Full Disclosure: within the past several months, I been hired by several hedge funds to advise them privately on the legal issues surrounding these events.

"I been hired by"? How can you expect to be taken seriously when you can't be bothered to have someone check your op-ed pieces for basic grammar?   Especially when you're shilling for a klatch of corporatist profiteers who managed to get caught without a chair when the music stopped.  The moral hazard of making fat income off of pseudo-governmental entities like Fannie Mae and Freddie Mac is that there's always the chance that those implied guarantees are actually poison-pills when the deluge comes and the government guarantors do their goddamn jobs for once and protect the taxpayer instead of crony big money.  Or, for that matter, they do the usual thing and favor some crony class *other* than your speculating ass.  Look up "risk", and always remember - politics is a risk.  You should *avoid* political influence unless you're the one swinging influence your own way, in which case - shame on you, you corrupt tool.