Fannie, Barack, Freddie & John

The New York Sun reports:

As the woes of Fannie Mae and Freddie Mac weigh on the stock market and the entire American economy, let us just say readers of The New York Sun are not surprised. We started raising the alarm more than six years ago, in an editorial headlined, "Housing Hazard," which took President Bush to task for appearing in Atlanta alongside Franklin Raines of Fannie Mae and Leland Brendsel of Freddie Mac to announce $200 million in federal spending to help homebuyers with down payments. "Fannie and Freddie protest that they aren't federally guaranteed, but any institutions that big with a name that begins with 'federal' — that's what the 'F' in Fannie and Freddie stands for — are not going to fail without a taxpayer bailout," we wrote then.

No down payment,no problem from un-free market George Bush.