Our good friend, Paul Gigot of the Wall Street Journal, takes out two barrels and unloads on former Countrywide CEO Angelo Mozilo, former Fannie Mae CEO Franklin Raines, Rep. Barney Frank, Paul Krugman, and a whole host of others who shamelessly defended Fannie Mae and Freddie Mac while the two GSEs were going down the tubes. And which has now brought about this housing bailout scheme that will cost taxpayers at least $800 billion.

I hate to spoil the end, but it was written too justly to not share with you:

The abiding lesson here is what happens when you combine private profit with government power. You create political monsters that are protected both by journalists on the left and pseudo-capitalists on Wall Street, by liberal Democrats and country-club Republicans. Even now, after all of their dishonesty and failure, Fannie and Freddie could emerge from this taxpayer rescue more powerful than ever. Campaigning to spare taxpayers from that result would represent genuine "change," not that either presidential candidate seems interested.