Government Influenced: GSE Wink Wink, Bailouts Forever, Bernanke Warns, Hoenig Says Raise It, Borrowing $4 Billion A Day

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The Sovereign Debt That Dare Not Speak Its Name – Megan McArdle – Timothy Geithner has apparently penned a letter to Representative Scott Jarrett (R-NJ) telling him that Fannie Mae and Freddie Mac’s obligations are not sovereign debt … This is exactly the sort of nudge-nudge, wink-wink, now-we-guarantee-it-now-we-don’t behavior that allowed the companies to get themselves (and by extension us) in so much trouble in the first place … – The Atlantic



The Dodd Bill: Bailouts Forever – By PETER J. WALLISON AND DAVID SKEEL   – There are many reasons to oppose Sen. Chris Dodd’s (D., Conn.) financial regulation bill. The simplest and clearest is that the FDIC is completely unequipped by experience to handle the failure of a giant nonbank financial institution. WSJ Opinion



Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit – By Neil Irwin and Lori Montgomery – Federal Reserve Chairman Ben S. Bernanke warned Wednesday that Americans may have to accept higher taxes or changes in cherished entitlements such as Medicare and Social Security if the nation is to avoid staggering budget deficits that threaten to choke off economic growth. – Washington Post



Hoenig Says Fed Should Consider Raising Key Interest Rate to 1% – By Steve Matthews – Federal Reserve Bank of Kansas City President Thomas Hoenig said the central bank should consider starting to raise its key interest rate “sometime soon” to about 1 percent to prevent asset bubbles from emerging. – Bloomberg BusinessWeek



Greenspan: ‘I was right 70% of the time’ – By Ben Rooney – CNNMoney



A Trillion Here, A Trillion There….. – By: Richard Benson, SFGroup – … You can’t help but wonder where the US Treasury gets all of this money.  … Each month, the Treasury Department has to find cash they can tap into to buy approximately $120 billion of fresh new debt (about $4 billion a day).   So where exactly is the US Treasury going to find this kind of money?  … – has answerGoldseek

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