Two conversations today that you may find helpful in understanding the current mess:
Bill Fleckenstein, of Fleckenstein Capital, explains the mess in the financial markets and why the proposed change to the short sale uptick rule is foolish:
Joe Battipaglia, of Stifel Nicholas, seems to be the one with a strong opinion on this video discussion of the current mortgage/real estate mess:
As you will see, two of the other guests enjoy denying reality. I think they will have to see Armageddon, literally, before they get it.
If you are wondering why the government feels it must bail out Fannie and Freddie at our (taxpayer) expense, here are a few good possible reasons:
3. Government officials don’t want to be in office when the crash happens
4. Paulsen and Bernanke need to help their friends on Wall Street as Jimmy Rogers suggests (see previous post for video).
5. Bailouts are wonderful for trying to buy votes…
Let’s see how this continues to unfold…
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