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Federal Reserve

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Michael Shedlock / Mish

Shorting curbs cannot possibly help when the problem is solvency not liquidity. In spite of the announcement, shares of Fannie and Freddie are down another 19% each as of 1:40 PM Central.

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Michael Shedlock / Mish

How can you have any reasonable economic policy when the chairman is scared half to death to discuss interest rates and money supply?

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cnbc.com

He says as the Feds are busy worrying about “the big boys”—Fannie and Freddie—hundreds, maybe thousands, of smaller, regional banks will now realize they have no savior.

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Michael Shedlock / Mish

Is the Fed going to investigate Lehman? Paulson? Bernanke? Seriously, this is ridiculous. The financial institutions are getting hammered because they are undercapitalized by any rational measure. Earnings suck and are going to...

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articles.moneycentral.msn.com

I think we're in about the second inning." (That guess is not so dissimilar to that of a friend I call the "Lord of the Dark Matter," who says he doesn't know what inning it is but is sure it's going to be a double-header

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CalculatedRisk.blogspot.com

Comments from Lehman Brothers that beleaguered thrift Washington Mutual Inc. could see $26 billion in total losses from items on its balance sheet and struggling National City Corp. being forced to assert it is still creditworthy only added to the an

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MrMortgage.ml-implode.com

I noticed a line out of my local WAMU branch this morning. I then drove a few miles away and saw another branch with many people in line. I talked to someone there and they said the lines started before the bank opened and many people are sweeping th

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Bloomberg.com

``They're ruining what has been one of the greatest economies in the world,'' Rogers said. Bernanke and Paulson ``are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.

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Michael Shedlock / Mish

Paulson now seems to be acting on the principle that as long as one is telling lies there is no additional harm in doing it with gusto. Otherwise it is very hard to explain how an "unlimited lending line"can possibly have "terms and co

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NY Times

Some officials briefed on the plan said Congress could be asked to extend the total line of credit to the institutions to $300 billion. The actions, which could provide an overwhelming surge of capital to the companies, were the second time in four m

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NY Times

Much of the private money that once surged into the mortgage industry has fled in a panicked horde, leaving most of the responsibility for financing American homes to the government-sponsored Fannie and Freddie. By the first three months of this year

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NY Times

But the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. Other lenders are likely to shut branches or seek mergers.

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Michael Shedlock / Mish

"Operation Rescue Fannie" has now morphed into a taxpayer bailout of Bill Gross, China, and anyone else that levered into buying Fannie Mae garbage. It is a moral hazard to the highest degree, for bondholders to be made whole in this mess.

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WallStreetExaminer.com

Never again will so many assets be handed off to regulators and corrupt apparatcheks for “distribution” to the privileged. This may make the “privatization” of the Soviet Union to Russian oligarchs look like a cake walk.

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Michael Shedlock / Mish

Now this “the emperor has no clothes” farce has been revealed to be what it always was: a high-flatulin “moral hazard” farcical rhetoric with zero substance and credibility.

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Reuters

U.S. banking regulators swooped in to seize mortgage lender IndyMac Bancorp Inc on Friday after withdrawals by panicked depositors led to the third-largest banking failure in U.S. history. California-based IndyMac, which specialized in a type

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Michael Shedlock / Mish

Paulson's statement "Institutions Must Be Allowed To Fail" is in reality an implicit admission the Fed is powerless to stop a credit implosion. We have finally reached the point at which the mess is too big to bail

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