If I understand the reasoning from the back and forth with Balloon Juice correctly, here’s how businesses are supposed to operate:

When someone screws you, thank them, then ask them not to screw you quite so hard.

Thus, when BoA et al screw, and I mean royally screw, Fannie Mae and Freddie Mac, both directly through selling them bad mortgages, and indirectly (by screwing their majority shareholder, the American people) their response as large businesses should be to… do as little as possible. Certainly not stop buying mortgages to force a moratorium. That’d be rude.

No, instead, we need special magic legislative powers for one business to stop buying from a supplier that has repeatedly cheated it.

Riiiiiiiiiiiight.