Fannie and Freddie Rescue: Game On!Treasury Secretary Henry Paulson announces plans for the U.S. to seize control of troubled mortgage companies Fannie Mae and Freddie Mac. The CEOs will be replaced. The Treasury will acquire $1 billion in preferred shares of each company and promises to back it all up with as much as $200 billion to the companies as they cope with heavy losses on mortgage defaul
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Unemployment Tops 6% LevelAugust ushered in an unemployment rate of 6.1%, the highest level in five years, says a Bureau of Labor Statistics report released today. In August, 84,000 jobs were eliminated putting the year’s total jobs lost at 605,000. The steadily climbing unemployment rate — it was 5% in April — is a sign of a recession, some economists say. Amid anxiety about th
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