George Will: The Misadventures of Fannie and Freddie

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Fannie Mae and Freddie Mac, one of America’s most crony couples.  

(From The National Review)

Gigantic government’s complexity and opacity provide innumerable opportunities for opportunists to act unconstrained by clear law or effective supervision. Today’s example, involving the government’s expropriation of hundreds of billions of dollars, features three sets of unsympathetic actors — a grasping federal government, a few hedge funds nimble at exploiting the co-mingling of government and the private sector, and two anomalous institutions that should never have existed.

The two are the “government-sponsored enterprises” (GSEs) Fannie Mae and Freddie Mac. This maddeningly complex story illustrates the toll the administrative state takes on the rule of law.

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