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Fannie Mae And Freddie Mac: Congress Backs Rescue Package

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$200/bbl soon?

It would be interesting to know exactly how much of the run up in oil is directly attributable to $ devaluation , supply / demand and pure speculation.

What really pisses me off most is the sheer arrogance of the likes of Paulson & co. They seem to think that they can just press the button and load ever increasing $ debt on the rest of the world without so much as a polite excuse me.

Dollar day of reckoning coming very soon .... I hope

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World markets are poised for a major relief rally today after the US Congress met in a rare weekend session to pass the most far-reaching rescue package for America's financial system since Franklin Roosevelt's New Deal.

Yes but the stupid idiots in the City/Wall Street will lap this goods news up causing share prices to increase on the news of a massive taxpayer bailout!!!

Hank Paulson, the US treasury secretary, brushed aside complaints that the rescue package amounts to a taxpayer bail-out for shareholders, insisting that the new authority to buy stock is merely intended to reassure investors and may never be activated if all goes well. The authority expires at the end of 2009.

A vocal minority on Capitol Hill now fears that the US government is shielding Wall Street from the consequences of its own folly. The risk of default has been taken over by society as a whole, while investors alone stand to gain from any recovery.

"This bill has moral hazard written all over it: we are letting a monster loose," said Jeff Flake, a Republican Congressman.

I bet it doesn't expire in 2009.

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Russia Dumps Fanny and Freddy:

MOSCOW, July 28 (Reuters) - Russia has approximately halved to less than $50 billion its exposure to U.S. mortgage lenders Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz), a senior central bank official told Reuters on Monday. "It's now less than $50 billion," central bank first deputy chairman Alexei Ulyukayev said, when asked about Russia's investments in the agencies.

Russia held about $100 billion at the start of 2008. (Reporting by Yelena Fabrichnaya, writing by Robin Paxton)

It's a bit old but thought it deserved a mention. It's also the entire article so don't pursue the link unless you really, really want to...

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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