It would have been better to let all the Mae’s and Mac’s collapse under their own weight. Instead we are going to double down billions propping up a quasi-socialist program and trying to fight the natural business cycle.
And where will this money come from? It’ll be borrowed from all the unsavory countries in the world the US is trying to step up to - Russia, China, and the Arabs.
Let Fannie and Freddie fall in their own right. It’s a free market right? Maybe Fannie & Freddie should’ve saved some of their gangbuster profits over the past few years for a rainy day.
and if you DON’T save them, we’ll have Great Depression redux. Except this time, due to the globalized economy, the Saudis and the Chinese will just buy up all our assets. We’re kind of screwed either way.
That’s the thing about the “free market” as idealized by Milton Friedman: it doesn’t respect national boundaries or borders.
We’ve all been so worried, and rightly so, about Communist/Socialist one world government that didn’t respect American sovereignty, that we forgot about the possibility of one-world government by global markets that don’t respect American sovreignty, either.