LOGO: Truthdig: Drilling Beneath the Headlines. A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.  
November 9, 2009
Log in / Register

 Choose a size
Text Size

Most Read

Kucinich: Why I Voted No

Afghanistan's Sham Army

When Voters Disrupt the Tea Party

Rupert Murdoch vs. Google (and Reality)

'Daily Show' Insta-Classic: What Lurks Within Glenn Beck?

Most Comments
Most Emailed

Reports
 * NEW! * Kucinich: Why I Voted No

Ear to the Ground

A/V Booth

Arts & Culture

Digs
Financial Meltdown 101
Vetting Sarah Palin

Truthdig Bazaar
Kazan on Directing

Kazan on Directing

By Elia Kazan
$19.80

more items

 
Ear to the Ground

Markets Respond to Fannie, Freddie Takeover

Email this item Email    Print this item Print   
Posted on Sep 8, 2008

Investors have been throwing money at stock markets the world over following the news that Fannie Mae and Freddie Mac have been placed under federal conservatorship. Some analysts are confident that the move will stabilize the mortgage giants and, in turn, a tanking housing market. With hundreds of billions of taxpayer dollars on the line, let’s hope they’re right.


Bloomberg:

U.S. stocks climbed, adding to a rally across Europe and Asia, on speculation the government takeover of Fannie Mae and Freddie Mac will stabilize the global financial system battered by $507 billion in credit losses.

Citigroup Inc., Wachovia Corp. and Bank of America Corp. added at least 6.6 percent after Treasury Secretary Henry Paulson said the government will provide short-term funding to mortgage lenders Fannie and Freddie. KB Home and D.R. Horton Inc. jumped more than 12 percent, sending a gauge of homebuilders to a four- month high. An advance in banks from Germany to Japan sent the MSCI World Index up 2.1 percent, the most since April.

Read more

More Below the Ad

Advertisement


Elsewhere: .

Comments

Are you a Truthdig member yet? Login now, or register with Truthdig.

By Tony Wicher, September 8, 2008 at 8:08 pm #

Aegrus,

I read in several reports of the takeover that

“Under the conservatorship agreement, shareholders’ equity will not be eliminated, though common shareholders will be last in terms of claims on the GSEs’ assets.

Preferred shareholders will be placed second, after common shareholders, in absorbing losses”

Is there a silver lining for us the people? Maybe the greed of the wealthy is slowly forcing the government into socialism whether they like it or not. The health insurance industry is next. It’s going to happen when even business wants it.

Report this

By bookworm, September 8, 2008 at 6:21 pm #
(Unregistered commenter)

Aegrus,

I assume you are seeing how America has become a Corporate entity rather than the Republic it was intended and designed to be.  While I agree with your sentiments the socialism reference is something you need to do more research on prior to aligning socialism to the needs of any corporate entity.  Rather than go in to any sort of discussion via these limiting comments I defer you to some excellent information on that and many other topics.  “The Age of American Unreason” by Susan Jacoby.  It is an amazing read, very well documented and wholly enlightening on how we as Americans have enabled our country to be taken over by the needs of corporations.

Report this

By Aegrus, September 8, 2008 at 5:16 pm #

Boy these huge corporations sure do love themselves some socialism when their entire way of life is at stake. Wall Street seems to enjoy Socialism a lot too.

Socialism for those with tons of money, that is. Not for you and me. That’s Marxist, right? Taxes are the enemy when corporations have to pay them, but when you and I pay taxes… that’s just good government for business. Americans live solely to provide taxes for corporate subsidies according to the elite campaign John McCain is employed by.

Report this

Add Your Comment

Posts by unregistered readers are moderated. Posts by members
are published immediately. Why wait? Register today!







Number of characters remaining: 4000

Notify you when others comment on this article?


Are you a human?
Retype the word you see here.


Please read and abide by our comment policy.
By submitting this comment, you agree to this site's terms and conditions.

 
Click here to learn more about Truthdig
 

 
Join the Liberal Blog Advertising Network
 
 
 
 
Chrome Bag - Free Shipping
 
 
 

A Progressive Journal of News and Opinion. Editor, Robert Scheer. Publisher, Zuade Kaufman.
Copyright © 2009 Truthdig, L.L.C. All rights reserved.