The taxpayers’ predicament over Fannie Mae and Freddie Mac is already grave enough. The Bush administration has asked Congress for a massive rescue package for the twin “government-sponsored” mortgage investors and insurers, and the Fed has announced that it will extend short-term lending to both Fannie and Freddie. Graver still, though, is the fact that the rest of the world of supposedly “high” finance is becoming more like Fannie and Freddie, with potentially disastrous consequences for the American economy and taxpayer.  More>>