Hold an inner tube under water and often new leaks appear in new places. Fix one and a leak starts elsewhere.
Plugging the risk of failure by Fannie and Freddie provoked a global investor rush to take more risk yesterday. Stocks rose while extra spreads on mortgages dropped, as did spreads on corporate credit. Equity volatility fell.
But after every other rescue in this crisis, bubbles soon appeared from leaks elsewhere in the system.
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