Quotes of the Day:
"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
-- Representative Barney Frank, 2003
Subject: Possible vote today on the Big Bailout
A deal has been struck. Whether House Republicans will vote for this latest (final?) version of the Big Bailout remains in doubt, but chances are that they will. Nevertheless, it's up to us to fight to the end, and to give our elected representatives cause for doubt, nervousness, and perhaps fear.
Congress rushed to strike this deal, setting this morning's opening of the markets as their artificial deadline. It doesn't seem to have done much good. As of this writing the markets are down. Why aren't the market's happy? Aren't the politicians giving investors what they wanted? Apparently not.
Most importantly, the credit markets are getting worse this morning, in spite of the announcement of a plan to "rescue" them.
This entire thing smells fishy.
We suggest that you send another message this morning using our "cut spending" campaign. Use your personal comments to once again oppose the Big Bailout, and ask your representatives why, if their plan is really so good and so necessary, credit markets are getting worse this morning? You can send your message here.
Thank you for being a part of the growing Downsize DC army.