I see the Poole interview quoted all over the media this morning but nowhere is the date and time of the interview mentioned. If one is to use the newswire date stamps as an indicator, the interview was given in the evening. CAN SOMEONE GIVE ME SOME MORE DETAILS on WHERE and exactly when the interview was given!! Many thanks. And SHAME ON YOU mainstream media for being insufficiently curious as to your sources!!!!! b
bloomberg yesterday Chances are increasing that the U.S. may need to bail out Fannie Mae and the smaller Freddie Mac, former St. Louis Federal Reserve President William Poole said in an interview. Freddie Mac owed $5.2 billion more than its assets were worth in the first quarter, making it insolvent under fair value accounting rules, he said. The fair value of Fannie Mae's assets fell 66 percent to $12.2 billion, data provided by the Washington-based company show, and may be negative next quarter, Poole said. ``Congress ought to recognize that these firms are insolvent, that it is allowing these firms to continue to exist as bastions of privilege, financed by the taxpayer,'' Poole, 71, who left the Fed in March, said in the interview yesterday.
Thanks! I sure wish the reporter would have given a bit more data about the when, where and context of the interview. Context is everything when you're speaking with a former Fed official and yet, this article spent more verbiage on unimportant secondary, "we already knew that" data. It does make a difference if the interview was given in person or by phone, or at a conference, or at a strip tease bar. b