Panic!
This article was posted by Ben F Kushner on: 25 07 08 - 13:36
Today we don’t call them Panics but we are in one. The failure of Bear Sterns and the slide of Lehman Brothers shook confidence in the financial sector but the rush to unload shares in Fannie Mae and Freddie Mac is an electronic rush to the bank window to redeem specie.
The first major panic in the United States was the Panic of 1819. Some economists say this was just the first bust the new nation experienced. It occurred after the boom following the War of 1812. The nation has gone through boom/bust cycles ever since. Our current situation is merely a momentary bust after the long boom that began in 1992, it is said.
However the Panic of 1819 has more to reflect on than only the first dissonant wave in our economic history. It came as a result of failed or stalled monetary expansion. As the nation pushed west, regional banks opened rapidly in new developments. Each printed its own paper money. Because more paper money was produced, the value of the notes declined causing prices of goods to increase: Inflation. Fear ensued. People rushed to the banks to get their money out. Banks failed. Loans were called, foreclosures occurred and the amount of land not being farmed increased dramatically.
Lenders, led by Wall Street Institutions, in 2008 are reaping the returns from expanded secondary financial markets. The commercial and residential boom of the past 18 years prompted new lenders to enter the market. Wall Street became a major lender in the 1990’s and first seven years of this century. The desire to feed on the profits from selling these loans to the investment sector has put them where they are today: the toilet.
Freddie Mac and Fannie Mae are the foundation of the home loan market in the US. Backed by the US Government they have guaranteed around $6 Trillion in home loans originated by banks and other lenders. They have sold these loans across the world. Based on a cautionary report by the struggling Lehman Brothers on July 7, 2008 shareholders have panicked. They are rushing to the window to unload their shares. Values of the FM’s have plummeted. Of course, nothing dramatic has happened to either company.
By 1822 the first panic was over. The Second National Bank bailed out the regional banks and began to consolidate the currency. Today folks who believe in no government are praying for the Fed to promise to protect Freddie and Fannie. If the market would leave them alone they would not need it.
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