Word: maes
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...sweeping response stop the slide? "The news has got nothing to do with it," says Jeffrey Saut, chief investment strategist at Raymond James. "What it is, is a sequence of events that have brought us into crash mode." Saut traces that sequence of events from the nationalization of Fannie Mae and Freddie Mac, which wiped out the stockholders of those institutions, to the collapse of Lehman Brothers, which did the same to that company's investors, to the run on money-market mutual funds, to the run on Washington Mutual, to the House's unexpected failure to pass the bailout...
...bankers and mortgage providers have been just as stupid and greedy as their American comrades-in-harm - and this in countries that pride themselves on having tamed the capitalist beast in the name of equality and social justice. So while the U.S. government has had to save Fannie Mae and Freddie Mac, Germany has had to save Hypo Real Estate with $69 billion. Berlin has also guaranteed all private accounts to the tune of $1.37 trillion. Britain has served up a bailout plan for its banks worth about $88 billion, and even Moscow has pumped $186 billion into the Russian...
...late 1970s, a lot of very smart Wall Street types managed to create a shadow banking system to finance more aggressive, risky and profitable investments, including novel vehicles based on the bad home loans peddled mostly (although not exclusively) by nonbank mortgage firms. (The government-sponsored Fannie Mae and Freddie Mac bought into the high-risk innovations of the shadow banking system around 2005 by buying a bunch of now-toxic mortgage-backed securities...
...McCain tried to rattle Obama. He talked about Obama's "cronies" behind the collapse of Freddie Mac and Fannie Mae. He jabbed a finger in Obama's direction and said "that one" voted for a pork-barrel energy bill...
...circumstances we would have heeded your warning. But this was Commencement, and your audience was too busy thinking of all the drunken Facebook photos they would have to de-tag before moving to Manhattan. They were gone, President Faust, but at that moment you figured that by crippling Fannie Mae, Freddie Mac, Lehman Brothers, Merrill Lynch, AIG and WaMu you could save future Harvard students from pursuing careers they cared little about...