The dramatic takeover of Fannie Mae and Freddie Mae by the federal government calmed the fears of foreign central banks and big investors and rallied the market -at least until jitters about Lehman Brothers' ability to raise capital drove down the S&P 500. But the bailout also fueled a debate that will rage for some time over the wisdom of Washington creating financial services companies and putting taxpayers on the line when those entities run into trouble. That is one more contentious economic issue to be confronted by the Administration that takes office next January. A more immediate concern that is expected to be center stage when Congress convenes hearings on the takeover is the golden handshake that the outgoing heads of Fannie and Freddie are getting.
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