Here We Go Again

I don't know where I'm going
But, I sure know where I've been
Hanging on the promises
In songs of yesterday
--Whitesnake

Fannie Mae (FNM), Freddie Mac (FRE) et al just celebrated their 75th birthdays. This piece provides a nice chronology of the story. Many folks like to blame Democrats for the damage that these institutions have wrought. After all, FDR originated them.

But this article offers ample evidence that Republicans have been just as complicit, if not more so, in escalating housing market distortions over the past three quarters of a century.

The message once again, although most folks don't want to hear it, is that our housing problem did not stem from 'free market' causes, but rather from fatal flaws inherent to any central planning initiative.

And yet here we go again, escalating housing market intervention to ever higher levels.

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