So

Day 1 of the blog. There are so many things that need to be said but now, of course, I am blanking. The only thing on my mind right now (well, aside from getting up on time in the morning, getting the kids ready for camp, ironing, my homework, cleaning the bathroom, rolling my hair, and the dentist) is the government’s bail out of Freddie Mac and Fannie Mae. The buy, repackage, sell business just took a hit. “The mortgages they hold on their books alone total about $1.4 trillion,” said Mike Stathis, managing Principal of Apex Venture Advisors, a research and advisory firm. “In the meantime, the companies were allowed to operate in this manner, piling on risk after risk…”http://money.cnn.com/2008/07/11/news/economy/fannie_freddie.fortune/index.htm?postversion=2008071318 Risk after risk? WTF If I tried that, wouldn’t I be considered unworthy of future credit extensions? FICO score shot to hell. So you’re telling me the Fed and Treasury didn’t think the two powerhouses needed to be “propped up” before this $5 trillion figure came to fruition? No one at, say, $695 million…no one at $276 billion…no one anywhere before five trillion (why yes, yes I am injecting humor into an otherwise sad situation by saying it like Austin Powers saying million) thought to say, “Fed my man, we in troooooouble?” I suppose the one thing that makes this senselessness make sense is: federally created. Need I say more?

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