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Today’s Economics Lesson
14 Jul
Contrary to popular opinion, Freddie Mac and Fannie Mae are not (respectively) a hilarious comedian and the creator of delicious candies. What they are is the collective owner of 50% of all the mortgages in the United States of America. They’re also roughly 1.7 trillion dollars in debt combined, and teetering so close to complete failure that the federal government may have to step in, take them both over, and print money hand over fist to cover their debts.
And if that happens…yeah.
We now return you to “Dancing With the Stars.”
(UPDATE: 7/16) It’s gonna be so much worse than we realize even now. Of course, given everything else our race has screwed up, total economic meltdown is probably the least of our worries.
