Economy | Fannie Mae and Freddie Mac rescue promises more instability to come and more government sponsorship of consumption
by Alex Tokarev
Posted 7/26/08, 12:00 am
Year-long meltdowns of the real estate market have unsurprisingly reached Fannie Mae and Freddie Mac, two companies associated with half (a mind-boggling $10 trillion) of America's mortgages. Multi-billionaire George Soros warns the world that we could be witnessing "the most serious financial crisis of our lifetime," which in his case includes the Great Depression.