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View Full Version : Mary Had a Little Lamb and a Jumbo Mortgage: Caroline Baum




DriftWood
05-21-2008, 04:39 AM
Caroline Baum always make you smile at the foolishness of todays economic policy.. here is an excerpt from here latest article. Funny stuff.

"Once upon a time, there lived a King who granted each subject enough money to make his home his castle.

Everyone was content. The castles created vast riches throughout the land.

Alas, the King had large armies to support, and the royal coffers had run dry. So he levied a tax on each household. And there was much misery throughout the land. The people rose up in protest. The King and his ministers knew not what to do.

One day a fairy godmother named Fannie appeared.

``I have come to grant you one wish,'' Fannie Godmother said.

``One wish! Let us keep buying castles,'' the people said.

``I will grant you your wish,'' Fannie Godmother said. ``You will have money to buy new castles.''

And everyone lived happily ever after.

---

Sound like a fairy tale? It isn't. It's basically what happened last week, with Fannie Mae, the largest mortgage lender, doing an about-face, easing loan standards after tightening them in December following an increase in defaults and dislocations in the mortgage, housing and securitized loan market. "

http://www.bloomberg.com/apps/news?pid=20601039&sid=aXf.l14aZp4U&refer=columnist_baum

Cheers

DriftWood
05-23-2008, 01:07 AM
burp?