! This post hasn't been updated in over a year. A lot can change in a year including my opinion and the amount of naughty words I use. There's a good chance that there's something in what's written below that someone will find objectionable. That's fine, if I tried to please everybody all of the time then I'd be a Lib Dem (remember them?) and I'm certainly not one of those. The point is, I'm not the kind of person to try and alter history in case I said something in the past that someone can use against me in the future but just remember that the person I was then isn't the person I am now nor the person I'll be in a year's time.
As far as economics goes, America sneezes and the world catches a cold.
America has the flu, the world is about to contract pneumonia.
The two biggest mortage lenders in the US which, between them, have either loaned or guaranteed half of all American mortgages are being temporarily nationalised.
Fannie Mae and Freddie Mac have underwritten around six trillion dollars of mortgages between them and have $1.6 trillion of debt outstanding. They made a combined loss of around $14bn in the last 12 months.
This will hit every economy on the planet. We are all, in a word, fucked.
Technorati Tags: Fannie Mae, Freddie Mac, Economy
Sadly that seems to be the way america learns,they have to fall on their arse before they notice that they did something very wrong
I think you’re a bit late with this one Wonko, the credit crunch was caused by this ages ago. Basically it’s caused by rich people panicing and then passing that panic to the rest of us.
It’s hard to see why 2 such important organisations lent so much money to people who hadn’t a hope in hell of keeping up the repayments (or as the guy said on “Mock the Week”, “lending huge amounts of cash to the audience of the Jerry Springer show”). It didn’t work in the 70’s when the world banks lent cash to third world countries. The inability to keep up with the interest led to countries having to pay what little income they did have back to the banks and this led to starvation.
With reference to your previous post, http://www.wonkosworld.co.uk/wordpress/2008/09/07/america-fuck-no/
Actually I want to know what’s happening in the US and who runs the place because it seems to have a lot more relevance to whats going on here in our ecconomy than anything our government does – perhaps the rest of the world should be allowed postal votes in the US elections.
And Jerry, I have to disagree with you on a minor point. Yes, they are always falling on their arse but they don’t seem to learn anything
Nice to see the US take the lead on nationalisation. Now what British party is going to take the initiative and give us our utilities back?
Alistair darling has just sent me an E-mail to say he will enquire with the FCO as to why they are screwing me about trying to get a visa for my russian girlfriend!
Should i write back and say, ‘I would rather one of your underlings does that work, i think YOU should worry about the country’s economy’?
Do you think he would help me more if i did a turd, covered it in bread crumbs and posted it it big gordo?