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This is just great. Our government will guarantee the debt held by foreign creditors but for the American worker who paid into Social Security for forty years will have to take "reductions" in benefits. This is insane!
Hey! everyone that thought stock markets were down and you were losing money can feel relief. Just claim that you were under the impression that the US government would stand behind your investment. No risk! And I was worried. Ain't life great!
The only things this bailouot covers is the counterparty transactions, just like Bear Sterns, so as to preserve liquidity and prevent a fire sale of the mortgage securities itself. This could cause falling equity at banks and broker/dealers. Such an event could cause a world wide meltdown similiar to the great depression. The shareholders will lose 100% of their investments.
Fannie & Freddie are a screaming ,BUY . BUY .BUY.
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