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Friday, September 05, 2008

U.S. federal government set to take over Fannie Mae and Freddie Mac

Read the story here.

This is, by an order of some magnitude, a much more important story than McCain versus Obama right now.

It's also one of the reasons why I don't believe it really matters which candidate or party wins in the November elections. If Obama wins, he's going to immediately face a ruined economy the likes of which have not been seen since the Depression and if he stays true to the policies he's running on, he'll likely make the situation that much worse. If McCain wins, the state of America's finances is going to be an automatic indictment against not just him and Palin but on the previous eight years of the Bush Administration.

Oh yeah, and another bank - this time it's Silver State in Nevada, with $2 billion in assets - failed today. That's the 11th big bank this year to go under. And so far as I know they've always been announced on Friday evenings.

If there's going to be a bailout of Fannie Mae and Freddie Mac, I cannot recall that there will have been a bigger measure taken in United States history. This is going to hurt the taxpayers like all get out.