I defy anyone to present an argument proving otherwise. I will welcome it on this blog and will post it and subject it to comment and scrutiny. I doubt it will come. Fear will override analytical thought and question. Racial intimidation in the US is so complete. Do not read me wrong. The bail-out it necessary. The economic disaster is that bad and the calamity could only get worse, but the social architects that brought on this collapse will not be exposed nor will they step forth and fall on their swords for what they caused to happen.
You are poorer tonight, not because of the rescue effort, but because of what caused it in the first place. That has not been addressed and will not be. That is the pathetic state of the United States of America and the unworthy who lead.
White House, Fed will rescue Fannie, Freddie
Government-sponsored lenders are too global to go under, Paulson says
By Greg Robb, MarketWatch
Last update: 8:08 p.m. EDT July 13, 2008
WASHINGTON (MarketWatch) -- The implicit government guarantee of Fannie Mae and Freddie Mac is now explicit.
In a dramatic statement released Sunday, the White House and Federal Reserve moved to give the mortgage giants the capital they need to survive the depression in the housing market and turmoil in financial markets that had left them dangling over a cliff.
Of most immediate importance, the Fed's board of governors voted to open up its emergency discount window to Fannie and Freddie.
In addition, Treasury Secretary Henry Paulson announced that he will seek Congressional authorization to by stock in the two companies and increase the government's credit line to them.
At the moment, each company may borrow only $2.25 billion.
In return for the capital, Paulson said that the Bush administration would ask Congress to grant the Fed a "consultative" role in the capital standards of the companies.
The rest of the cover-up here