<<A must read...what's he gonna say? Taxpayer at risk?>>
Not a chance. Fisher is the Fed's hand-picked tranquilizer blowdart marksman. He get's rolled out to CALM roiled markets (ie, he was the point man for the LTCM bailout in '98), not create chaos and doubt. He'll probably say they have well-tested models, everything is copasetic, Fannie's risk control models are the envy of the world, yada, yada, yada. He'll finally point out that the housing industry has "saved" the economy, and that home prices are "At a Permanently High plateau" or somesuch. All false, of course, and he knows it. But this is a confidence game, and with the dollar on shaky ground (and with it, Fannies ENORMOUS book of dollar-denominated derivatives/SWAPS) he's not about to rock the boat and screw up his shot at getting the Fed Chairmanship after BubbleBoy, errrrr, GREENSPAN resigns.
Jusr my humble opinion!
Disclosure: Long FNM (puts). |
