Take careful note of what has been happening in the mortgage market. Fannie Mae and Freddie Mac were at the center of the mortgage mess, pressuring and enabling banks to let out bad loans, and then in late 2008, pleading for - and getting - tax money to cover the losses.
This article speaks volumes. The problem has not been fixed. The alcoholic has simply been given several more bottles of Jack Daniel's, and is on another bender. He now wants several more cases of booze, and a guarantee of a continuing supply.
It is time to shut down these Government Sponsored Enterprises (GSEs). Their existence is based on the idea that they can be self supporting. Clearly they can't. We've made a mistake. Let's cut our losses, take our (massive) lumps, and shut them down before they do any more damage.
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