It's official: the US government is bailing out Fannie Mae and Freddie Mac. Over the last 24 hours there have been a lot of stories and a lot of analysis of the situation. I would encourage everyone to read as much of this as possible; this is one of the most important developments in the financial markets in the last 30 years (if not the most important).
Here is a link to Paulson's complete statement.
Let's go through some of...
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