Jul 29, 2008

Paul Gigot on the lesson of Fannie Mae and Freddie Mac

The abiding lesson here is what happens when you combine private profit with government power. You create political monsters that are protected both by journalists on the left and pseudo-capitalists on Wall Street, by liberal Democrats and country-club Republicans. Even now, after all of their dishonesty and failure, Fannie and Freddie could emerge from this taxpayer rescue more powerful than ever. Campaigning to spare taxpayers from that result would represent genuine "change," not that either presidential candidate seems interested.

~ Paul A. Gigot, editorial page editor, The Wall Street Journal, "The Fannie Mae Gang," July 23, 2008

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