In the Wall Street Journal, Holman Jenkins says we should get rid of the shaky, fraud-ridden government-backed mortgage giant Fannie Mae in its current form, rather than letting it continue to operate with federal subsidies and special government privileges. He thinks Fannie Mae should be nationalized and then broken up into pieces (with the resulting pieces then being thoroughly privatized) instead of just being bailed out, to stop it “from continuing to stack up taxpayer-backed IOUs in pursuit of private profit.” We earlier chronicled the mess at Fannie Mae here and here.
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GSEs should be broken up into little pieces.
I lost my house over ten years ago through a Fannie Mae loan. While I agree that that free market is the way to go I also believe that greed needs regulation as it seems to be the only natural resource that is infinitely renewable.