jgalt

A Very Cheap Shot on the WSJ Editorial Page

The WSJ article what right on target. No one in government contemplated what would happen when the asset values backing the quasi government backed paper went down. The agencies should be privatized. Gigot is correct when he points out that all the advantages went to investment banks and the horrendously overpaid senior management of the agencies. A scam was perpetrated on taxpayers and another monster contingent liability was created.