With frightening stakes for the U.S. economy, the U.S. Treasury and Federal Reserve are stepping in with a plan to rescue Fannie Mae and Freddie Mac, the backers of nearly half of American mortgage debt.
This is about as big as it gets when it comes to economic interventions.Â And all of us are in on it as taxpayers left holding the bag.
You can now officially tell your grandchildren you've lived through a time of economic crisis.Â World financial markets are holding their breath.Â Let's hope it doesn't get worse.
Listen to an On Point discussion about Fannie Mae, Freddie Mac and the U.S. economy in the balance.
Are your palms sweaty yet?Â What happened here?Â Too much government involvement?Â Or too little?