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Bob Barr On The Freddie/Fannie Bailout

Bob Barr’s campaign has released the following press release on the Federal Government’s announced bailout of Freddie Mac and Fannie Mae:

“The federal government is preparing to take over Freddie Mac and Fannie Mae,” says Bob Barr, the Libertarian Party presidential nominee. “Congress set up the taxpayers for big losses when it established these quasi-government agencies to subsidize the housing industry, and then earlier this year voted to approve direct federal support for them. Policymakers should learn from the latest financial disaster and say never again,” Barr argues.

Barr says the bailout alone could cost $100 billion or more, and blames Fannie Mae and Freddie Mac’s for its role in creating the overall subprime lending crisis that prompted Congress to approve a $300 billion bailout of the housing industry.

“First, government subsidizes an industry,” says Barr. “Then, after the industry crashes, government bails it out! The one factor that never changes is: the taxpayers lose,.

“The Fannie/Freddie bailout would be bad enough,” says Barr, noting it comes on top of the Federal Reserve bailing out the brokerage house Bear Stearns. “The automakers are lining up with their hands out for $40 billion in assistance. The federal deficit this year will run $400 billion, and next year’s red ink is likely to hit a half trillion dollars. That will inflate a national debt that already runs $9.5 trillion,” he adds.

“It is time to say no more. Fannie Mae and Freddie Mac need to be privatized and sold off. And Congress must stop treating the federal government like a national soup kitchen for businesses in trouble,” says Barr.

You certainly aren’t going to hear that from Barack Obama, and you won’t hear it from John McCain, the nominee of the party that claims to believe in individual liberty and economic freedom.

7 Responses to “Bob Barr On The Freddie/Fannie Bailout”

  1. [...] From Doug Mataconis at Below the Beltway: [...]

  2. Matt says:

    Thank God for Bob Barr. McCain can keep going on and on about how he’s the peoples’ watchdog, always looking out for those pork barrel projects that make up less than 1% of the total budget. Barr actually know what he is talking about.

  3. Cato says:

    Hear Hear…God wouldnt you love to have Barr in those debates?

  4. [...] McCain/Palin’s non-specific “plan” with Bob Barr’s idea, which I wrote about yesterday: “It is time to say no more. Fannie Mae and Freddie Mac need to be privatized and sold off. And [...]

  5. RL says:

    No one has even suggested the commissions that Bushco is obviously being paid for this fiasco. The vast majority of voters have no clue as to how the financial community and the oil companies operate so they just take what they are offered and don’t ask questions. If businesses and the average wage earner ran their finances like all governments they would all be bankrupt at the end of 90 days. No one has offered to bail out my construction company or anyone else that I know of yet all of Bush’s buddies are getting away with stealing billions from the treasury and everyone just sits around wondering what’s for dinner tonight or who’s on Leno.
    Every democracy in the history of the world has failed once those in office figure out how to raid the treasury. That has just happened to us and America is broke.
    Check please and beam me up, Scotti, no intelligent life here.

  6. [...] only candidate to speak out against government bailouts of private companies — whether its Fannie Mae and Freddie Mac or the entire banking [...]

  7. [...] only candidate to speak out against government bailouts of private companies — whether its Fannie Mae and Freddie Mac or the entire banking [...]

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