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
newseditors@wsj.com

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.

Sincerely Yours,

Catherine Austin Fitts
Solari, Inc.
Former Assistant Secretary of Housing, Bush I
Hickory Valley, Tennessee

The Fannie Mae Gang
By Paul A. Gigot – Wall Street Journal (23 Jul 2008)

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