August 11, 2012
Paul Ryan on July 23rd 2008
Congressman Paul Ryan speaks on the floor of the House of Represenatives in opposition to H.R. 3221. This flawed housing bill serves as a bailout for big banks, mortgage lenders, and shareholders of Fannie Mae and Freddie Mac. Ryan argues, "I represent taxpayers, not shareholders."
Fannie and Freddie remain for-profit corporations but still enjoy a Federal guarantee at the taxpayers' expense against any risk of loss. Congress only aggrevated this fundamental problem with today's bailout.
H/T: Paul Ryan on bailout of Fannie & Freddie