[SAJ]

Clever comment, more power to you for it.

Nonetheless, Fannie and Freddie's exposure to derivative risk makes LTCM (went bust in 1998, btw) look almost like a bank CD by comparison.

I really think -- speaking as a trader -- that it's absolutely wonderful that these two organisations have levered themselves not only UP to the guts, but 300% or so PAST that. It's even more heartwarming to know that, when their little pyramid game finally topples (and it will, within a decade at best and likely sooner), you and I and everyone here will each get to eat a tasty little chunk of their arrongance.

This bunch are nothing more, these days, than dice players on a hot streak -- what will occur when they crap out...which they inevitably will, is completely undefined at law.

Which fact, of course, means that the courts will make it up as they go along, and you and I will get to pay for the folly.

[SAJ]

arrongance = arrogance

Apols for the typo.

[Slings and Arrows]

I understand that this is a serious story with real consequences, but as an inverterate wisearse I couldn't resist that headline.

Incidentally, it's not even the worst I've ever seen - that would be:

After Fatal Beating, Suspect Commits Suicide

[Just mythoughts]

Does this have anything to do with Hillry's "Hoover" economy rant to her pals in CT? Would it be in her interest to pull the plug sooner rather than later?

[Just mythoughts]

Also, I forgot to ask, Hillry spoke about an October surprise earlier, would this fit???