Xbox, I guess “pawn broker” would be the best analogy. After all of this I wonder if these guys are going to come out and say “Subprime is Contained” LOL. In all the chaos something that got overlooked is that the Freddie / Fannie bailout story got the ax today.
“U.S. agency rejects Fannie Mae’s request for larger loan portfolio”
I would say that overall we are in a huge mess. There is still possibly hundreds of billions of dollars of paper sitting out there that is actually worth zero. You are going to see alot more of FED band aids and gauze and body cast….etc over the next few months. Surprisingly the dollar held up today (well it didn’t fall from its record low level) but don’t count on that continuing. All of this could lead us down the path of a dollar crisis. IMHO.
