Thursday, July 24, 2008

WELL... at least Al will go begging

"Just as I was getting my noodle around the idea—suggested by some economists and Wall Street guys—that the government should flat out buy $500 billion in mortgage-backed securities from banks to end the credit crisis, economist Nouriel Roubini goes and ups the ante.

Roubini, the Official Doomsayer of the 21st-Century Housing Crisis, thinks Uncle Sam is going to de facto nationalize U.S. housing via a $1 trillion housing-mortgage bailout. That would be in addition to, I would guess, a complete takeover of Fannie Mae and Freddie Mac. (If he's right, the government had better be careful, or there won't be enough dough left over to bail out GM and Ford, as well as pay for Al Gore's $5 trillion energy plan.)"
John Pethokoukis, US NEWS

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