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