Failure

From the ongoing series we report. you decide.

Fannie & Freddie, seen by a social-democrat:

The fact that the credit crisis has reached this point marks the failure of the central claim of the neoliberal program.

Crooked Timber

Seen by a libertarian:

The claim that this represents the failure of markets is more than a tad silly. Fannie and Freddie weren’t truly private companies, didn’t act like truly private companies, and wouldn’t have been allowed to so dominate the market if they had been. This is yet another failure of a government program.

Megan McArdle