The unforgiving minute

Now that the government "owns" Freddie Mac and Fannie Mae, let's start the countdown clock:

Once the two lending organizations are back on their feet post-bail out--and that means the economy itself recovering from the trashing-out Bush gave it, so we're talking a process that will take years--there'll be all that mortgage money changing hands again, and so-called "free market" enthusiasts will naturally want a piece of it.

So they'll begin arguing that the government can't possibly run a mortgage business as well as private enterprise can. Far better to privatize--and, of course, deregulate--it.

And America, a nation with the historical memory of a gnat, will listen seriously. It really is only a matter of time.

Minute's up.