Friday, July 11, 2008

And They're Off...

Freddie Mac and Fannie Mae are now tapping the the Fed for cash reserves to keep themselves solvent. IndyMac got taken over by the FDIC tonight, the second largest bank failure in American history, which will smack us - you and I - for something between 4 billion and 8 billion depending on how much we get at the fire sale.

But don't you worry about these developments; one of John McCain's top economic policy advisors, Phil Gramm, says it's all in our heads.

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