FED may have to push up interest rates for the worst reasons


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Interesting Article from The Economist


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Six years ago, the failure of the giant hedge fund Long Term Capital Management (LTCM) could have seriously damaged the U.S. economy. If it had not been for quick and massive intervention by the Federal Reserve Bank of NY, the nearly $100 billion LTCM loss would still be taking its toll. Unfortunately, a much more serious threat than LTCM now looms over our economy—and not even the Fed may be able to fix it. Fannie Mae (formerly known as the Federal Home Loan Mortgage Corporation) and its sister organization, Freddie Mac (the Federal National Mortgage Association) have doubled their debt in just the last five years to some $2 trillion. Much of that debt is at risk.
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