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 4/10 Good --- www.cato.org http://www.cato.org/rss/dailydispatch.xml
| The Cato Institute seeks to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets and peace. Toward that goal, the Institute strives to achieve greater involvement of the intelligent, concerned lay public in questions of policy and the proper role of government. ... |
Wednesday, July 23, 2008 --- 29 days ago http://www.cato.org/view_ddispatch.php?viewdate=20080722#1
| "Bank examiners from the Federal Reserve and the Comptroller of the Currency are inspecting the books of the nation's two largest mortgage finance companies, Fannie Mae and Freddie Mac, as the Bush administration prods Congress to approve a plan that would enable it to inject billions of dollars into the companies," reports The New York Times . In " Fannie Mae and Freddie Mac Should Be Cut Down and Cut Loose ," Cato Senior Fellow Alan Reynolds writes: "Potentially massive loans from the Treasury and Fed are no solution to their already excessive debt -- the last thing they need is more. These two politically privileged companies pose a 'systemic risk' to the economy precisely because they became much too big in the past two decades. Any serious solution must begin by requiring Fannie and Freddie to do what other troubled firms are routinely required to do -- sell assets, raise capital, and reduce debt. "Fannie Mae and Freddie Mac need to be downsized and de-leveraged, relieved of special privileges and loan guarantees, and broken into small pieces agile enough to sink or swim on their own, without taxpayer support." ... |
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