Saturday, August 30, 2008

Asians All Out

You think the economy has been bad up until now, wait until the Asians start taking their money out, Americans.

Then you are going to find out what suffering really means!!!!

"Bank of China pares Freddie, Fannie stakes" by Bloomberg News | August 30, 2008

NEW YORK - Fannie Mae and Freddie Mac fell yesterday after Bank of China Ltd., that nation's third-largest bank, said it pared its holdings of the mortgage-finance companies' debt as they faced growing losses and the potential need for a US government bailout.

Asian investors are retreating despite Treasury Secretary Henry Paulson's pledge on July 13 to provide government support to Fannie and Freddie should their financial conditions deteriorate further.


Translation: The Asians have no confidence in Paulson's plan (an $800 billion taxpayer bailout) when the U.S. is already swimming in red ink.