I heard the criminal Chris Dodd today defending Freddie and Fannie as great, sound instiutions, and don't worry, because the "leaders of our economy" (Bush, Paulson, Bernanke, Barney Frank, and himself) were in charge. There is no reason to panic, he said. So, given Rockwell's Law (always believe the opposite of what a government official says), Panic!
But I would believe Dodd if he said this: I am investing all my millions in Fannie and Freddie, to demonstrate my faith in these fascist monstrosities. Chris? Time to step up to the plate.