Saving Fannie and Freddie was nationalisation pure and simple
It's the free-marketeers who are to blame but, by not seizing
the moment, it's the left that could well end up carrying the
can     • The Guardian,     • Jump to comments ()  Stock markets
were in jubilant mood yesterday after the US treasury announced
it was putting the two big beasts of the American mortgage
market into "conservatorship". Don't be misled by this ugly
piece of economics jargon: it's just another way of saying
nationalisation - and it was somewhat bizarre to find the equity
markets of Tokyo, London and New York, where dealers profess to
exalt the free market, whooping for joy at the state taking a
grip.  The reason for the rise in share prices was pure relief.
Just as they were at the time of the run on Northern Rock a year
ago this week, just as they were when Bear Stearns went under in
March - and just as they were at the end of last week - stock
markets have been in a complete funk at the mounting losses from
the credit crisis.