‘Foong on Finance’ with Keat Foong: Free Marketers vs. Fannie and Freddie

The high-power summit organized by the Treasury Department to discuss the future of Fannie and Freddie occurred this week, yesterday.

It seems to be the tendency of 21st Century Big Money to have a ideological opposition to “Big Government.” But in this case, homeowners and renters are lucky because industry is coming out in favor of government support, as in government support for the mortgage finance system. Free Marketers are not so pro-Free Market when the government support also helps them.

It is a fundamental fact of human society that certain things cannot be handled by the Free Market. And you need laws and enforcement to hold back thievery, cheating, etc. That’s why you have governments.

Why do we have to make such a basic explanation of human civilization all over again?

Sorry, maybe because of my background, I have not been ideologically brainwashed by the 21st Century Free Marketers into holding a rabid attitude against governments. I have nothing against “government.”