Wednesday, September 17, 2008

Ask Paul, he knows

Paul Krugman clarifies the recent nationalisation deprivatisation of Fannie Mae and Freddie Mac:

I wish people wouldn’t say that Fannie and Freddie have been “nationalized.” I mean, it’s basically accurate, but it conveys the wrong impression.

The fact is that Fannie Mae was originally a government agency... Private ownership of Fannie and Freddie never made any real sense, and was always a crisis waiting to happen.

So what we’re really seeing now is deprivatization. It’s not something like the UK government seizing the steel mills; it’s more like firing Blackwater and giving responsibility for diplomatic security back to the Marines.

Have we got the right impression now?

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2 Comments:

Blogger Father Park said...

...it’s more like firing Blackwater and giving responsibility for diplomatic security back to the Marines.

Oh that would be funny if it weren't so true. He's dead right - on more than one front (pardon the pun - too much black).

The ONLY reason the US has held troop levels in Iraq to where they have been is because of the employment of ....MERCENARIES.

Ooops! I wrote it.

Where's Greg Hynes????

17/9/08 11:22 PM  
Anonymous Jacob said...

I think Greg has been upgraded from v0.45β and is now operating under the name Alan Curran or something. My, what an age we live in! -- the algorithm is even semi-literate these days.

Mercenaries? Tch tch, don't mention the war profiteers. It'll get you into trouble sooner than you can say 'plasma tv'.

18/9/08 10:05 PM  

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