Cover Your FannieJuly 19, 2008
THE MORTGAGE CRISIS – FOLLOW THE MONEY
Looking really brilliant in this picture, U.S. Treasury Secretary Henry Paulson testifies on Capitol Hill in Washington before the House Financial Services Committee hearing on systemic risk and the financial markets. The U.S. Treasury and the Federal Reserve announced steps Sunday, July 13, 2008 to shore up mortgage giants Fannie Mae and Freddie Mac. Woo-Hoo!
Follow the money? Forget about it – it’s gone. Yours, mine, Wall Street’s, the Bank’s – all gone. Nobody made a dime, and you should do a better job of keeping the part of the curb you are sleeping on cleaner. So many people greased their palms in this mortgage muck (and continue to do so) that it really should be considered, “Economic Stimulus Package I.” Hopefully, you used the tax rebate check from the sequel, son of a stimulus package, to help the Chinese via the Bank of Wal-Mart, rather than further feed the beasts (your mortgage).
Do you really need an explanation? OK fine. Watch Jimmy Stewart here doing a great Henry Paulson impression as he testifies before shareholders during the best bank run/failure there ever was:
IT’S A WONDERFUL LIFE ~ 1946
Sorry. I’m still not buying it, George Bailey.