July 25, 2008

Summers on Fannie Mae and Freddie Mac

This morning's Wall Street Journal reprints a blog post by Eliot University Professor (and former University president) Lawrence H. Summers. Summers, who served as...

This morning's Wall Street Journal reprints a blog post by Eliot University Professor (and former University president) Lawrence H. Summers. Summers, who served as Secretary of the Treasury from 1999 to 2001, writes that a noble principle—opening up home ownership to a broader swath of the American people—underlay the creation of Fannie Mae and Freddie Mac, but that the regulatory framework and the public were all too willing to look the other way precisely because the entities were founded on a noble principle.

Non-Wall Street Journal subscribers can find the original post here.

More of Summers's thoughts on the U.S. economy will appear in the September-October issue of Harvard Magazine.

You might also like

Two swans forming a heart shape with their necks, floating on water.

TKTKTKT Bunny Love Questionnaire

Tell us a story about the unique relationships between the animals in your life.

A man in a dark suit sits at a table in an elegant room with historical decor.

Making Waves with Philosophy

A conversation with Harvard professor Michael Sandel

A jubilant graduate shouts into a megaphone, surrounded by a cheering crowd.

For Campus Speech, Civility is a Cultural Practice

A former Harvard College dean reviews Princeton President Christopher Eisgruber’s book Terms of Respect.

Most popular

Historic building entrance featuring tall columns and a rounded arch doorway.

A new proposed structure, layoffs, and a five-day-a-week in-person work mandate will take effect by fall.

A blue refrigerator covered with animal pictures, notes, and drawings, surrounded by greenery.

An animal’s journey from grief to love shows how much humans need each other, too.

Drawing of a college student seated at her desk in her bedroom at home, looking at images of friends on her computer screen. On the desk are a book and a bowl of salad, reflecting recommendations made by friends previously.

The Undergraduate considers friendships on and away from campus

The Undergraduate considers friendships on and away from campus.

Explore More From Current Issue

Undergraduate Column

For both American and international students, growing up is like learning a new language.

Massachusetts Hall at Harvard Red brick building with a large clock on top, surrounded by green trees.

University News

With a grade inflation vote and in the courts, the University argued that it’s taking steps to change.

Two figures stand before a large, colorful pixelated face against a yellow background.

Research

Harvard scientists identify hundreds of genes under selective pressure.