The meltdown occurring in fannie mae continues to be hidden behind various hurricane/crude oil headlines; the global financial markets have never experienced this type of storm.

“International markets may not reflect risks.”

-Roger Ferguson, Chairman of the Financial Stability Forum
(International Monetary Fund), September 22 2005

"One thing I think I know for sure is this: An investor who ignores the risks faced by Fannie Mae and Freddie Mac under the assumption that a federal bailout is certain should there be a problem is making a mistake."

William Poole
President, Federal Reserve Bank of St. Louis
St. Louis Society of Financial Analysts
St. Louis, Mo.
Jan. 13, 2005