Fannie & Freddie, we wish we never knew ye

Fannie & Freddie, alleged progressivism that left the rails and would take us all with them.

On Monday, Standard & Poor’s placed the U.S. AAA-rating on negative outlook. It cited the potential cost of the U.S. government’s conservatorship of the mortgage-finance giants in tilting the scales in its decision.  Here’s what S&P said:

We estimate that it could cost the U.S. government as much as 3.5% of GDP to appropriately capitalize and relaunch Fannie Mae and Freddie Mac, two financial institutions now under federal control, in addition to the 1% of GDP already invested.

That’s Wall St. Journal as linked by News Alert, which demonstrates one of the best noses for news around.

 

Or did the president do it?

The President’s open hostility to [Paul Ryan’s] adult plan [in his speech last week] while offering no substantive plan of his own was the straw that broke the camel’s back. And because Mr. Obama still cannot deal with the issue as an adult, we will keep heading down this treacherous road.

Bill Daley’s really making a difference, isn’t he?

As James Pethokoukis notedObama’s muddled plan to solve the crisis was “fastened together by the chewing gum and sticky tape of rosy economic assumptions and fiscal opacity.” But more so, it was Barack Obama’s angry words and denunciation of Paul Ryan’s own plan that drove S&P to its conclusion.

Who said Daley would be a moderating, business-friendly influence?  Where’s the evidence of that?

 

He’s turning out an eminence gris.

Another like this union man around?

Albert Shanker was a teachers union president (American Fed of Teachers) with a head on his shoulders and an analytical mind. 

For instance, this:

“It is time to admit that public education operates like a planned
economy. It’s a bureaucratic system where everybody’s role is spelled
out in advance, and there are few incentives for innovation and
productivity. It’s not a surprise when a school system doesn’t improve.
It more resembles a Communist economy than our own market economy.”

He said that in Wall St. Journal in 1989.