Moody's Downgrades MBIA and Ambac

Californian writes:
Writing this from a beach in SoCal. Nice weather, but the economy tanks all around. 95 per cent of current mortgage financing come from either Fannie, Freddie or the third gov play. Gas soon at 5 bucks a gallon. US financial system effectively nationalized, with banks converting junk for quality paper at tax payer's expence. Face it people. US is a massive corporate welfare state. Nationalization and gov financing on this scale is unique. The fact is that the corporate corprupted gov speaks ca but always chooses socialism when it suits their masters = big corporate socialist Amerca.
Californian | 06.19.08 - 6:46 pm | #

Bob Dobbs writes:
"The fact is that the corporate corprupted gov speaks ca but always chooses socialism when it suits their masters = big corporate socialist Amerca."

Corporate socialism = fascism. Been here some time.

Enjoy the waves. Nice day up here in Santa Cruz. Escaped from my cube long enough to walk down to the water at lunch. Days like this, you know why people were willing to pay too much for those houses.
Bob Dobbs | Homepage | 06.19.08 - 7:11 pm | #