Cramer: An Elegy for Fannie and Freddie
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The dissolution of these two companies is the height of irony. President Bush made it his sub rosa mission to end the hegemony of these two Democrats-in-waiting companies. I don't even think he understood what the guarantee was or what they were supposed to do. That would take a lot of time to figure out. He probably just said, "We have banks, good banks, like Washington Mutual (WM) and Countrywide; why do we need Fannie Mae, which just makes money for the Democrats?"
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