When I pointed out last week that Senator Chris Dodd (he of the massive campaign donations from Fannie and Freddie) was holding hearings that saw no mention of the GSEs’ role in the financial crisis, Matthew Yglesias decided to throw in an insult and claim the GSEs were a red herring. I won’t say this shows he “doesn’t know anything about anything,” because that is plainly not the case, but he’s way wrong here. I explain why at a little more length than is appropiate for The Corner here.