Tyler Durden paints an ugly picture for the U.S. taxpayer, courtesy Barney Frank (D-MA) and Chris Dodd (D-CT).
The [Fannie Mae] "seriously delinquent" rate has gone parabolic, increasing by roughly 5% sequentially and just under 300% YoY [year-over-year]. As mere text will simply not do this metric justice, please enjoy this chart of the dataset from Blytic. It tells you all you need to know about the Fed's containment of the housing problem.
The August seriously delinquent single-family number comprised of a 2.87% non-credit enhanced delinquencies and a very bothersome 11.52%, consisting of credit enhanced loans... The deterioration of FNM's book however did not stop it from increasing the size of its book [loans]. In September Fannie's total book of business hit $3.242 trillion, up from $3.229 trillion in August and $3.079 trillion in the prior year...
...This trend should bother you, dear taxpayer, because it is your money on the hook here, which is not only massively mismanaged by Bernanke & Co., LLC, but which sees another $80 billion of free funding every month courtesy of the dollar printing press to onboard even more toxic garbage onto your balance sheet.
Thank goodness the Stimulus kicked in and, according to the pinpoint-accurate White House, "created or saved 640,329 jobs."
Business Week's Peter Coy observes, "If this is the best a stimulus can do, we're in real trouble."
Remember the end of the movie Animal House, when ROTC frat-boy Kevin Bacon tries to calm the crowd by screaming, "Remain Calm! All is well! All is well..."?
That's the message the P.R. flacks at Goldman Squids are marketing.
So just pile into the stock market, rubes! All is well!
Linked by: InstaPundit. Thanks!