Who’s the Mafia?
Regardless, all such looting in the future has been in effect indemnified. The banks have now perfected (or at least brought up several levels) the art of looting the US Treasury, with the assistance and accession of of the Fed. Yes, the banks have assured their place as the priveleged pinnacle of US economic policy. I consider it done.
I was absolutely right about the surrepititious need to backstop FNM / FRE debt, and Dodd just confirmed it.
Not the question is....does this devalue Tsys? Or up-value FNM debt?
Amazing times we live in. MOre elements of loss of sovereignty may indeed not be far behind.