Why Friday

I've been up all night for 2 nights trying to follow the news of the Wall Street Bail out.

My Question: Why Friday?

Apparently, according to the news source, a bailout agreement has to be reached by the opening of the Asian market on Monday. Why? What is happpening. What do they know that we don't.

What I have learned from late night news is this:

This is a Fannie Mae, Freddie Mac Failure. Apparently, these quasi-government loan houses
amassed a trillion dollars worth of bad mortgages. Sold these bad mortgages to banking houses under pressure from Fannie/Fred the banks bought theses mortgages. The banks under the misconception that Fannie/Freddie were quaranteed by the government.

What you won't see in main stream media news is that in 2004 the Wall Street Journal published an article saying that Fannie/Freddie had to be reigned in.

In 2005, the then Republican Head of Banking in Congress, Richard (somebody) I'm tired can't recall his name, asked Congress for reform and control of Fannie/Freddie. The republicans in the house voted to regulate. The Dems led by Barney Frank and Chris Dodd voted against regulation for Fannie/Freddie.

In 2005, Alan Greenspan went before Congress cited that if Fannie/Freddie was not reigned in there were be calamatous outcomes. Hence, here we are now.

There is no guarantee that the bail out will help or work. Thousands of e-mails are arriving in all representatives offices citing that Americans do not support this bailout.

How can they spend our money without our approval.


Why Friday... indeed