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Weekly Analysis
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Takeover of Freddie and Fannie will leave the next government to decide on the future
Tue, Sep 9 2008, 08:06 GMT
by Benny Menashe
The U.S. Treasury's takeover of Fannie Mae and Freddie Mac is aimed at keeping the companies going into 2009, while leaving the next president and his cabinet to decide their long-term structure. Treasury Secretary Henry Paulson and Federal Housing Finance Agency Director James Lockhart yesterday placed the two firms in a government-operated conservatorship, ousting their chief executives and eliminating their dividends. The Treasury may purchase up to $200 billion of stock in the firms to keep them solvent.
The nationalization of Fannie Mae and Freddie Mac shows that the U.S. is "more communist than China right now" but its brand of socialism is meant only for the rich, investor Jim Rogers, CEO of Rogers Holdings, told CNBC Europe on Monday. "America is more communist than China is right now. You can see that this is welfare of the rich, it is socialism for the rich… it's just bailing out financial institutions," Rogers said.
Hurricane Ike weakened on Monday as it tore through Cuba, and is currently on a path towards the U.S. oil hub in the Gulf of Mexico. Oil prices rose $1.50 to above $108 a barrel on concerns that Ike would further disrupt energy output from the Gulf, which produces a quarter of U.S. oil and 15 percent of its natural gas. Much of that production was shut down by Hurricane Gustav's strike on the Louisiana coast last Monday.
The USD/JPY rose more than 1 percent to 109.08, with the Japanese currency also falling against higher-yielding currencies as traders returned to riskier trades, dumping the low-yielding currency for assets in higher-yielding ones. Sterling reversed earlier gains versus the dollar after UK manufacturing output prices suggested that factory gate inflation might have peaked. The pound traded at $1.7622, down 0.2 percent on the day.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance | Actual |
| 19:00 | Consumer Credit | USD | Jul | 14.3B | 8.25B | 2 | |
| 12:30 | Building Permits | CAD | Jul | -5.30% | -1.00% | 3 | 1.80% |
| 8:30 | Manufacturing Production m/m | GBP | 3 | ||||
| 8:30 | PPI Input m/m | GBP | Sep | -1.40% | -1.20% | 2 | -2.00% |
| 8:30 | PPI Output m/m | GBP | Sep | 0.50% | 0.10% | 2 | -0.60% |
| 5:45 | Unemployment Rate | CHF | Aug | 2.50% | 2.50% | 2 | 2.50% |
| 5:00 | Eco Watchers Survey | JPY | Aug | 29.3 | 29.7 | 1 | 28.3 |
Published on Tue, Sep 9 2008, 08:08 GMT
Archive
- RBS says Sell the USD/CAD as the bank of Canada may increase the rate
Published On Tue, Oct 13 2009, 10:02 GMT - Shares set to rebound this week as good market news seen on the horizon
Published On Tue, Oct 6 2009, 08:49 GMT - The British Pound edges upwards as the GDP figures come out slightly better than
Published On Fri, Aug 28 2009, 14:25 GMT - The Dollar falls to $1.40 against the Euro for the first time since January
Published On Wed, May 27 2009, 06:58 GMT - Investors should avoid betting the dollar will keep falling
Published On Tue, May 12 2009, 06:36 GMT
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