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U.S. Fed takes over Fannie Mae and Freddie Mac

By miscstuff

In the greatest event of interventionist economics since the breakup of Standard Oil in 1911, The U.S. government announced on Sunday that it was taking control of troubled mortgage finance giants Fannie Mae and Freddie Mac, in its latest effort to shore up the slumping housing market.

Is this the end of the “Free market” ideals on which the USA was built?
Is a socialist interventionist model only around the corner for the USA? Can we credibly now say that our model is better than what was proposed by Marx and adopted by many countries leading to the Cold War.

Surely the US governmant can’t  intervene in the market to this extent and credibly maintain sanctions against Cuba?

We believe in the free market! A correction stopped in this manner just leads to a delay of the necessary pain.

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This entry was posted on September 7, 2008 at 6:13 pm and is filed under Business, Danger, Economy, Politics, USA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “U.S. Fed takes over Fannie Mae and Freddie Mac”

  1. FTSE soars on Fannie and Freddie nationalisiation « Stuff going on in the world Says:
    September 8, 2008 at 10:58 am | Reply

    [...] FTSE soars on Fannie and Freddie nationalisiation The FTSE 100 bounced back almost 200 points this morning as markets around the world were bouyed by the US government’s bailout of mortgage companies Freddie Mac and Fannie Mae. [...]

  2. Lehman posts massive loss « Stuff going on in the world Says:
    September 10, 2008 at 2:22 pm | Reply

    [...] a week that Fannie and Freddie were bailed out by the US federal reserve, this is another major blow for global financial [...]

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