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THEY TOOK THE LOAD OFF FANNIE AND PUT THE LOAD RIGHT ON ME (AND YOU)

September 08, 2008

So the government has now nationalized Fannie Mae and Freddie Mac, the feckless government-sponsored mortgage companies. Their congressional godfathers, especially Barney Frank and Charlie Schumer, fended off all attempts to rein in the reckless lending and cowboy accounting of these supremely well-lobbied political lenders, and now the taxpayer is holding the bag.

The Cassandras at the Wall Street Journal have been screaming about this impending train wreck for years, and now they get a bitter vindication. Arnold Kling, who used to work for Freddie Mac, has been clear-eyed about this for a long time. Some other folks don't looks so good.

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