Saving Fannie and Freddie was nationalisation pure and simple

"Stock markets were in jubilant mood yesterday after the US treasury announced it was putting the two big beasts of the American mortgage market to "conservatorship". Don't be misled by this ugly piece of economics jargon: it's just another way of saying nationalisation - and it was somewhat bizarre to find the equity markets of Tokyo, London and New York, where dealers profess to exalt the free market, whooping for joy at the state taking a grip."