[lbo-talk] The Emperor Run-off

[dredmond at efn.org]

Well, the Feds just took over Freddie and Fannie, thereby nationalizing
half the mortgages in the US. Brad Setser explains why (hint: guess whose
Agency debt the Banks of China and Russia have been buying):
http://blogs.cfr.org/setser/2008/09/07/so-true/#more-3769

So who gets to clean up the post-Imperial wreckage?

In one corner is the Obamabiden, joint venture of the Daley machine and 
MBNA. Not the most inspiring of choices, but the alternative is the truly
flesh-crawling MacChurian Candidate and Mrs. Paliselin
(http://www.imdb.com/title/tt0056218/).

To quote from an otherwise execrable 1980s action film, "Choose... choose
and *pay*."

-- DRR