Welcome to the Socialist States of America where nobody is allowed to fail.
Note well the media reports from way back in July when McCain advocated bailing out Fannie Mae and Freddie Mac with taxpayer money.
And Freepers have the gall to say that voting McCain is a vote against Obama's Socialism, when McCain himself is also advocating Socialism.
Except small businesses who aren’t politically well connected.
if they owe enough money...
I default on my commercial mortgages and I'd have the bank in my living room and they'd try to put my wife on the street corner, sell my kids and then harvest my organs.
I don't like it much either this time...huge exposure here and the doppler effect is dizzying
This residential real estate (and some commercial..Vegas) boom has been so large and it had to come down....and looks like it is. Biggest since 79 I think. Oddly though the rest of economy even with hight energy costs seems to be still uptrending even if slower.
BSCO, now Freddie and Fannie...and let's not forget that UBS, Citi and other huge banks almost have gone under too. UBS basically wrote off their entire previous Owners Equity and did secondaries to foreign national investors
I have friends at UBS..some got their retirement options erased...gone...
Wrong. Nobody wealthy is allowed to fail.