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This is a nice overview story in the Wall Street Journal on what FanFredron (Fannie + Freddie + Enron) have become: a governmental warehouse of losses to subsidize the US housing market. Supposedly 2010 was going to be the year the long term future of these entities was supposed to be determined - i.e.(a) fully socialize these 2 as permanent money losing apparatus as to keep housing prices elevated and "help" home ownership rates [that's working out great] (b) keep them as pseudo public-private monsters who have the impliciat backstop of the US government [worked like a charm] or (c) break them into smaller competitive companies and set them into the private marketplace to actually live and die on their own [the only one of the 3 that makes any sense in the long run unless you believe your grandchildren's money should go to subsidize others to buy homes on a permanent basis]. However, the federal government has decided - at least in budget terms - to "kick the can" (shocker) for another year with only a single line item in the budget. In place of any serious decisions is an unlimited loss potential to Americans [Jan 5, 2010: WSJ - The Treasury Department's Christmas Eve Masscare of the US Taxpayer] snuck in while most Americans were having holiday dinner ... and we'll call it a day! [Feb 1, 2010: 2 Graphs Showing Part of the Reason for the Christmas Eve Taxpayer Massacre]
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