Richard Nixon, nominally a conservative, imposed wage and price controls, among other policy screwups. Bush's screwups would fill a book, and have, but this has to rank at the top. After fighting the good fight for years to rein in these companies, both creations of FDR and the New Deal, now the adminsitration is bailing them out instead. If this bailout was part of an orderly winding up process, I could see it. I would have problems with it, since I see no reason people who lent money to them should get bailed out, but the complexity and effect on the system could jsutify govenrment invovlement. Despite the adminstration's spin, that does not seem to be what is happening. I just heard Chuckie Schumer on CNBC carefully make the point that "what to do" about these entities in the future had been left undetermined. Clearly the democrats want to preserve them, both as a continuing slush fund and a way to pretend to help the housing market. In effect, the administration grabbed defeat from the jaws of victory. Depsite failing miserably in their efforts to get these companies under control, they could have used the leverage of a bailout to force their ultimate and quick demise. Instead, they just pissed away hundreds of billions of dollars, with no guarantee the problem will be dealt with. Pissing away hundreds of billions of dollars. The one thing this administration is good at.