The White House and the Federal Reserve moved Sunday to prevent Fannie Mae and Freddie Mac from failing. In a statement, Treasury Secretary Henry Paulson said the global reach of Fannie [s:FNM] and Freddie necessitated unprecedented action. The Treasury has asked Congres to increase the existing line of credit to Fannie and Freddie. In addition, Treasury asked Congress for the power to buy the two companies stock. In a separate vote, the Fed board of governors voted to open its discount window lending facility to Fannie and Freddie. In return, Paulson asked Congress to give the Fed a formal role to work with the new GSE regulator on capital standards for Fannie and Freddie.
In a separate vote, the Fed board of governors voted to open its discount window lending facility to Fannie and Freddie. In return, Paulson asked Congress to give the Fed a formal role to work with the new GSE regulator on capital standards for Fannie and Freddie.
Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
you are the media you consume.
Shares in New York could not hold onto most of their early gains on Monday, initially moving higher on Washington's plan to shore up the mortgage giants Fannie Mae and Freddie Mac. But shares fell back as the morning went on. In the first hour, the Dow Jones industrial average was up about 0.49 percent. That gain had eroded by noon, and the Dow was down about 0.23 percent. The Standard & Poor's 500-stock index was essentially flat, while the Nasdaq was down slightly.Freddie Mac shares were down about 1 percent, while Fannie Mae shares were up about 1.6 percent.
In the first hour, the Dow Jones industrial average was up about 0.49 percent. That gain had eroded by noon, and the Dow was down about 0.23 percent. The Standard & Poor's 500-stock index was essentially flat, while the Nasdaq was down slightly.
Freddie Mac shares were down about 1 percent, while Fannie Mae shares were up about 1.6 percent.
We should be confident that Dr. Phil Gramm's mental abilities alone will adequately shield UBS. Isn't that why they hired him? As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
The Swiss regulators do know about systemic risk a bit. In the long run, we're all dead. John Maynard Keynes
