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Fannie & Freddie Taken Over by Gov't

00:00AM Sep 08, 2008
Snapshot of news and events for today


Quick links

* Financial markets

* Ag futures

* USDA reports this week

* NWS forecast

* Major media

* Ag media

* Political humorists

Financial markets Major world indicators

Japanese trading...

  • The 225-issue Nikkei Stock Average ended 3.4 percent, or 412.33 points, higher at 12,624.46. 

  • The dollar bought 108.42 yen after rising as far as 109.04.

Friday's U.S. Markets...

  • The Dow Jones Industrial Average was up 32.73 points, or 0.3 percent, at 11220.96, down 2.8 percent on the week. The Nasdaq Composite Index fell 0.1 percent to 2255.88, off 4.7 percent on the week.
  • The 2-year Treasury note was down 4/32 point, or $1.250 per $1,000 face value, at 102 27/32 to yield 3.658 percent. The 30-year bond was up 3/32 point at 103 24/32 to yield 4.276 percent. 

  • The dollar traded at 107.22 yen, up from 107.09 yen, while the euro bought $1.4233, down from $1.4322 late Thursday.

Ag futures Yesterday's action and
overnight indicators

What happened yesterday...

  • Corn: Widespread commodity liquidation pressure weighed on the corn market to close out the week.
  • Soybeans: For the week, soybeans ended under heavy pressure as the market gapped lower to start and finish the week.

  • Wheat: For the week, wheat futures posted strong declines.
  • Cotton: Futures faced sharp spillover pressure from outside markets Friday to drop through support levels and extend the decline from early 2008 highs.
  • Lean Hogs: Most contracts posted slight gains on modest short-covering.
  • Live Cattle: Live cattle futures continued to slide this week.

Scheduled USDA Reports & Summaries This Week

Agricultural Marketing Service = (A)
Census Bureau = (CB)
Economic Research Service = (E)

Farm Service Agency (FSA)

Foreign Ag Service = (F)

National Agricultural Statistics Service = (N)

World Agricultural Outlook Board = (W)






Sept. 8

Grain Inspections (A)
Crop Progress (N)



Weather - Crop Summary (N)


Broiler Hatchery (N)


U.S. Export Sales (F)
Latest U.S. Agricultural Trade Data (E)


World Agricultural Supply and Demand Estimates (W)
Crop Production (N)
Cotton Ginnings (N)
Dairy Products Prices (N)
Cotton: World Markets and Trade (F)
Grains: World Markets and Trade (F)
World Agricultural Production (F)
Oilseeds: World Markets and Trade (F)
Livestock and Meat Trade Data (E)
Tropical Products: World Markets and Trade (F)
Turkey Hatchery
Peanut Prices (N)
U.S. Agricultural Trade Data Update (E)
Season-Average Price Forecasts

Overview Other reports affecting agriculture
Major media Links to top news reports
with potential U.S. ag impact

Wall Street Journal (subscription to site required for access)

  • U.S. Seizes Mortgage Giants Government Ousts CEOs of Fannie, Freddie; Promises Up to $200 Billion in Capital U.S. Treasury Sec. Henry Paulson Sunday announced the government has taken over Fannie Mae and Freddie Mac, has replaced the chief executives of both entities and will acquire $1 billion of preferred shares in each company. Treasury has also pledged to provide as much as $200 billion to the companies as they cope with heavy losses on mortgage defaults. The two will be put under the control of the Federal Housing Finance Agency. Markets in Asia were mostly buoyed by the news.
    Related items:
    New CEOs Are Untainted by Credit Woes
    Mounting Woes Left Officials With Little Room to Maneuver
    U.S. Poised for Bigger Role
    Fannie, Freddie Salve Lauded

    We Need Fundamental Mortgage Reform. Opinion item by Burt Ely, principal of Ely & Company, Inc.
  • Mixed Economic Data Show A Changing Business Cycle Some think the business cycle has changed and is not following the typical pattern in the current economic downturn.
  • Campaign Spills Over to Congress Lawmakers Frame Debates to Assist Their Candidates Congress returns this week and their focus and agenda will likely dovetail with the presidential campaigns. The item notes that of all the issues that may come up, the only one that really needs attention is funding government operations beyond Sept. 30, the end of the current fiscal year.
    Related items:
    Auto Executives to Seek Government Help
    Candidates Zero In on 'Change' as Key Message
    Once Spurned, McCain Finds Corporate Support
    Palin's Pitch to Parents Of Disabled Raises Some Doubts

  • Premier Sets Canada Polls in October Harper Frames Vote Around Economy; Seeking a Majority Canadian Prime Minister Stephen Harper announced Canadian federal elections will take place Oct. 14, Canada's third federal election in four years. While some suggest conservatives could take a majority in parliament, another minority government seems most likely.
  • Oil-Production Move Is a Tug of War Venezuela, Iran Seek Cuts to Prop Prices; Gulf Would Hold Off OPEC ministers meet tomorrow for the first time since March and face the challenge of trying to balance output with a sagging global economy.

New York Times (registration to site required)

Washington Post

Ag media Monitoring the countryside

Des Moines Register (Iowa)

Laughing with, not at From political humorists

Jay Leno: "What a week this has been. If you watched last night, I guess you know, Barack Obama got beat up by a girl."

Jay Leno: "And did you see McCain and Palin standing together? Didn't it look like a special episode of 'Regis and Kelly?'"

Jay Leno: "I guess there are some problems" with Palin, though. Have "you heard about this 'Troopergate' scandal?" Palin "allegedly...used her power as governor to pressure officials to fire her former brother-in-law from his state trooper job. Now, maybe I'm wrong, but wasn't that an episode of 'Dukes of Hazzard?'"

Jay Leno: "Sarah Palin also said that when she was governor," it "was not uncommon for her to bring her children to work with her." But it is "not going to work out bringing kids to the White House. McCain yelling out the window, 'Get off the lawn!'"

Conan O'Brien: "While she was addressing the crowd, Sarah Palin spent a lot of time criticizing Barack Obama's campaign speeches for not having enough specifics. ... Obama was reportedly angry about the claim, but didn't say exactly why."