Fannie and Freddie under conservatorship.

SeizeTheDay — Fri, 05 Sep 2008 19:56:53 -0800

Fannie and Freddie have now been placed under conservatorship. On the bright side, there is a precedent. On the downside, Britain is facing its worst economy in 60 years. And the US Presidential candidates are apparently avoiding this discussion like the plague. Ironically, the S&P500 is outperforming the MSCI, the FTSE, the Bovespa, the Nikkei, and other world indexes, suggesting that our misery is taking down the rest of the world. And, oh yeah, the dollar has gained on the Euro and Pound in record fashion over the last couple of months, to the chagrin of US exporters, meaning that any sort of export-driven GDP growth just went out the window. Fascinating times we live in.

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