Saturday, September 06, 2008


According to wire reports, senior officials in the Bush administration and the Federal Reserve advised top executives of mortgage finance giants Fannie Mae and Freddie Mac that the government was fixing to take over their asses and put them into a conservatorship.
I don't know the practical difference between "conservatorship" and "receivership" except that the former may sound better.
I do know that this is not a good sign about the economy.
Even so, I asked my country banker if I could increase my home equity line of credit so I could do a few more things to the house. He said it was not a problem.
Maybe that's not such a good sign either.

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