Dick Bove: Fannie Mae and Freddie Mac in my view are disasters they were basically companies that were filled with fraud and mismanagement for the last five or six years. They have to be broken up, they have to be gotten rid of. I don't think there's any question about that, but it can't be done now and can't be done in a period of hysteria...what will the structure of the financial industry be in 2009, after congress gets finished with it? I think what you'll see is that Fannie Mae and Freddie Mac will be gone.
Steve Liesman: That's sort of, I hate to say it at 6:14 in the morning, insane.
Dick Bove: Why?
I'll let the "brains" of this operation offer what my powers of prognostication tell me will be breaking insight on the sitch later but here's one very tangible reason now why a world without Freddie and Fannie would be one not worth living in: sporting events. When I was an senate intern for Corzine in 2005, FNM and FRE gave us an absurd amount of free tickets to a ton of Nationals home games. Yeah, it was the Nationals but who cares free shit is free shit. And the seats were good, third baseline, behind the dugout, only a few rows back, close enough for some pitcher to throw me a ball (whose name I cannot for the life of me remember and might go insane* trying to figure out. Update: It was Ryan Drese. A weight has been lifted off my chest.) Anyway, point is, those (corrupt?) gifts kept us out of trouble for at least a few hours a week. Without them, there are going to be a lot more seasonal senate employees puking through the not impervious to liquid balcony at Madam's Organ and being asked to leave and never come back. For instance.
*Dick Bove knows what I'm talkin' about.