On the possibility of Fannie and Freddie going away, one clever rep wrote to me and asked, “Do we really need FNMA, FHA, and FHLMC when it is all government run anyway? They could start a new entity named “Federally Regulated Committee to Normalize Mortgage Securities”, or “FRCNMS” – pronounced “FRICKEN MESS”. IRS Definition of [...]

Wall Street Journal doing satire? “Christmas list swaps?” Not sure this is funny, nor a good idea for the WSJ.

With a vote of 228 Nay to 205 Yea, the House of Representatives voted against the Treasury’s proposed financial market bailout plan—see below for unprecedented drops in markets. House Financial Services Committee Chairman Barney Frank said that they will see how markets play, and reconvene this Thursday October 2. Partisan bickering took precedence over the [...]

Thank you to Jonathan K. for reporting that Nancy Pelosi demanded a new round of stimulus checks for Americans. “The last check didn’t work out so well. The people who spent it are broke again and the people who put it in the bank are waiting for the bank to open so they can get [...]