Financial Happenings...Round Three

I'm really getting tired of these "fixes" (you can interpret this term however you like). If you'll recall in last week's post I addressed that Fannie Mae and Freddie Mac need an apolitical regulator.

Here's an article from today's The Wall Street Journal written by James R. Hagerty and Damian Paletta. You can click here to read it. About a third of the way through, you'll read we're going to have a new level of political bureaucracy called the "Federal Housing Finance Agency." This replaces the current agency called the Office of Federal Housing Enterprise Oversight, OFHEO for short. The director will be named by, you guessed it, the President and subject to...Senate confirmation.

I guess we haven't learned our lesson yet. My question is this: "When are we going to learn?"