Global Market Commentary, Analysis and Investments
Indeed, even with the government's report declaring the cleanup 75% complete, the Gulf of Mexico recovery will be slow and laborious. And expensive…
As of a few hours ago, there's enough fresh cement in the Macondo oil well to hold down the “mud� that's keeping the oil beneath the seafloor. It's not the final step in plugging the hole, but it's a big one. Now the tallying begins.
[Read more...]Say what you want about the U.S. Treasury, but this much is true: They give damn good Christmas presents.
Just ask Fannie Mae and Freddie Mac. If you haven’t heard – which many people haven’t, since the Treasury quietly pushed this through on Christmas Eve – Fannie and Freddie now have access to unlimited government funding. Seriously, limitless.
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“Reforming” Fannie and Freddie
When it comes to clinging to an outmoded paradigm in the face of public anger and all evidence to the contrary… Hosni Mubarak has nothing on the US Treasury. At least he had the good sense to step down.
For their part, the US Treasury is out this morning with a grand plan to “reform” Fannie Mae and Freddie Mac. Indeed, they plan to phase out the infamous government-sponsored enterprises (GSEs) and give the private sector a greater role in mortgage finance.
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