Freddie and Fannie

It sounds like a kinky porno movie, Treasury & Fed take bold steps to back Freddie and Fannie, but it's what has to be done to save the mortgage system in this country: "The U.S. Treasury and Federal Reserve on Sunday unveiled sweeping steps to support Fannie Mae and Freddie Mac if needed to bolster confidence in the troubled mortgage financing giants and head off a potential meltdown in global financial markets. In moves that could mean a major escalation in U.S. taxpayer exposure, the Fed said the companies could access its discount window for emergency cash. The Treasury separately said that it would temporarily increase its line of credit to the two, as well as purchase equity in them, if needed."

Rico says if people didn't go so far out on a limb to buy houses, we wouldn't be facing this mess...