Thoughts and Observations on Turkish Economy and financial markets. Turkiye Ekonomisi, Borsa, Dolar, Altin, Faiz, Teknik Analiz, Grafik, Hisse Senetleri...

Tuesday, July 29, 2008

Fannie and Freddie Rescue

Bush Plan to Save Fannie, Freddie Stirs Confidence

...“This just proves that American capitalism works,” said an unnamed analyst from Bear Stearns. “The self-correcting mechanism of free markets still happens as if guided by an invisible hand. This week we caught another glimpse at that hand. Too bad Adam Smith wasn’t alive to see it.”

...“The true measure of strength is one’s willingness to seek help in time of need,” said one investor. “When Freddie Mac and Fannie Mae came crawling to the U.S. taxpayer to bail them out, their executives boldly showed that they’re not afraid to be vulnerable.”
Confidence also swelled because the two mortgage giants will get rescued using OPM — other people’s money — another signal to investors of the stability and integrity of these firms.

A well put article. They also have several other satirical articles.