I wasn’t sure I liked the Feds taking over Fannie Mae and Freddie Mac, but the stock market loved it… yesterday.  Today, however, was a different story.  Today’s drop of 279 points gave back 90% of yesterday’s 1-day gains.

It’s true that the Feds have no authority to take over Fannie and Freddie (if they do, I’d love to hear the Article and Section of the Constitution that gives them that authority), but I also oppose it on practical grounds.  The troubles our current real estate market is facing WILL subside on their own.  It’s as if the housing market has a “fever”, but the fever will help kill the “bug” that’s giving us trouble.  If we only mask the fever, the bug lives – and grows – to wreck more harm down the line.

Sad – but our consumer driven culture, thinking only of short-term bliss and ignoring long-term pain – is now in full control of congress too.  By postponing the housing market’s day of reckoning, the feds have only insured that that day will be worse when if finally does come.

YHS, John Toner

One reason I didn’t like the Fed takeover is that I’m old-fashioned, meaning I like the government having Consti

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