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This week, the Senate rejected a $400 billion cap on the taxpayer bailout of the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association, better known as Freddie Mac and Fannie Mae. The decision may ensure that the two firms’ collapse will be the most costly event of the economic downturn. Their old model — private companies with an implicit public guarantee — created behemoths that gambled trillions of dollars and lost billions in taxpayers’ money.


Glaeser, Edward L. "What's Big, Risky, and Losing Billions?" Boston Globe, May 20, 2010.