Monday, September 8, 2008

Stupid Names, Serious Implications?

This one will really "hit the hip pocket" of "The Battlers," and we'll all be "feeling the pressure at the petrol bowser."

Fannie Mae and Freddie Mac have finally fallen after stumbling for the last few months, the US government is stepping in to take over.

"The move is likely to wipe out the combined market value of both companies, which stood at $10.8 billion (€7.58 billion) at close of trading on Friday, and significantly affect the value of the companies' $36 billion (€25 billion) of preferred shares."

Oh, is that all? Phew, for a moment there I thought that we were gonna have to give up our fundamental human right to pretend to buy houses that we can't afford. Oh, wait a minute - we do!

"Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe," he said. "A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance."

WOO HOO! Let the good times roll, I say.

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