Joel Miller draws our attention to a familiar barnicle encrusting the sinking ship USS Fannie Mae:
The federally-subsidized mortgage lender is currently deep in the hole, so it’s a little amusing to discover that Fannie Mae “is a major financial supporter of Jesse Jackson’s largest nonprofit organization, the so-called Citizenship Education Fund (CEF).” So says the National Legal and Policy Center. “According to the [Fannie Mae] Foundation website, it has contributed at least $660,000 to CEF since 1996, including $150,000 in fiscal year 2004.” NLPC, which has previously gone after Jackson with red-hot pokers and tongs for his corporate shakedowns, has announced its filing of “a shareholder proposal to end Fannie Mae’s support of Jesse Jackson through the Fannie Mae Foundation.”
Everyone thinks things are looking pretty good economically, but as the Elliott Wavers see it, this is just the peak of the Wave 2 countertrend bounce. Things are about to get weird, I think, and the first round of bankruptcies such as Enron and PSI/net are going to be dwarfed by those in the coming round. Once rats like our man Jesse begin leaving the ship, we’ll know it’s going down.