(This is Part 2 of a two-part series on the 10 Dumbest Things on Wall Street in 2010. Click here for the 10 Dumbest Things on Wall Street in 2010, Part 1.)
Still, it's quite shocking to see companies that together own or guarantee almost 31 million home loans worth about $5.5 trillion get the boot. Or, to put it another way, you know things are bad when mega-losers like AIG ( AIG) and Citigroup ( C) are still hanging around while the two companies that control nearly half of all U.S. mortgages get escorted from the building. Then again, at least AIG and Citigroup are operating under the pretense that they will repay Uncle Sam. That's certainly not the case with Fannie and Freddie, which have already sucked up nearly $150 billion in taxpayer funds and will likely request more bailout dollars down the road. Come to think of it, it's almost poetic. They loosened their lending standards during the housing bubble and as a result are being forced from their home. TheStreet Says: The NYSE foreclosed on Fannie and Freddie. How trippy is that?
Consumer Reports said a temporary solution is to simply apply duct tape to the iPhone. We say Apple CEO Steve Jobs would have a better chance at curing the company's ills by taking the duct tape off his ears and listening to his customers complaints. TheStreet Says: Can you hear me now, Steve Jobs? No, this is not a Verizon (VZ) commercial. It's a disgruntled iPhone user.
If Joe The Investor could just get a decent quote, the whole man versus machine thing wouldn't be a problem. TheStreet Says: If you're an investor, get ready to use your fat middle finger when the stock drops from $100 to $1 in a millisecond, while the regulators and exchanges twiddle their thumbs.