Last Monday I wrote on this page that the US Government's rescue of Fannie Mae and Freddie Mac probably marked the low-point of the global credit crisis and was “unqualified good news for the US economy”. Four days later, I wrote that this very same rescue “signalled the complete failure of the biggest, most dynamic, most innovative markets that have ever existed in the history of capitalism — the Wall Street stock market and the market for US bonds”. Are these statements absurdly contradictory? Or did something change dramatically in those four days? Or was I just talking rubbish?
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