Congress have Paulson and Bernanke against the ropes, or so they think.  You know what it's like to get yelled at by someone who's not as smart as you!  Hank and Ben are still fielding questions regarding the proposed GSE bailout, some more vitriolic than others.  Apparently some congresspeople would rather face the implications of failed GSE's than run a 10% risk of tapping into taxpayer money, but try explaining that to blustery, red faced, politicians.

Life goes on...

Spreads have tightened considerably on the day, but the dollar price on MBS has gone flat sideways for a good 2 hours now.  So in essence, nothing new to report.  Take a nap if you like...  If you have trouble getting to sleep, just turn on the live coverage of the congressional Q and A!