The Funny Business of Farm Credit
Date Written: 30/06/2016
Year Published: 2016
Resource Type: Article
Cx Number: CX19481
In May of 1998 we held a conference dedicated to two Government-sponsored Enterprises (GSEs) -- Fannie Mae and Freddie Mac. In my statement to that assembly, I noted that both corporations had been enjoying good times, but cautioned that one of the unintended consequences of fat profits over a long period is the tendency of both government and private corporations to start believing in the fantasy of ever-rising profits. GSEs often escape the accountability that Congress or regulatory agencies should impose.