Much of the past month has been spent arguing about the fiscal cliff and the economic woes which might instantly ensue in 2013 without some sort of saving legislation. But while the fiscal cliff is an artificial crisis, it's not the only one – just look at mortgages and the ongoing efforts to either shrink Fannie Mae and Freddie Mac or make them go away altogether.

Political thinkers and great minds kept telling us that the fiscal cliff should have been settled months ago and that the whole matter was really a big financial dare, not something any logical person would undertake.