The yen rose to a three-month high against the euro as speculation the U.S. government will be forced to bail out the biggest mortgage-finance companies prompted traders to cut holdings of higher-yielding currencies.
Source
A U.S. government bailout of mortgage-finance companies Fannie and Freddie would wipe out common stockholders, Barron's reported, citing an unidentified source in the President George W. Bush's administration.
The two companies, which own or guarantee 42 percent of the $12 trillion in U.S. home loans outstanding, have posted bigger- than-expected losses due to record delinquencies amid the worst housing slump since the Great Depression.
Japan's central bank will keep rates at 0.5 percent today, the lowest among industrialized countries, according to all 32 economists surveyed by Bloomberg.``The dollar is on course to decline across the board,'' said Hideki Amikura, deputy general manager of foreign exchange at Nomura Trust and Banking Co. Ltd., a unit of Japan's largest brokerage. ``Questions about a U.S. government bailout of Fannie and Freddie, combined with the housing starts data, paint an unfavorable picture of the U.S. economy.''
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Way to go money grubbing assholes everywhere! , you have nearly single handedly caused everyone in the country to suffer just a little bit more because of your greed, but we can't fault you solely...the government's lax and lenient regulations on mortgage loans based on trickle down economics helped...and helped loads.
Yes it's nothing short of criminal and all we have to do is follow the money to find out who the perpetrators are...but we won't...they will be those with clout in the house and congress and the U.S. government fears one thing more than all, being shown it's hands are dirty with money from criminals...uh cough ahem ....I mean lobbyist and special interest groups.
"...and me, look at me, can't get a job"
Toby Redd
Welcome to Detroit
