Over at Naked Capitalism, Yves Smith laments over William Butler's "characteristically colorful" piece "Time for comrade Paulson to pull the plug on the Fannie and Freddie charade". Yves regrets Mr. Butler beating him to the punch over the backdoor socialism movement underway here in America. It is a topic i have opined on numerous times, but never with the clarity of thought Mr. Butler or Mr. Smith provide.
"But Buiter's beef isn't the operation of the GSEs but the philosophy behind them, the hydra-headed and not fully visible ways the US has socialized real estate (did you know about the Farm Credit Banks, for instance?). He provided a good summary of the history and dramatis personae."
Read both editorials. They are incredible.
Enjoy your weekend and take a shot (or down a fifth) of Jack for me while you ponder the impending downfall of the American financial system--you've got a front row seat.
(hat tip - ep)