Time to privatize the Farm Credit System
"Conservatives" take no small amount of glee from the difficulties of the GSE's- Freddie, Fanny, Sally, FHLB etc. In retrospect they could have been privatized back when housing and the economy supporting higher ed were better and the public would have been insulated from any loss.
With Ag in great shape, for the most part, it seems like a wonderful time to take the last GSE- the Farm Credit System private and avoid the public exposure that will surely arise when future commodity trends change.
PS- the massive Reagan bailout of agriculture was almost surely justified by the beleif that massive public losses to the FCS would have ensued which from a political view made bailing out "the farmers" a no brainer, and possibley no more costly than taking the losses.
Actually, an argument could be made that if the FCS had been privatized back in the 60s- when the depression era needs were long gone- the '70s farm crisis would not have been nearly so severe.
Re: Time to privatize the Farm Credit System
PSS. The massive REagan bailout might have been no less cstly than taking the losses in the FCS had the bailout programs been eliminate when there was no longer any need.
But history clearly displays the near certainty that once you start programs it is darn hard to get rid of them.
Most of the magic bullet political fads- like term limits- are counterproductive in the end.
Susnet laws might be an exception to that. Programs are set to die automatically.