Letter: Stick to facts about bailout
Could we just stick to the facts?
On Monday, Sept. 29, the Dow Jones plummeted 777 points. Wachovia was snapped up by Citi Group for $1 per share. Now for a history lesson, as reported by the New York Times on Sept, 11, 2003:
"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago... The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken.
"A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates."
The article concludes: "'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. 'The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'"
These are the facts, Nancy Pelosi. You're not going to get any agreement from the Republicans on a bailout by blaming them.