Sunday, July 20, 2008
Freddie Mac & Fannie May own or insurer of OVER HALF of US mortgages
Freddie Mac new Issue quickly approved by SEC, New offerings to absorb big losses, Gold escapes general pounding in the market, home builders sentiment index is at record low, depression is a real threat still. Note how the timing of this announcement, which came after markets closed on Friday as just noted above, was the same time frame used for the news about the IndyMac Bank closure. note how much US government and Freddie officials obviously believe Freddie to be undercapitalized after claiming outright only days ago that both Freddie and Fannie were and are adequately capitalized. Gold is resiliant. The CPI and PPI are at 26 and 27-year highs. Hedge funds are on the edge of oblivion. Bonds are producing negative rates. Credit markets are frozen. The greatest depression of all time.