Wednesday, August 27, 2008

It Begins in Earnest

Fannie Mae has halted trading after hours and has replaced three C-levels, including the CEO. I can't imagine Freddie won't have to do something similar soon. Then the government will either have to let them sink (political nitro, Congress won't do it) or take them over (MUCH more likely, but effectively doubling the national debt). Nothing good can come of this, unless you own a gold mine.

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