September 27, 2008

Compare and contrast

Watch this:


and compare it to Barney Frank's defense of Freddie and Fannie:

Tell me who's responsible for this mess. President Bush? Really? John McCain? Now before you say that "Henry, I thought you were a conservative. I thought you were against excessive regulation, how could you be for more?" consider that Fannie and Freddie are quasi governmental entities. That's what GSEs are: Government Sponsored Enterprises. These entities were not governed by the boundaries of the market, they had a mandate and blank check from the federal government.

Remember this, the only monopoly that can exist over the long term is the one that's protected by the government.

Posted by Henry Louis Gomez at September 27, 2008 07:37 PM


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