## Case Studies 

The US government’s ownership of commercial firms has repeatedly prioritized politics above sound financial and commercial decisionmaking, often at American taxpayers’ expense. These case studies examine past episodes of state ownership and offer lessons for US policymakers today, including why government involvement can be costly to sustain and difficult to unwind.

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[![Fannie Mae, Freddie Mac, conservatorship, homeownership, Joe Nocera, housing, Government Bailouts,](/sites/cato.org/files/styles/content_teaser/public/wp-content/uploads/2019/12/MW-EP697_fannie_20160620131229_ZH-e1576506442645.jpg?itok=vjCGH_iz)](https://www.cato.org/restoring-free-enterprise/never-truly-private) 

Publications 

### [Never Truly Private](/restoring-free-enterprise/never-truly-private) 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) 

Eighteen years after Fannie Mae and Freddie Mac failed, they remain under federal control and dominate a larger share of the mortgage market, illustrating why Congress should end federal involvement in housing finance and avoid new government-company entanglements.

[![Amtrak](/sites/cato.org/files/styles/content_teaser/public/2021-02/GettyImages-1277943454.jpg?itok=qeKj-5EA)](https://www.cato.org/restoring-free-enterprise/amtrak) 

Publications 

### [Amtrak](/restoring-free-enterprise/amtrak) 

By [Chris Edwards](https://www.cato.org/people/chris-edwards) 

Congress should privatize Amtrak and repeal government control over routes, labor relations, capital investments, and other aspects of rail operations.

[![bonds, treasury ](/sites/cato.org/files/styles/content_teaser/public/2023-10/wall%20street%20.jpg?itok=vE1y_xRO)](https://www.cato.org/restoring-free-enterprise/tarp-emergency-intervention-equity-stakes) 

Publications 

### [TARP, Emergency Intervention, and Equity Stakes](/restoring-free-enterprise/tarp-emergency-intervention-equity-stakes) 

By Vern McKinley 

The Troubled Asset Relief Program and related emergency interventions do not provide a sound precedent for normalizing government ownership, capital injections, and federal dealmaking in private firms today