Bumped. -- GH Originally posted 2008-09-07 13:11:07 -0500.
Now that taxpayers are about to pick up the tab on another megabillion dollar problem of the Bush Administration, I have some questions. Note: this commentary began its life just moments ago as a comment on Taxpayers picking up the tab again
--- Ever since I've known of this office, I've wondered if they have actually done any oversight of Fannie Mae and Freddie Mac.
What do they do? And how'd Mike Connell get the job of running their website back in 1999? Does George W. Bush get some sort of inside information from this arrangement?
Actually, from the quick little blurb from the WSJ this morning, it sounds more like President Bush will use the opportunity of terrified markets to push for ...
more oil drilling.
The press conference will start at 10:20 a.m. Mr. Bush is expected to press Democrats in Congress hard on the need for more oil exploration, particularly in the Outer Continental Shelf. He's also likely to criticize Congress for failing to move on most annual spending bills.
Stay tuned. (and more updates below the fold)
So the Federal Reserve worked feverishly over the weekend to save Fannie and Freddie and take over Indy, or as the WSJ reports in Treasury and Fed Pledge Aid For Ailing Mortgage Giants this morning: The Fed "maneuvering, attempted to shore up confidence in Fannie Mae and Freddie Mac by announcing a plan that placed the federal government firmly behind the battered mortgage giants."
Such a pickle.
Obviously, we need something to distract us while we watch the machinations and see the stock market's reactions after the ordinary citizens have had the weekend to mull over the news of the FED's late Friday take over of the thrift IndyMac. Today, the small investors may sit tight, buy more or they may rush the markets and pull retirement funds out of their 401s, SEPs, and IRAs. Early notice has the market bouncing miraculously back. So in the meantime, here's a brine pickle recipe -- usually made in a "crock" -- thus suitably apt for the times.