More good news here for the month. Fannie May and Freddie Mac are in deep trouble and the FED is front and center once again. BAIL OUT time and that means you and I, the tax payers...
Gee, I wonder who will BAIL out the GOV as they Bail out the banking system?

90% of the mortgage brokers have imploded, Bear Stearns collapsed, the top ten banks have shut down their wholesale lending, Lehman is on the brink, Indy Mac imploded this week, Freddie and Fannie are going down, FBI and SEC are are a national rampage, Class action lawsuits are rampant against the investment firms.....

The next 90 will be interesting to say the least! I wonder who the "last man standing" will be?

BBC World News:

In part...
Shares in US mortgage firms Freddie Mac and Fannie Mae dropped by as much as 50% in rollercoaster trading on Friday amid concerns for their future. Investors are concerned that the government may have to step in to rescue the two firms. The companies are behind half of all US mortgages and have been hard hit by the slowdown in the US housingmarket.

President Bush reflects on tough times for the US economy
"Our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission," he said.
Bush was briefed on Fannie Mae and Freddie Mac earlier on Friday.
Mr Bush said Mr Paulson assured him that he and Federal Reserve Chairman Ben Bernanke "will be working this issue very hard".

US Senator Christopher Dodd said the Federal Reserve was considering allowing Fannie Mae and Freddie Mac to borrow directly from the central bank, which also helped the shares to recover. While no longer government owned, Fannie Mae and Freddie Mac are government chartered, leading many to suggest that the Bush administration will be forced to step in. Mr Paulson responded to media reports that the Treasury was planning some kind of government-led rescue.He said the Treasury was "maintaining a dialogue with regulators and with the companies".He stressed that their regulator continued to work with them "as they take the steps necessary to allow them to continue to perform their important public mission".

http://news.bbc.co.uk/2/hi/business/7502184.stm