Category Credit crisis

On Friday during market hours, a rumor went round that Helicopter Ben Bernanke was giving Fannie Mae and Freddie Mac access to the discount window, which would allow them to borrow huge amounts of money. The market rallied. After the…

This after a run on the bank. They are the second largest bank ever to fail in the US and were up to their eyeballs in subslime mortgages. It would be criminal if the executives that destroyed this bank were…

Bank seizures were up a staggering 171%. $3.5 trillion in homeowner equity has vaporized since the peak in Spring 2006. By the end of the year between one-fourth one-third of all home sales will be bank-owned. Nevada has the highest…

So says a former Federal Reserve President. This of course wasn’t supposed to happen. So, naturally, the Bushies have no contingency plans. Even though a multitude of financial blogs have predicted for months now that this would happen.

Fed to clamp down on exotic and subprime mortgages Sadly, this is not a satirical headline. The Fed appears to be that comatose.