About the author

Michael Ide

Michael has a Bachelor's Degree in mathematics and physics from Boston University and Master's Degree in physics from University of California, San Diego. He has worked as an editor and writer for several magazines. Prior to his career in journalism, Michael Worked in the Peace Corps teaching math and science in South Africa.

  • Richard Thompson

    Is it legal for Congress to fuel a mortgage crisis by coercing banks to lend money to people not able to pay their mortgages?

    Is it legal for the government to then steal two private companies after these banks dump the loans on their balance sheets?

    Is it legal for the FDIC to sell shares of companies based on information not privy to the general public?

    Is it legal for the Treasury to render shareholder equity eternally worthless as the companies in question make the comeback of the century?

    Is it legal per the Housing Reform and Economic Act of 2008 for the FHFA not to preserve and conserve Fannie’s and Freddie’s assets and property and not put them in a sound and solvent condition?

    Is it legal for the United States Treasury to take private property for public use without just compensation?

    I guess we’ll find out soon!

    Now, about your question, “Is it better to give the government a free pass when its actions averted what may have been another depression”. Absolutely not. The government’s own actions and inactions directly lead to this crisis. Was it really fair for Fannie and Freddie to pay for the mess that Congress and the originating lenders created?

  • our Gov. is a Ponzi Scheme

    If the Gov. gets away with taking private property without giving just compensation, I will return the favor by never paying a dollar in taxes again. Oh wait, I would go to jail.

  • JoeLorenzo

    Any valuation that includes portfolio rate risk over the long term and adequate reserves for losses will prove the share to have no value. Even if they win they will still lose. This is reminding me more and more of the Wamu shareholder suit.

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