The big news this morning, of course, is the rescue for those fraud-ridden and corrupted government-sponsored enterprises, Fannie Mae/Freddie Mac. If it walks and talks and squawks like a bailout, it is a bailout. And as I wrote last week, it’s the MOAB: the Mother of All Bailouts.

Hans Bader at OpenMarket.org calls it “Bigger Than Enron.”

Unscrupulous borrower Sen. Chris Dodd gives it two thumbs up, natch:

Sen. Christopher Dodd, chairman of the Senate Banking Committee, on Monday called the Bush administration’s actions Sunday “probably the right steps” and said he will summon Paulson, Fed Chairman Ben Bernanke and Securities and Exchange Commission chairman Christopher Cox to a committee hearing to answer questions.

How about summoning yourself for a public hearing, Sen. Dodd?

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Stocks are up…for now.