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The Fall of the Giants
Back on the job…
USA Today was in a blue mood on Friday. The stock market fell more than 300 points the day before, after its reporter realized that falling commodity prices were not necessarily such good news.
“Investors fear that crashing oil, coal and platinum prices signal something far more sinister: a sharp business slowdown abroad that could crimp the economy here and hamper US corporate profits.”
Retail sales are weak. On Friday, we reported that unemployment is at a five-year high…and foreclosures have hit a new record.
Of course, when you sell houses to people who can’t afford to pay for them,…
9Sep2008 | Daily Reckoning | Comments Off | ContinuedAs Treasury’s Paulson Prescribes Bailout for Fannie Mae and Freddie Mac, Guru Jim Rogers Predicts an “Unmitigated Disaster”
Standing on the steps of the U.S. Treasury building across the street from the White House, Treasury Secretary Henry Paulson asked Congress for the power to prop up Fannie Mae (FNM) and Freddie Mac (FRE), the two failing mortgage giants involved with nearly half of the $12 trillion U.S. mortgage market.
“The president has asked me to work with Congress to act on this plan immediately,” Paulson said Sunday. “Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owned companies. Their support for the housing market is particularly…
15Jul2008 | Money Morning | Comments Off | Continued
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