Bad-News Friday Nights
September 8, 2008
Fred Wilson submits:
If you’ve been paying attention, the Fed likes to release bad news after the markets close on Friday afternoon. The past couple weeks, they’ve announced the failures of small regional banks.
Well today, they announced something just a little bit bigger - the government bailout/takeover of Fannie Mae and Freddie Mac, the two large mortgage finance guarantors. The markets have been expecting this for a while, but obviously not everyone was expecting it as their stock prices were $5.50 and $4 respectively when the market closed today. If everyone was expecting this, then those prices would have been a lot closer to zero.
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