Underwriting Freddie and Fannie

The issue regarding the G's underwriting of all of Fannie and Freddie is too simple. Housing is where 'everyman' lives and to stand by and let the trade vultures create a run on the assets because of a perception there is nothing that can be done is ludicrous. Those who talk about the 'moral hazard' created by government bale outs are the same people who believe there are truly free markets and the Cubs can actually win the World Series. Forget it. We all live in the same house although it may be a smaller house these days. Wall Street always get confused about the difference between free markets and the freedom to make markets. The former is what you talk about when you wave the flag and vote the straight business line. The latter leads to massive losses as a result of faulty trade strategies and you need the G to rescue you.