Posts filed under “Taxes and Policy”
Marketwatch reports that the government discussed a contingency plan in case the unthinkable happens, and Fannie Mae (FNM) and Freddie Mac (FRE) were to fail.
But don’t worry — the Bush administration DOES NOT expect the entities to fail. And, they note no rescue plan is imminent.
Rex Nutting says Uh-Oh! This is a major contrary indicator, and it suggests Freddie and Fannie are toast!
"Is there any surer sign of an impending disaster than a reassurance from the White House that it doesn’t expect it to happen?"
Rex adds this short list of other things that the Bush administration didn’t expect:
Terrorists to fly airplanes into buildings.
Saddam Hussein to have been telling the truth about not having any weapons of mass destruction.
Iraqis to object to a long-term occupation by a foreign power.
People in New Orleans to object to the government’s response to Hurricane Katrina.
The Democrats to take control of Congress.
The Democrats to cave in so easily on important issues after they took control of Congress.
Scooter Libby to get caught.
Jack Abramoff to get caught.
Abu Ghraib to be discovered.
Scott McClellan to smell the coffee.
The housing bubble.
The credit bubble.
The housing collapse.
The credit squeeze.
Bear Stearns to fail.
Gee, that’s a tough list to argue against . . .
Bush administration’s faith is a contrary indicator
MarketWatch, 9:54 a.m. EDT July 10, 2008
We’re going way back for this one: “With an aggressive legal maneuver, Citicorp is taking another step in the battle to unshackle the banking industry from the restraints of the Glass-Steagall Act of 1933. The strategy, being watched closely by the entire banking industry, has been used for years to push the deregulation of the…Read More
Earlier this week, I received an email from the Real Estate editor of an (unnamed) publication. They wrote: “Just wanted to point out something I read in a Wall St. Journal article that made me think of you immediately. (Home Gauge Climbs Amid Bargains) “April pending home sales—meaning signed sales contracts—rose 6.3% from March to…Read More