Part 2 is here.

Fannie, Freddie Headed For Conservatorship - More Fannie, Freddie rescue details are slowing becoming available after hours …

Rescue Me

Rescue me
Oh take me in your arms
Rescue me
I want your tender charms
‘Coz I’m lonely and I’m blue
I need you and your love too
Come on and rescue me
Come on baby, take me baby, hold me baby, love me baby
Can’t you see that I need you baby
Can’t you see that I’m lonely
Rescue me

- MISH’s Global Economic Trend Analysis
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GSE Bailout Fuels Post-Bell Fires - … The structure of a Treasury backstop remains to be seen, but many market watchers, including well-regarded PIMCO chief Bill Gross, have called for a capital injection into the firms through an offering of convertible preferred stock, which would not bail out shareholders but also would not subordinate existing debt holders. … - Forbes

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Reports: Fannie Mae and and Freddie Mac to be seized - … According to the Times account, the “executives were told that, under the plan, they and their boards would be replaced, shareholders would be virtually wiped out, but the companies would be able to continue functioning with the government generally standing behind their debt, people briefed on the discussions said.” - … - USA Today 

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Fannie Mae, Freddie Mac to be Put Under Federal Control, Sources Say -  David S. Hilzenrath, Neil Irwin, and Zachary A.Goldfarb The government has formulated a plan to put troubled mortgage giants Fannie Mae and Freddie Mac … Deal Said to Involve Change of Leadership, Infusions of Capital … - Washington Post

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Paulson Plans to Bring Fannie, Freddie Under Government Control - Alison Vekshin and Dawn Kopecki - Bloomberg
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Rescuing Frannie - Felix Salmon - Portfolio.com 

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BILL GROSS SECTION:

1.  from PIMCO - READ THIS … ABOUT DELEVERAGING … - Investment Outlook - Bill Gross - There’s a Bull Market Somewhere? - PIMCO

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2.  PIMCO’s Bill Gross Politicking for his own Bailout - Click Broker 

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3.  Bill Gross Wants Treasury To Buy Assets To Prevent Tsunami - … Gross’ call is nothing but misguided socialism. If socialistic central planning worked, Russia would never have collapsed.  … - MISH’s Global Economic Trend Analysis