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Stephanopoulos: Obama: Government Intervention 'Necessary' For Fannie, Freddie
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ShareSeptember 06, 2008 4:07 PM
ABC News' George Stephanopoulos reports: Democratic presidential nominee Barack Obama said Saturday he is inclined to support a government plan to place mortgage giants Fannie Mae and Freddie Mac under federal control.
"Intervention was necessary," said Obama in an exclusive interview that will air tomorrow on "This Week with George Stephanopoulos." "I'm inclined to support some form of intervention to prevent a long-term, much bigger crisis."
Obama said he was briefed on the plan by Treasury Secretary Henry Paulson in a Friday night phone call.
According to published reports, Treasury officials yesterday told executives that the government would temporarily take control of the mortgage companies and inject them with capital, allowing the companies to continue playing a crucial role in the housing market, where they currently are responsible for nearly 70 percent of new loans.
But Obama said he'll only support such a government takeover if shareholders and executives of Fannie and Freddie don't profit from it.
"We are not bailing out shareholders and investors and management," Obama said. "They were making a lot of money because of the lack of regulation. All those profits were private. We don't want to make all those losses suddenly public and they get away without taking a haircut."
Obama said the Treasury plan, which could be announced later this weekend, should be only the first step in reforming the housing markets.
"We're going to have to take a look at how we regulate the financial markets and mortgage markets going forward," he said.
(Photo by Tom Strickland)
September 6, 2008 in McCain, John, Obama, Barack, Vote 2008: Democrats, Vote 2008: Republicans | Permalink | User Comments (523)
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Obama went to college to figure that one out.
Posted by: Patty | Sep 6, 2008 4:19:48 PM
Good man! I bet if McCain was asked this question he'd say that he'd have to get back to you after he checks with his advisors!
Obama 2008-2016 !
Posted by: Chad | Sep 6, 2008 4:20:09 PM
Stephanopoulos is so much in the tank for Obama you would think he has a gay love attraction to him.
Posted by: hemmy | Sep 6, 2008 4:21:00 PM
Obama is looking more and more presidential every day.
Posted by: Mark | Sep 6, 2008 4:21:40 PM
Barack Obama has requested the equivalent of one million dollars in new pork barrel spending for every working day he's been in the U.S Senate
Posted by: hag | Sep 6, 2008 4:22:21 PM
So let me get this straight:
McCain has been in Washington for decades but he's an agent of change. Biden has been there for just as long, but he can't possibly do it.
Palin has more experience than everyone as Governor of the 47th least populous state in America
Palin can bring real change with her extreme right-wing views but Obama cannot. She gives good speeches and should be praised but when Obama does it it's just a cloud of rhetoric.
My head hurts from all the spinning. It's like the Republicans are trying to mirror the Obama campaign completely.
Posted by: really | Sep 6, 2008 4:23:00 PM
hemmy, With comments like that you must be from somewhere like Alaska.
Posted by: jim | Sep 6, 2008 4:25:02 PM
Obama has such a command on all issues.
I will feel safe with Obama/Biden in the white house
Obama/Biden
McCain/empty seat
Posted by: republican for Obama | Sep 6, 2008 4:25:30 PM
Look at the way both Obama and Stephanopoulos are crossing their legs like fairy's.
Stephanopoulos is going to have a heart attack when Obama loses
Posted by: chad | Sep 6, 2008 4:25:45 PM
This is why Obama shuold be president - we need these companies to stay afloat to keep the housing market going - if they crash - so will 70% of homeowners. I also like that fact he doesn't want to bail out the fat-cats neither.
OBAMA/BIDEN!!!
Posted by: RANT3000 | Sep 6, 2008 4:25:53 PM
I fell asleep with a hard on thinking how great Obama is
Posted by: RANT3000 | Sep 6, 2008 4:27:55 PM
Chad, c'mon! Faries??? Is that best you can do?
Posted by: RANT3000 | Sep 6, 2008 4:28:23 PM
I also love Obama so much. He is such a sexy dark skinned native
Posted by: republican for Obama | Sep 6, 2008 4:28:46 PM
McCain called for this three months ago.
Obama and Biden have zero economic experience.
Obama has never run a business.
Obama has never run a state.
Obama has never been on an economic committee.
Obama and Biden are two senators with no economic experience.
Obama is terrible with numbers.
Posted by: James | Sep 6, 2008 4:29:28 PM
Its a shame Obama is going to lose to Annie Oakley
Posted by: Mark | Sep 6, 2008 4:30:22 PM
The McCain campaign is bringing two Bush administration communication veterans on board to beef up the team that will travel with Palin.
Tucker Eskew has joined the Palin team as a senior advisor, and campaign officials said he will play a role akin to chief of staff. Eskew served as director of the White House Office of Global Communications and as director of media affairs.
The campaign also confirmed Friday that Tracey Schmitt is joining as deputy communications director and national spokesperson. She is a former Republican National Committee spokesperson.
THIS IS LIKE PUTTING A DRESS & LIPSTICK ON BUSH
Posted by: knew it was coming | Sep 6, 2008 4:31:28 PM
It funny how someone copied my screen name and is trying to impersonate me - BUT if you are going to use my screenname who ever you are please realize that it's kinda difficult to get a "hard on" if you're a female...
Posted by: RANT3000 | Sep 6, 2008 4:31:35 PM
I just love George Stephanopoulos hair doo. He is my main man along with Obama
Posted by: RANT3000 | Sep 6, 2008 4:31:46 PM
Now that's a President I can trust!! A president that understands the complex issues involved with our institutions and how to make them better for the regular person and better for the country. Obama/Biden 4 ever!!
Posted by: Karen | Sep 6, 2008 4:32:17 PM
Obama/Biden have no executive experience, no economic experience, no business experience.
Two senators who are economic lightweights. Both have never been on economic committees.
Obama says 57 states, 10,000 died in a tornado in kansas, 100 million died in Burma.
Bill Clinton was governor for 12 years. He balanced budgets. He knew the economy.
Obama is terrible at math. He is a lawyer.
Obama has no business skills. Obama is illiterate at math.
Obama picked another senator with no economic experience as his running mate.
Obama/Biden are a joke. Both have never run anything. They are both lawyers who have no business experience.
Posted by: James | Sep 6, 2008 4:32:27 PM
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