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While the term "hedge fund" now is applied to firms that don't actually go short or otherwise hedge their investments, I still feel it is a disservice to imply that that is the nature of corporate credit unions. They are allowed to invest only in AAA and AA rated securities.

your statement makes it sound as if they have been bailed out with government dollars, which is not true. The NCUA and CU system is taking care of this problem with their own funds,

As for the effect on CUs, large and small: Some CUs that are under-capitalized will also be placed into conservatorship by the NCUA. The most likely outcome of that action is for the CU to be merged into a larger one. And across the board, because of the fees that all CUs are being required to pay, CUs will have to do everything they can to save money.

The central short-term objective of NCUA’s Corporate Stabilization Program has been to increase liquidity in corporate credit unions. Since the NCUA Board first began taking stabilization actions, liquidity has demonstrated marked improvement. The reliance on external borrowing has declined from $11.8 billion to $2.1 billion. NCUA believes that the actions to conserve the two corporates, in tandem with established plans to enhance liquidity and generally stabilize the corporate network, represent the most cost effective and prudent alternative available to the credit union industry.

Spare me any more drivel about the high-mindedness of John McCain. You knew something was up back in March when, in his first ad of the general campaign, Mr. McCain had himself touted as “the American president Americans have been waiting for.”

Evidence? John McCain needs no evidence. His campaign is about trashing the opposition, Karl Rove-style. Not satisfied with calling his opponent’s patriotism into question, Mr. McCain added what amounted to a charge of treason, insisting that Senator Obama would actually prefer that the United States lose a war if that would mean that he — Senator Obama — would not have to lose an election.

Mr. Obama has to endure these grotesque insults with a smile and heroic levels of equanimity. The reason he has to do this — the sole reason — is that he is black.