This weekend each American became liable for another approximately $2,666 of debt (and counting) to bail out Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac: Congress Backs Rescue Package
By Ambrose Evans-Pritchard – London Telegraph (28 Jul 2008)
Letter to the Editor
Wall Street journal
Ladies and Gentlemen:
Thank you for Paul A. Gigot’s excellent editorial “The Fannie Mae Gang.” Creating a private company free to use federal credit to buy Congress and drain communities, pension funds and global investors is a bad idea indeed. However, it is not as bad an idea as bailing it out after it has finished making such a mess.
Catherine Austin Fitts
Former Assistant Secretary of Housing, Bush I
Hickory Valley, Tennessee
The Fannie Mae Gang
By Paul A. Gigot – Wall Street Journal (23 Jul 2008)