Explain to me: Federal Bank Bailout
Oh wise LJ-friends, explain to me this Feds bailing out / buying out the banks thing. Preferably in 3 sentences or less (so as to boil it down to what's most important).
I really do appreciate y'all's ability to boil down these topics I find remarkably complex and filled with too many details for me to grasp, into simple "here's what's important about the thing, and here's what you can ignore" sort of summaries. And I've a tag for them too.
So. Fannie May, Freddie Mac (what's with the names anyway?), and AIG. Three sentences. Go!
I really do appreciate y'all's ability to boil down these topics I find remarkably complex and filled with too many details for me to grasp, into simple "here's what's important about the thing, and here's what you can ignore" sort of summaries. And I've a tag for them too.
So. Fannie May, Freddie Mac (what's with the names anyway?), and AIG. Three sentences. Go!