F&F

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Our two undercapitalized, poorly run, and totally mismanaged quasi-government (there's a shady term if you've ever heard one) housing lenders are getting the unlimited protection it has been so long surmised that they would be given. Freddie and Fannie, both having growth excessively portly in recent years, are in quite a lot of trouble as many of those good eats are turning foul. What is a good government to do but bail them out? Unlike my position on Bear Stearns, I think it is sadly clear at this point that such a lifeline is needed. How we ever got to this point is a different matter entirely. Short story: what the hell is the government doing supplying financing? Long story: everything other than services dealing with public goods (of which buying a nice house is not one) should be private or privatized. End of story.

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