Crude Bulls Skip Sleep; Fannie/Freddie Testing The Extent Of Their Solvency

After a late day rally in the crude futures markets on Thursday, the bulls pumped the price of oil up nearly another $5 overnight, to $146.xx.

Fannie Mae and Freddie Mac are down nearly 50% overnight, valuing the equity in the firms near $5B on TRILLIONS of dollars of assets. The implicit guarantee from the American taxpayer may soon turn explicit, as capital injections will become necessary in the near future. There is no doubt about it; the American taxpayer and the Dollar’s strength are on the hook.

And the trading day is only beginning…

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