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More on Fannie and Freddie now secretary Paulson left open a permanent fix for Fannie and Freddie too well.
-- like our next guests congressman Neil Abercrombie Abercrombie.
And Scott Garrett Abercrombie -- a leading Democrat from Hawaii and Garrett -- top Republican from New Jersey.
Baker just like Steve -- want to be a part of that debate he joins us now from Louisville, Kentucky trainer is the CEO republic -- court and -- Happy -- regular one of the few -- actually making money in this environment.
Welcome to you all guys.
It's good -- -- here.
Now I'll open it up so to start -- with you a little -- I'm I'm basically calling those totals of the nationalization.
Of the mortgage industry.
The United States government is now going to end up being the single largest homeowner in the United States are you OK with this.
That's exactly what is is nationalizing the housing market we voted to do it months ago anybody who kept on investing in.
Freddie Mac in that Fannie Mae should have known exactly what they were doing.
I just find it very interesting all the free marketers are out there saying this is the best thing that ever happened -- never was a free market there were a lot of pirates.
Like Syron and -- and they should be in prison.
I -- -- average opening jobs are back at depth look at jumping at what's your solution if we're gonna go ahead and if prop up Fannie -- let him available -- -- a lot of yeah of of course not you're asking the questions they were they were packaging all these these sub prime mortgages.
Putting them all together taking their fees knowing that they couldn't be paid knowing that they were putting together mortgages it never should have been put together in the first place and those of us so we're arguing about that we're saying that that was what what was going on.
We're pushed aside because you can't regulate business you have to let the free market -- Well here's the free market up and -- was.
Not -- market dad's a free market right here.
I was there.
-- -- Wisconsin.
You know you're laughing right now but give people -- Kimberly Wisconsin aren't laughing.
Because even though there -- a profitable paper -- they're all out of work and that's all the -- understand you don't.
The dollars they don't have the millions of dollars that that that that the Freddie made the Fannie Mae and Freddie Mac.
Executives are getting.
So -- got my answer to this it is is very very clear we need to be put people back in charge you're gonna look out for people's mortgages look out for the people that are -- -- paying the freight for next pirates at Freddie Mac and Fannie -- let's.
-- and that congressman Garrett and and get his opinion of this move here because it is.
His party in office now -- doing this move congressman -- do you think this this.
Going to -- buzz with the housing prices what they have banking crisis was this the right move for the economy.
Now this was not the right move the economy and I.
Should just say as well this is not simply a Republican move it was a Democrat bill in the house that pass through you know Barney Frank was going on board with this as a -- back in July I was.
Save us from bush and Cheney.
This does payments from the Republican administration.
That allowing negative -- like an emerging place Pittsburgh Ottawa.
Well there was a few of us who said that the two -- chairman frank -- and to the administration both of you were wrong on that package that passed in July.
There are a few of us who stood up and said it was the wrong thing to do because despite the assurances from the Treasury Secretary at that time.
When he assured us that you know we're never gonna really have to trigger this money that was the authority that we're giving to them.
Here's all we need what this backstop there.
Well you know what they were wrong we did have to trigger -- the did trigger and now we're gonna see it as just as you said.
That the federal government is stepping in his nationalize the housing market know that's the wrong thing we should be doing I cannot be having the federal government here.
And -- -- just said because that you know people are gonna see it that it's Treasury Secretary under the bush administration's other gonna see this as a republic.
It knows about out there.
They are gonna see it that way that's unfortunate but the fact remains that in the history of it and actually with a history -- it was is that.
How we got -- in the first place was there was so many signs that this is the wrong thing to do allowing Freddie and Fannie -- has largely did.
You know a couple of years ago I signed piece of legislation and says person you've got to do is.
Follow the money see what they're doing in Washington as far as all their contributions.
And stop that and I couldn't get that through the other Democrat controlled legislature here in Washington -- -- put -- -- in on the lobbyists that's one good aspect of the what the Treasury Secretary has done here is he has now said.
Fannie and Freddie you have to stop lobbying Capitol Hill thanks.
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