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Friday, July 11, 2008
TEXT: Paulson's Statement on Fannie, Freddie
FOXBusiness
![Henry Paulson [276]](/images/stories/paulson_treasury_seal.jpg)
Secretary Henry M. Paulson, Jr. made the following comment today on news stories about “contingency planning” at Treasury:
“Today our primary focus is supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission.
“We appreciate Congress’ important efforts to complete legislation that will help promote confidence in these companies. We are maintaining a dialogue with regulators and with the companies. OFHEO will continue to work with the companies as they take the steps necessary to allow them to continue to perform their important public mission.”
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FOX Translator
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
