Wall Street article on Freddie and Fannie

Green Bay native Paul Gigot, editor of the Wall Street Journal, deserves a Pulitzer Prize for Journalism for his dogged pursuit of the truth with respect to the GSE Twins. For much of the last decade Paul has personally authored article after article detailing the financial risks to the public as well as the broader social risks of these strange creatures. For many years he was reviled and threatened by powerful people and interests. Mostly he was dismissed as an over-the-top old angry old testament profit of doom.

I try to read the WSJ regularly recounted his personal experiences as the main guy asking the tough questions and making the awkward points. His July 23rd WSJ article chronicles some of the dramatic moments in his long struggle to “speak truth to power.”

In Paul’s words, “the abiding lesson here is what happens when you combine private profit with government power. You create political monsters that are protected both by journalists on the left of the pseudo-capitalists on Wall Street, by liberal Democrats and country club Republicans.” This is a case of K Street and Wall Street sticking it to Main Street while they tell us all the wonderful things they have done for us.

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