It's Friday Afternoon...That Can Only Mean One Thing....More Bailouts
Yep right on cue as soon as the markets closed today the Feds announced that they are close to an agreement to bailout Fannie Mae & Freddie Mac. A bailout here a bailout there, pretty soon we're talking about real money. This move has been telegraphed for months. Freddie & Fannie are insolvent. Once again the risks get socialized and the profits privatized. You're welcome Bill Gross. Your crappy investments in Fannie & Freddie bonds are now risk free thanks to the US taxpayer. Of course this will cause more major bouts of inflation with all the money needing to be printed, but who's really counting anymore...the government is not. They ended giving out M3 numbers a few years ago. Oh yeah and for everyone in the 48th CD, let's all go ahead and thank Rep John Campbell for his precious little vote to bailout Freddie & Fannie. After all, we wouldn't want the whole fractional reserve/fiat paper money system to come crashing down. That would be very bad.