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Monday, December 09, 2019 {{ new Date().getDay() }}

Jonathan Weil argues that a special prosecutor should be appointed to hold the government responsible for its role in the Fannie Mae and Freddie Mac disaster in his column, “SEC’s Fannie, Freddie Lawsuits Miss The Enablers:”

Let’s boil down the Securities and Exchange Commission’s claims last week against six former Fannie Mae and Freddie Mac executives to their essence. Every disclosure that the SEC says amounted to fraud is something the government blessed or turned a blind eye to as it was happening.

So who is holding the regulators accountable for letting these alleged frauds go on? No one, naturally.

To believe the SEC’s lawsuits, you would think the only false and misleading statements the housing giants made before the government took them over had to do with the makeup of their loan books and how much of them were subprime, prime, or what have you. The truth is that Fannie and Freddie engaged in far greater financial-reporting abuses, which couldn’t have happened without the government’s knowledge and cooperation.

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President Joe Biden

Photo by The White House

Two tiresome realities about being president of the United States: first, everybody blames you for things over which you have little or no control: such as the worldwide price of oil, and international shipping schedules. Should there be too few electronic gee-gaws on store shelves to pacify American teenagers this Christmas, it will be Joe Biden’s fault.

Second, everybody gives you advice, whether you ask for it or not. Everywhere you look, Democrats and Democratically-inclined pundits are tempted to panic. “The cold reality for Biden,” writes New York Magazine’s Jonathan Chait “is that his presidency is on the brink of failure.” A return to Trumpism, and essentially the end of American democracy, strikes Chait as altogether likely.

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