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Fannie, Freddie, And Their Enablers

Where do you begin to grasp the enormity of the financial turmoil that is threatening to submerge not only Wall Street, but Main Street as well? For the next week or so, I will use this post to log links to various sources taxpayers can use to begin to better understand the mess we’re in. Entries will be much, much briefer than most of my posts -- essentially the source and not more than two or three explanatory sentences.

  • Cafe Hayek -- George Mason University economics professor Russ Roberts set-up the category “government intervention in housing.” to log his posts. Very good background information.
  • Village Voice -- says “(t)here are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go . . . .” Explains “(h)ow the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis.”
  • Rush Limbaugh Show -- several useful background pieces in addition to Mr. Snerdley’s great question, "After listening to your brilliant explanation of this in the first hour, why should I even bother paying off my mortgage?  I mean, I could just not pay it, I go into default and the government's going to let me keep the house.”
  • Investor’s Business Daily Editorials -- this editorial asks, “Can Congress just walk away from a problem it helped create?” IBD has published a number of editorials dealing with various aspects of the financial fiasco. Use their “Past 90 Days” feature or search their archives.
  • Bloomberg News -- Kevin Hassett writes, “. . . the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured, some fatally.”
  • Heritage Foundation -- several posts on one of the blogs, The Foundry, providing additional perspective and resources (here, here, and here).

UPDATE (9/24/08) 

Wall Street Journal (opinion/editorial pages, which are free)

Those are just the more significant pieces. Searching for "Fannie Mae" at the Wall Street Journal's opinion pages had 1,000 'hits.'

Check back for updates with additional, useful resources.

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