Linky goodness on the Fannie Mae and Freddie Mac clusterfuck
I know even less about finance than I do about polling, so here's some linky goodness on the demise of Fannie Mae and Freddie Mac. Maybe somebody who does understand finance can make a post of it all:
* A roundup of reactions from Nouriel Roubine's RGE Monitor, from which comes
* Linky goodness on the mechanics of the plan from The Big Picture, from which comes
* This hilarious "simultaneous translation" of Paulson's statement from Jesse's Café Americaine:
"Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe. This turmoil would directly and negatively impact household wealth: from family budgets, to home values, to savings for college and retirement. A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance. And a failure would be harmful to economic growth and job creation."
All the financial dons have agreed to this. They expect the foot soldiers to say nice things about it, and how necessary it is to our well-being. The usual sanctions of omerta apply. And we do not wish to hear any talk about Moral hazard and especially any whistle-blowing.
Can we afford the rich anymore?