To the Point
Bolstering Confidence in America's Finances
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."
By Warren Olney • • 1h 0m ListenLast 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."
In this episode
3 storiesBush Lifts Father's Ban on Offshore Oil Drilling
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 .
Read the story6 minFannie Mae and Freddie Mac
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.
Read the story16 minLame-Duck President Gets His FISA Bill
Last week the Democratic majorities in Congress passed--and the president signed --the FISA bill .
Read the story27 min
