It should have been clear by now that government backing for private profit-seeking firms is a clear and present danger to the stability of the U.S. financial system.
There is good reason for doubt.
Once again, we have to rely on the Supreme Court to rescue the Framers’ Constitution.
Congress does what it wants, and the administrative agencies, with the apparent acquiescence of the courts, use the congressional language to create what they want.
The Obama loan-modification package is well-designed, and it makes sense to use Fannie Mae and Freddie Mac as the central players. They both have the expertise and staffing to handle ...