increased homeownership. It was sold -- semi-privatized, sort of -- for a political purpose: to help President Lyndon Johnson finance the Vietnam War. Fannie Mae has no objection to interventionist government; the regulatory state created and cosseted it. And it has always known which side its bread is buttered on -- on both sides, by taxpayers, through the implicit federal guarantee of Fannie Mae's obligations."

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