The following George Will quote was lifted from the Carpe Diem web site.
From George Will's column today:
Suppose there had never been implicit government backing of Fannie Mae and Freddie Mac. Better yet, suppose those two had never existed -- there was homeownership before them, just not at a level that the government thought proper. Absent Fannie and Freddie -- absent government manipulation of the housing market -- would there have developed the excessive diversion of capital into the housing stock?
The entitlement mentality fostered by the welfare state includes a felt entitlement to a standard of living untethered from savings.
George is absolutely right. I Fannie Mae had not been there to buy risky mortgages, (and congress not mandated risky loans) banks would not have made them. Housing prices soared during the years that congress pushed the "homeowner entitlement", we are paying the price now.
The price of health care has gone up by excessive amounts since the government started Medicare and Medicaid. In recent years, the cost of primary care has finally started to slow down. One of the reasons is that private companies like Wal-Mart, Wal-Greens and J.C. Penny have been offering low cost generic drugs and health clinics staffed by nurse practitioners. The practitioners help with runny noises and blood pressure maintenance while doing a good job of convincing the seriously ill to see a doctor. If you want to see a massive health insurance company bail out, vote for Obama. Everyone of us has made life threatening mistakes, when the government makes a life threatening mistake it threatens the health of everyone.