We come to bury Fanny and Freddie, not to praise them ...

So it turns out that Fannie and Freddie were the victims of the downturn, not the cause. They started losing market share to companies dabbling in sub prime loans, and eventually followed them in. Ezra:

In other words, Fannie and Freddie were private institutions with shareholders they were responsible to. The lending market changed, shifting away from the fairly safe mortgages they tended to buy. They lost market share. This is where government regulation or oversight should have intervened and kept them from changing their business strategy and buy low-quality loans to increase market share. It did not.

There's a good graph and explanation on this site:

Read more of "We come to bury Fanny and Freddie, not to praise them ..."

It's not the craziest thing I've heard ...

Anonymous Liberal suggests that the McCain suspension is really about Palin:

I'm serious. The more I look at what happened today, the more I think it was all an elaborate attempt to stem the fallout from the truly disastrous interview Sarah Palin taped this morning with Katie Couric. In that interview, Palin did two things that hurt the McCain campaign and, but for McCain's late afternoon shenanigans, would have garnered much more attention.

I have to say that it is starting to look like part of McCain's object here isn't to cancel the Friday debate, but to bump Palin's debate next week. She's been cramming for three weeks, and this is the best she could do? (I'm tempted to say "no wonder it took her six years to finish college" ... but, er ... it took me that long, too.)



South Park II: "I haven't seen someone take a blow like that since Hugh Grant..."

Read more of "It's not the craziest thing I've heard ..."

John McCain is Letterman's Punk

I don't know if you recall the Madonna interview Letterman did years back where she savaged him on air -- but Letterman's reaction to McCain's timeout last night was at least twice as brutal. I guess McCain called to say he was cancelling his appearance on the show because of the crisis (and Letterman said, "Well, do what you gotta do"). But then found out that McCain was taping with Katie Couric during his show. Let's just say, Dave's not pleased.



To quote South Park: "I haven't seen a beating like that since Rodney King..."

Read more of "John McCain is Letterman's Punk"

Go get 'em, Ezra.

Klein had this to say:

If neither the economy nor John McCain's poll numbers approve, I just can't imagine that this country will be ready for something as divisive and crudely political as a vote in early November. So here's the question: Will Barack Obama put his country first and agree to delay the election until the stock market lifts and John McCain has a better chance? Or is this all about Obama?

Read more of "Go get 'em, Ezra."

McCain: Maturity. Experience. Stick ball.

McCain called "Time out" today. I didn't know you could do that. I guess after the car passes he'll call "game on."

Read more of "McCain: Maturity. Experience. Stick ball."

Is it too good to be true? (Adventures in spamming)

Ezra forward a striking opportunity via blog. Do any of you know someone who might be interested?

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully Minister of Treasury Paulson

(Address redacted)

Read more of "Is it too good to be true? (Adventures in spamming)"

Chris Rock to Bill Clinton: Hillary Lost!

Gawker has a hilarious video of Chris Rock on the Letterman show. He followed Bill Clinton who spent five minutes damning Obama with the faintest of praise. Watch for yourself:



(The Gawker vid has Bill Clinton's comments, too.)

Read more of "Chris Rock to Bill Clinton: Hillary Lost!"

After Ike

Well I've finished cleaning up (chainsaws are FUN!) and the power came back on, so it's back to the workaday grind here. I'm very happy there was so little damage to my place, and happier that I don't live in Galvez. My intrepid videographer spent much of the aftermath down there and touring Bolivar. Wow.

It does make me wonder if "well there's hurricanes" will replace "it's damn hot and humid" as the number one critique of Houston. Only time and global warming will tell. At least it took my mind off the campaign for a few days.

Read more of "After Ike"