(Public-Private) Partners in Crime
July 24, 2008
Irvine, CA--The Wall Street Journal has just published a revealing opinion piece, "The Fannie Mae Gang," by editorial page editor Paul Gigot, a longtime critic of Fannie Mae and Freddie Mac.
"Gigot's piece is a devastating expose of how these quasi-governmental behemoths concealed their shady practices and shaky finances by enriching powerful friends on Wall Street, Main Street, and Pennsylvania Avenue," said Dr. Yaron Brook, executive director of the Ayn Rand Institute.
"Gigot's account should lay to rest the idea that 'public-private partnerships' such as Fannie and Freddie bring valuable new assets to the free market. In fact, the government's only contribution to the market is to forcibly take some individuals' money and freedom for the sake of others.
"Fannie Mae's 'public-private' goal of 'promoting home ownership' turned out to mean nothing more than handsomely rewarding reckless lenders by forcing taxpayers to bail them out. Any proposal for how to clean up the Fannie Mess must seek to phase out and eliminate the twin housing monstrosities--not prop them up."
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