Subject: Orders Extending Temporary Exemptions under 1934 Securities Exchange Act: Chicago Mercantile Exchange Inc. Related to Central Clearing of Credit Default Swaps

April 5, 2010

This is a good start, how ever the origional structure of Fannie/Freddie as a GSE was the way to run it. I was involved in the Farm Credit System problems in the 1980's and the same thing happened to them. They failed because of unrestrained money supply, lax oversite , and paying for the dollars that were put out the door. This is because they paid employees based on the amount of money they loaned. This drove the price of farm land and created a bubble, same as F/F. The mistake was also like F/F they relied on internal audits, and no independant appraisals, doing it in house. This was fixed and we are luckey that today agriculature is healthy. A great legal review is in pdf form Bailouts and Credit Cycles: Fannie, Freddie and the Farm Credit System, Julie Anderson Hill, Uniov of Houston I testified at hearings during the FCS fix. False Financials were used, HISTORY