The Oil Drum | Stories tagged with "bail out"

Stories tagged with "bail out"

Freddie Mac/Fannie Mae bailout: Guess Who Wins

Posted by Jerome a Paris on September 7, 2008 - 12:10pm in The Oil Drum: Europe
Topic: Economics/Finance
Tags: bail out, dollar, fannie mae, fnm, fre, freddie mac, government, original, taxpayer [list all tags]

The bailout of Freddie and Fannie has just been announced by Hank Paulson, with supporting words from Bernanke. What's interesting in what's proposed, as usual, is what's unsaid. This would seem to be an incredibly ambitious gambit: a nationalisation, an attempted bailout of ALL the banks, and an open-ended commitment of taxpayer money to save the financial world.

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“This order [i.e. capitalism] is now bound to the technical and economic conditions of machine production which today determine the lives of all the individuals who are born into this mechanism, not only those directly concerned with the economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt.”

—Max Weber, 1905