RIP

My wife isn't happy that we're renting now because she wants to "own" a home. Well, she'll be ecstatic now. Other than the formalities, every taxpayer now owns MILLIONS of homes. Fannie and Freddie are done. This shouldn't come as any surprise to readers of this blog or people on the end of my rants. The government should never have dipped it's foot into the housing industry and now it's gonna drown. $5 TRILLION worth of mortgages are on these two companies books. They've been swallowing more garbage lately than Oscar the Grouch. When will these idiots in office wake-up and realize you CANNOT try and contain this meltdown. It's too big and too deep to offset. Any money flowing in that isn't discounted up front by 30-40% is likely to be good money after bad. The GSE's have been taking bad loans at the start for the last 6-12 months. This is a massive blunder of historical proportions.

Hidden gem in CNN article on Fannie Mae (May 7th)

That'll leave stains! (June 12th)

Nationalization of industries (July 9th)