(Community Matters) Lots of blogging about each. Two: JT and Megan McArdle.
I get that the two organizations are so reprehensible they shouldn’t survive on the gov’t teat and still provide private returns (I’ve concurred with that for a while now). I’m hearing and perhaps coming to believe that they shouldn’t survive at all. Megan McArdle says may result in US gov’t adding $5 trillion to $9 trillion US debt. I’ve still not heard convinced [sic] arguments that abolishing wouldn’t result in less mortgage market liquidity and thus fewer mortgages, and I’m not speaking to affordable housing – which I’m learning in financial circles usually means subprime rather than the product for those earning 80% MFI or less (the latter may use subprime but not only available options).
while surfing a big on the issue: Spicy: Derivative trading, the global economy and American malaise here
Community Matters 
Eugene, I know you enjoy working with young people. You should advise them all to go into the financial industry. Where else can you make money with no risk? Do a good job: get rich. Do a bad job: the government will bail you out and you still get rich.