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July 24, 2008

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Time constraints prevented a fuller explanation of what David Littman was trying to explain in this interview.

I have no doubt that Mr. Littman would enthusiastically subscribe to this seminal editorial by Paul Gigot in yesterday's Wall Street Journal, detailing the depredations of Fannie Mae and Freddie Mac:
http://online.wsj.com/article/SB121677050160675397.html?mod=most_emailed_day

Mr. Gigot points out that there is bipartisan blame to go around in the creation of the Fannie Mae and Freddie Mac mega-fiasco.

Mr. Gigot is also as correct as he is immodest to crow; "We told you so." Readers of the Wall Street Journal know that Journal editors have been warning, predicting, decrying this outcome FOR YEARS.

I missed something. I meant to say, that while "there is bipartisan blame to go around in the creation of the Fannie Mae and Freddie Mac mega-fiasco," the cure at this time seems to be one-sided. Barney Frank and Chris Dodd, along with just about every Democrat I can think of, is hoping to plug the holes in Fannie and Freddie until after the election.

It is a small number of Conservatives and Republicans who not only predicted the problem, but advocate a cure, and fast.

Of a piece with the Paul Gigot column is this commentary authored by former Clinton Treasury Secretary and former Harvard University President Larry Summers; again, I suspect that Summers is amplifying all the points with which David Littman would agree:

http://online.wsj.com/article/SB121694395903082959.html?mod=opinion_main_commentaries

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