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Freddie, Fannie, and Curses on FDR

mises.org — capitalism is going to be subjected to a beating as usual, since Freddie and Fannie are traded in public markets. But the fact remains that there is only one reason that this went on as long as it did and became as bad as it is. It was that vial of government poison.

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  • CurtHowland, on 07/14/2008, -0/+7I was listening to the Diane Reemes show on NPR this morning. What a laugh that was!

    They had one guy there saying he'd been talking about the housing bubble for 6 years. Everyone had told him he was being silly.

    He said "I'd be happy if the stock price dropped to zero, because that is what the market decided their worthless stock was worth."

    What a joy to listen to him! On the subject of the "tens of millions of $$ that were awarded in stalaries to the officers of these corporations", he said specifically that their contracts tied their salaries to the volume of business these boondoggles did. They were compensated as per their employment contracts! What's next, blaming them for making money doing what they were hired to do?

    But then, blaming the few who made money in this devil's bargain is exactly what Rockwell mentions will happen. Everyone is going to be blamed, fingers pointed everywhere.

    Everywhere but straight back to the interventionist state.
  • BaconIsGood4You, on 07/16/2008, -1/+1Really. How does this happen? How do people think that sticking muddling government into random places won't cause distortions in the market?
    • BalooUrsidae, on 07/16/2008, -1/+1Probably because lassez-faire economics do not work: Money trickles from the bottom to the people who already have capital, not the other way around. It's called market protection, and it's a good thing for consumers. You'd have to be stupid, ignorant or be in the 5% of wealthiest Americans to not realize this or think it's a bad thing.
  • stealthc, on 07/26/2008, -0/+1Astounding. The best article on Digg explaining this fiasco and it only has 56 diggs.
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