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With Fannie/Freddie Bailout Plan, Treasury Secretary Paulson is Armed and Dangerous
With the nation’s financial infrastructure crumbling before our very eyes, the country’s top two economic policymakers made their way to Congress last week for an extraordinary episode of political theater.
Fannie Mae (FNM) and Freddie Mac (FRE), the quasi-government entities that form the backbone of America’s gargantuan mortgage market, appeared to be cracking. To the somewhat bewildered members of Congress, U.S. Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson offered radical bailout remedies to save the lenders. Despite the fact that the proposed policies would thoroughly redefine America’s supposedly capitalistic pedigree, the moves were presented as wholly inevitable, and in the end, benevolent and…
25Jul2008 | Money Morning | Comments Off | Continued
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