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FROM THIS EPISODE

Last week Freddie Mac and Fannie Mae lost almost half their stock value—a real blow to the two companies that hold almost half all US mortgages. Bankers, federal officials and members of Congress spent a busy weekend on a bailout that could mean billions in taxpayer money. Also, the President got what he wanted from the Democrats who run Congress including Barack Obama, who promised a filibuster but then voted "yes."

Producers:
Sonya Geis
Karen Radziner
Gary Scott

Main Topic Fannie Mae and Freddie Mac 15 MIN, 54 SEC

Freddie Mac and Fannie Mae are owned by private shareholders.  But because they originally were chartered by Congress and get favorable rates, investors believe that both companies are implicitly backed by the federal government.  They now own almost fifty percent of all mortgages in the United States, amounting to $5 trillion. Last week, their stocks lost almost half their value.

Guests:
James Hagerty, Wall Street Journal (@JamesRHagerty)
Peter Cohan, President, Peter S. Cohan and Associates
Michael Mandel, Editor in Chief, Visible Economy

Main Topic Lame-Duck President Gets His FISA Bill 26 MIN, 56 SEC

Last week the Democratic majorities in Congress passed--and the president signed--the FISA bill. The biggest revamping of federal surveillance powers in 30 years allows more wiretapping of people overseas and at home, and provides phone companies with immunity from lawsuits for what they did - at the Bush Administration's request- before the law was passed. Barack Obama voted for it, despite earlier promises that he would filibuster if it contained that provision.

Guests:
Eric Lichtblau, Investigative Reporter, New York Times
Jane Harman, Congresswoman (D-CA)
Ed Kilgore, Democratic Strategist (@ed_kilgore)
Glenn Greenwald, Salon.com (@ggreenwald)
Shirley Anne Warshaw, Presidential Scholar, Gettysburg College

Making News Bush Lifts Father's Ban on Offshore Oil Drilling 6 MIN, 3 SEC

In 1990, President George H.W. Bush signed an executive order banning further drilling for oil off-shore.  Today, President George W. Bush lifted the ban. Stephen Power reports on energy policy for the Wall Street Journal.

Guests:
Stephen Power, Energy and Environmental Policy Reporter, Wall Street Journal

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