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« Group to Sue Cheney over VP Records | Main | Bhutto's Widower is Pakistan's New President »

September 08, 2008



The dems let this get out of control - the repubs wanted to neuter it long ago. Look for John Snow's comments about 5 years ago. Mussolini actually created GSE's in Italy - how can we expect a different ending! Don't agree with the entire bailout but clearly something had to be done.


C-R-O, there's really no reason to think that backing F&F earlier or harder (as the Bush administration was advocating) was going to solve anything. By the time they were pushing that, the housing bubble was already bursting. The die was cast. The only question was who was going to foot the bill - stockholders, taxpayers, homeowners, or some combination of the three.

Damozel, I agree that Obama seems to be saying the right things. The devil is in the details of the bailout. Providing some individual homeowners with assistance in renagotiating their loans is one thing - shoring up the stock price of Fannie and Freddy is another entirely.

The comments from the Chinese offical are just the irrelevant grousing of someone looking for a bailout on a bad investment. Period. They thought Fannie and Freddy were a safe bet, so they put their money in. They made a decision like ANY OTHER INVESTOR. You made a bad investment? Tough. The talk of financial systems collapsing is just a lot of hot air.

In my opinion, the government should not provide a DIME of assistance to Fannie and Freddie until they have done everything they can do to clear their bad debt. In other words, they should sell off every remaining asset (i.e. every good loan) they have on the financial markets, and use the profits to buy out as much of the bad debt as they can. At that point, their stock will be useless and the government can step in to handle the rest; i.e. we can decide which individial remaining loans we want to help out on (i.e. make the taxpayers cover).

This is probably the only issue where I can read Michelle Malkin and find myself mostly in agreement with her.

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