Leave it to the op-ed pages of the WSJ to bring some clarity, common sense, and perspective to the Fannie/Freddie fallout. As I noted earlier, they have been in the fore front of advocating reform of these two private/government institutions. (The official term is government sponsored enterprises, or GSEs.) The cost of a collapse of either or both would lead to a world wide financial catastrophe, so one could assume our government will step in to make sure that does not happen. The big mistake, though, as pointed out by the AEI's Peter J. Wallison in the WSJ, is if we do avoid economic devastation but then return to the same actions that got us here in the first place.
Monday, July 14, 2008
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