Fannie Mae Rescue Hindered as Asians Seek Guarantee

... “there is still a concern that there is no guarantee” from the government, said Shimomura, who oversees $4 billion in non-yen bonds for the arm of Japan’s largest bank.

“Looking at the risk, they’re not so attractive,” he said. “We need a guarantee before we’ll buy.”

These comments remind anyone else of Tommy Boy?

These investors don't get it. A guarantee doesn't protect the value of their assets if it is paid for by devaluing the dollar. There's no free dessert, nor can you have your cake and eat it, too.