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?
Labels: end-of-the-world-as-we-know-it, society
posted by Jacob A. Stam at 9/17/2008 02:10:00 PM
2 Comments:
...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????
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'.
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