Friday, September 5, 2008

US Govt to Bailout Fannie Mae & Freddie Mac...Think our Economy's in a bit of Trouble?

The New York Times reported tonight here that the United States Government has told top executives at Fannie Mae and Freddie Mac that they will be seizing them and placing the 2 companies in a conservatorship in what basically amounts to a government bailout.

This follows months of a down economy and the recent bailout of investment bank giant Bear Stearns earlier this year.

In cities far and wide, including right here in Queens, New York, people are losing their homes, foreclosures are on the rise, and financial companies are struggling.

It is a gross understatement to call this latest news disturbing. It is terrifying. I can only hope that our leaders, current and future, after the election(s) just weeks away, will work together to help steer our country's economy in the right direction.

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