FANNIE MAE AND FREDDIE MAC: Too big not to fail? “Because they are government sponsored, the government let them get away with practices that would never fly in the private market. Contrary to the belief of many on the left, this is par for the course; just take a look at what’s happening to state and local government pensions now that the federal government has forced them to account for their liabilities like normal pension funds do.”

UPDATE: So if this is how big government programs inevitably end up, what about health care? Will it have its own “friends of Angelo?”