As of this writing (Friday night, 10:14), it appears no one has a clue as to how the Fannie/Freddie Government bailout is going to work. I guess will have to wait for the now common Sunday night/Monday morning press releases to save the financial system from ruin....
If you???re are keeping score at home we had Sunday night/Monday morning ???save the world??? press releases in August 2007 (cut of the discount rate), December 2007 (TAF), January 2008 (ease 75 bps), March 2008 (Bear) and July 2008 (first Fannie/Freddie rescue) and now September. Anyone want to believe this is the last one (which will be the sixth in 14 months) will be the one that finally works and saves the world?
Along the same line, here's another article to ponder. (for some reason blogger has this italicized)
Monday, September 8, 2008
Saving the World one Sunday at a time
I found this quote to be interesting with regards to the Fannie Mae / Freddie Mac debacle.
Update 11:20 PM. This comes via e-mail from James Bianco of Arbor Research:
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