Word: maes
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...have further to fall, possibly much further. Short-term relief rallies, based on rays of hope that the worst of the credit crunch is behind us, are head fakes, and proof is easy to find. For example, in July, following the legislation to bail out the mortgage giants Fannie Mae and Freddie Mac, the markets rallied for four weeks, only to head south again as investors began to realize that the world (not just the U.S.) was probably entering a recession...
...could see that they were shams. There was no way Fannie Mae was producing 15% growth every quarter. They had giant derivatives positions, and they couldn't know what they were. I remember being on the telly, telling people that Fannie Mae was going to zero, and they'd say, What the hell are you talking about, that's Fannie Mae. Likewise with the investment banks. I used to sit there and say they're all going to eight [dollars per share]. It was clear that there were 29-year-olds on Wall Street sitting around making $10 million...
...updated version of the book from one year to three months. It will come out in December. "As the due date got closer, it became clearer to the publisher they wanted to get it out faster," says Robin, who was working on the rewrite when the Fannie Mae bailout hit. As for Robins' muse: "I'm slightly mystical and believe the universe asked me to do this to be ready," she says...
...piece on how Washington failed us: I'm neither Republican nor Democrat, and I am disgusted with both [Oct. 13]. Both presidential candidates want to blame Wall Street, and there is surely some merit to that. But the heart of the problem rests with Freddie Mac and Fannie Mae, two quasi-government corporations. Despite several attempts by legislators to call attention to the impending crisis, others preached the soundness of these institutions. This is not a failure of the free-market system; it is the failure of big government and its manipulations. Jim Vance, Birmingham...
...hands with Childers at the Mathiston diner. Blackburn voted for Bush twice--and would a third time if he could. He believes that all news stations are biased except Fox, which is where he says he learned that the Clinton Administration created the current economic meltdown by coddling Fannie Mae and Freddie Mac. "I believe in God, I believe in the war in Iraq, and I don't have a lot of use for Nancy Pelosi," he says. "But Travis, well, I think he's his own man. He's a Democrat...