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Thomas I. Palley
Economic and Political Weekly
Vol. 43, No. 35 (Aug. 30 - Sep. 5, 2008), pp. 21-23
Published by: Economic and Political Weekly
Stable URL: http://www.jstor.org/stable/40278717
Page Count: 3
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The bailout of the two large us housing mortgage companies, Fannie Mae and Freddie Mac has attracted conservative criticism that these companies contributed to the sub-prime crisis. This is a standard conservative tactic of shifting the blame. Fannie and Freddie were caught in the negative externality of the housing bubble created by Wall Street. The true moral of the Fannie and Freddie story is that there is a case for nationalisation and greater regulation of financial markets.
Economic and Political Weekly © 2008 Economic and Political Weekly