According to Democracy Index of The Economist magazine, today about 47% of the countries are democratic; 53% are either authoritarian or are a hybrid of democratic and authoritarian regimes. The election of Donald Trump as the 45th president of the United States must have given an electric jolt to that non-democratic 53% of the world. Authoritarians cheered. Vladimir Putin was among the first to call to congratulate and so did President Xi Jinping of China.
In an opinion piece for the New York Times, Eric Li, a Chinese venture capitalist, who rose to prominence for his fierce defense and assertion of the superiority of the Chinese political system, wrote that many people in China supported Trump’s candidacy. Trump, Mr. Li argues, is a business pragmatist and will engage with China without what he calls “the shackles of ideology”—i.e., an ideology of democratic and liberal values. This would be good for China.
Today Fannie Mae and Freddie Mac–two government-sponsored enterprises originally designed to increase the availability of loans and thereby raise levels of home ownership–dominate the US mortgage lending market. Fannie Mae, which was established in 1938 as part of Franklin Delano Roosevelt’s New Deal, provides local banks with federal money to finance home mortgages. Freddie Mac, created in 1970, underwrites mortgages that fall below a certain size threshold with the intention of helping homeowners get access the housing market. These mortgages are cheaper since they implicitly–and after 2008 explicitly–benefited from a government guarantee.