Tuesday, October 14, 2008

The Taxpayers' Wallet

From the congressman who saw the Fannie and Freddie meltdown coming years ago, a rule of thumb:

"My starting principle is this," says Mr. Baker. "The closer an enterprise is to the taxpayer's wallet, the more congressional oversight it requires. The further away you get from that wallet, the more freedom you should give people, because they are risking their own money, not the taxpayers'."

Sounds dead right.

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