Friday, July 18, 2008

Asia Times Online - The next big wave is breaking

By F William Engdahl

The announcement by US Treasury secretary Henry Paulson, together with Federal Reserve chairman Ben Bernanke, that the US government will bail out the two largest guarantors of the country's housing mortgage debt - Fannie Mae and Freddie Mac - far from calming financial markets has confirmed what we have said repeatedly in this space: the financial tsunami that began in August 2007 in the relatively small "subprime" high-risk mortgage securitization market, far from being over, is only gathering momentum. Asia Times Online :: Asian news and current affairs

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