No Safe Harbor

Today’s blog entry has a distinct lack of fun. Sorry ’bout that. But this has to be said.

On Friday, the stock market reacted to news that Freddie Mac and Fannie Mae, the nation’s top mortgage lenders, were on the verge of bankruptcy. Fannie Mae dropped 22% in one day, capping off a loss of 84% over the last year, as a real panic ensued.

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