September 12, 2008
Last Chance to Use Fannie and Freddie for off-budget subsidies

Senator Chuck Schumer (D-NY) and three other senators are asking Fannie Mae's and Freddie Mac's receivership execs to have the bankrupt firms lose yet more money by delaying foreclosure proceedings. Last chance to use the them for home ownership subsidies!

Posted by Lawrence H. White at 09:57 AM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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