Fannie Mae needs more money - 9:48 AM

I had to hunt for this after seeing a nano second blip on the CNBC cheerleader station. Seems Fannie Mae (FNM) needs another 19 BILLION dollars. Link to article. WASHINGTON -- Fannie Mae says it needs $19 billion in additional government aid after posting a loss of $23.2 billion in the first quarter as the taxpayer bill from the housing market bust mounts. The mortgage finance company, seized by federal regulators last September, posted a quarterly loss of $4.09 per share on Friday. That compares with a loss of $2.5 billion, or $2.57 a share, in the year-ago period. The results were driven by $20.9 billion in credit losses due to declining housing market conditions and $5.7 billion in writedowns of the value of its mortgage-backed securities. The request for federal aid is its second since the takeover. The company received about $15 billion earlier this year. **** Not to worry their stock is up, as is the market. Dow = 139.15 8549.00 S&P = 17.33 924.72 NAS = 28.85 1745.09 As of 9:55 AM. Nothing will stop this market. At this rate it will be at the November 2007 highs by the end of August. Buy stocks, any stock, they all go up. This is the biggest money making opportunity in a lifetime. Yea, I'm kidding. This is the biggest scam in our lifetimes. Update 10:01 Wholesale trade (March)down 1.6 vs 1.7 (February) Rally on! Update 10:10 Goldman's Blankfein - We're well capitalized expect to pay back TARP money soon. Per CNBC. That will run all day, while the Fannie news was up about 12 nanoseconds. This is a sucker game people, they are all(banks, government, media)suckering us into putting our hard earned 401k money back in the market because everything is just fine. Then, the rug will be pulled out from under us, and the robber barons put an addition on their house in the Hamptons. Criminals! This recession is far from over. FITB - Fifth Third Bank - needs to raise capital (which means they don't have enough money to weather all the commercial real estate problems yet to be faced)are up 43 percent - and three firms upgraded them today. You have to be ****ing me!