Is Anyone Listening to the Silence? By Jim Cramer About this article: Silence. Silence from Fannie and Freddie . Silence from Lehman . Silence from GM . Silence from Wachovia . Silence from Bank of America . Silence from Washington Mutual . The silence is deafening. I just hope someone in Treasury is listening. My biggest fear here isn't an imminent collapse in the financials. That's going to happen no matter what. Even if the two government-sponsored enterprises (GSEs) are given forbearance on the accounting rules, they are extremely overvalued given the amount of capital they must raise just to stay in existence. The die has been cast there, courtesy of no federal action and the inability of the Fed to cut any more and allow for a rebuild of capital off the yield curve. The reluctance of the government, anyone in government, to reiterate that there is an implicit guarantee for FNM/FRE paper sure isn't helping. To... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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