Richard Epstein and Ralph Nader on Fannie and Freddie

When libertarian (or classical liberal) law professor Richard Epstein and consumer advocate Ralph Nader are on the same side of an issue, it's worth paying close attention. Professor Epstein's Hoover Institution column this week is about what he calls "the government's unconstitutional money grab" from the shareholders of Fannie Mae and Freddie Mac. Professor Epstein, who discloses in the column that he consults to hedge funds with positions in Fannie and Freddie, cites a letter by Ralph Nader to Treasury Secretary Lew making the point that shareholders in Fannie and Freddie should share in the recovery of those companies rather than being wiped out — or, as Mr. Nader colorfully puts it, being used and abused — by the government.