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Barack Obama's hand-picked commander of troops in Afghanistan has apologized for trashing the President in Rolling Stone magazine. Should the Commander in Chief fire General Stanley McChrystal for disrespect and insubordination or keep him on board as too important to let go? We hear about McChrystal's insubordination and his possible future. Also, Fannie Mae and Freddie Mac are now fully owned and operated by the federal government, at a possible cost of $389 billion. Can US taxpayers afford to continue subsidizing home ownership, a federal policy since 1938?

Banner image: In this White House photo, President Barack Obama (L) meets with General Stanley McChrystal, Commander of US Forces in Afghanistan October 2, 2009 on Air Force One. Photo: Pete Souza/White House via Getty Images

Making News McChrystal Gets Called to Washington 23 MIN, 29 SEC

The latest Rolling Stone magazine calls the President’s top commander in Afghanistan "The Runaway General." In a lengthy story, it reports that Stanley McChrystal, "has seized control of the war by never taking his eye off the real enemy: the wimps in the White House." McChrystal has apologized for disrespectful quotes in the article, but he’s headed to Washington for a face-to-face meeting tomorrow with the Commander in Chief. Today, Press Secretary Robert Gibbs said the president is "angry" and that he wants to know "what McChrystal was thinking…"  

Julian Barnes, Wall Street Journal (@julianbarnes)
Robert Scales, US Army (retired)
James Fallows, Atlantic (@JamesFallows)
Brian Katulis, Center for America Progress (@Katulis)

The Prosperity Agenda

Brian Katulis and Nancy Soderberg

Main Topic Can We Afford to Rescue Fannie Mae and Freddie Mac? 27 MIN, 16 SEC

Fannie Mae and Freddie Mac were established to promote the American dream of home-ownership, by subsidizing mortgages backed by the federal government. When the housing bubble burst two years ago their risky loans left taxpayers on the hook for nearly a half-trillion dollars. The New York Times reports that in the first three months of this year, they took over a foreclosed home every 90 seconds, and they now own more homes than there are in the city of Seattle

Binyamin Appelbaum, New York Times (@BCAppelbaum)
Richard Green, USC Lusk Center for Real Estate (@keynesianr)
Christopher Thornberg, Beacon Economics
Dean Baker, Center for Economic and Policy Research (@DeanBaker13)

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