Wow.  Seems to be official that the US gov will be bailing out Freddie and Fannie. 

From a look at the markets in Asia, the world still likes a US government guarantee.  A bit of a counterpoint to those naysayers about the credibility of the US these days….

I'm still not sure if it is a good or bad thing but unlike most of the pundits, I will give some credit to those in the positions to make these decisions and believe that this was the right thing.  Why?  I'm not sure I totally grasp all of the angles although after reading Bob Rubin's book In an Uncertain World and getting a harsh crash course in economics about the true threat the Asian currency meltdown posed, I found a new respect for those in the #1 seat at Treasury and like the fact that it is a Rubin contemporary at the helm.