There was a flurry of good musings on the "big picture" implications of Sunday's government Fannie & Freddie takeover. Among the journalists in indepentant media that I trust (and those that have been correct in anticipating all these problems,) there doesn't appear to be much disagreement over "what has changed?"
The answer is "not much." Bad loans are still bad loans, and moving them from one place to another does nothing to change the situation. The stock market cheered the move, albeit unevenly (Lehman and WaMu down big), but the bond market hardly budged - signaling that most traders do not believe the moves will result in the ability for banks to start making more loans.
To read some good material on the topic, there was a number of well written articles on Minyanville today. In no particular order, read Bennet Sedacca's "Fannie, Freddit Rescue Not a Cure-all", Kevin Depew's "Five Things You Need To Know: Treating the Symptoms, Ignoring the Disease", Andrew Jeffrey's "Fed Pushes Fannie, Freddie Shareholders in Front of a Train", John Maudin's "For Banks, Size Does Matter" Part 1 & Part 2.
I feel like I've read a small novel on the subject yesterday and today, yet most of it is pretty repetetive. So I'll leave it there for now. If I find anything else on a separate subject matter, I'll post it.