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Sep 8 / Jonathan

Saving the People’s Bank of China

Daniel Gross:

The bailout of Fannie Mae and Freddie Mac will be sold and marketed as an effort to shore up the U.S. housing market. Maybe so. But it is mostly meant to shore up our damaged international financial standing, preserving leadership and making sure the U.S. Treasury Secretary doesn’t get tarred and feathered at the next G-8 meeting.

Along those lines, we see international stock markets cheer at the news; US housing prices not so much, I predict.

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