President Bush is still insisting that the U.S. economy is in generally good shape, even as he asks Congress to support legislation to help Fannie Mae and Freddie Mac, while insisting in the same breath that he’s not proposing a “bailout” for the ailing mortgage companies. Hmmm.
AP via Breitbart.com:
President Bush urged lawmakers on Tuesday to move quickly in putting into force legislation designed to help prop up mortgage giants Fannie Mae and Freddie Mac while declaring the nation’s financial system to be “basically sound.”
Bush said the two troubled mortgage companies play a central role in the nation’s housing-finance system and that government action to help them were not bailouts, since the two would remain shareholder-owned companies.