Its probably not surprising that the really important news is hardly ever to be found at the front of the newspaper - if in the newspaper at all!

Take the current global fascination with the fall of Fannie Mae and Freddie Mac. Most people outside of America were unfamiliar with the names up until a month or so ago. Now the financial pages continue to pore over the possibilities of them both failing totally.

But now we are starting to see what lies beneath as reported in Bloomberg.

And it is really interesting to find out who is the most exposed. Most of the papers talk about the "investors" as if they are all mums and dads who have invested their superannuation. It turns out that the people holding most of the paper are actually Chinese banks.

I can imagine the quandary that the decision makers in Washington must be in. Either they let Fannie and Freddie fall and mightily piss of the Chinese, or they save it and continue to delay and increase the ultimate impact of the train wreck that is the US economy.

You would think it would be an easy choice.

This is what Nouriel Roubini has to say about the current moves in the US to bail out the banks according to an article in Reuters:

"They have swapped U.S. Treasury bonds for toxic securities. It is privatizing the gains and profits, and socializing the losses as usual. This is socialism for Wall Street and the rich."

The good news is that Roubini is bullish about the global economy!