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Common Sense by James B. Stewart (Author Archive)
Crisis, Lucky Break -- or Both
FEW OF US actually hope for crises. I say few because there are exceptions. Some newscasters can barely contain their glee at the approach of a hurricane. Apart from journalists, many people
make their living from crisis management; without crises, they'd be out of work. And then there are financial speculators, especially those most reviled of investors, short sellers. Lately, Congress has been on the prowl for market manipulators, forcing some speculators into hiding.
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The GSE's will survive in their current form, now that thei debt is explicitly backed by the govt. Even after massive dilution there is tremendous upside. The equity holders are just placeholders so the govt. can claim that their debt is not on its books.