Friday, June 17, 2011

Greatest Scandal Since Watergate?

David Brooks says Fannie Mae is a huge political scandal that isn't getting enough attention.
[T]he Fannie Mae scandal is the most important political scandal since Watergate. It helped sink the American economy. It has cost taxpayers about $153 billion, so far. It indicts patterns of behavior that are considered normal and respectable in Washington.

I agree. I'd like to see more attention paid to the nexus of politicians, lobbyists, and financial industry executives. In the meantime, the so-called GSA's should be completely privatized. Whatever benefit they're providing the mortgage business is outweighed by their potential for risk and corruption.

But it's interesting how Brooks brings up Bachmann at the end of his column. He warns Washington insiders that they need to police themselves, or someone like Bachmann will be elected to do it for them. It's almost like he thinks she's some sort of bogeyman: "You better watch out, or Michelle Bachmann's gonna eat your face!"