8 September 2008 - 14:49Market Commentary 9/8/2008

Well the government finally made the move we were waiting for and took over control of the insolvent Fannie Mae and Freddie Mac. Not only will taxpayers and money borrowed from the Federal Reserve be used to cover the losses, but private sector executives from the same banks which were milking the system have taken over control. No doubt the end result of this fiasco will be the Federal Reserve taking over control of everything financial. Now that the member banks have created the problem they will offer the solution, give them total control of the financial markets and their regulation.