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Stephanopoulos: Obama: Government Intervention 'Necessary' For Fannie, Freddie
September 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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I am a HE/SHE dress as a female but carry a big sausage in my pants
Posted by: RANT3000 | Sep 6, 2008 4:32:34 PM
Obama is a sleeze ball lawyer.
Posted by: Karen | Sep 6, 2008 4:33:23 PM
Karen complex issues are you kidding me the government had already announced it was taking them over.
Karen you can't be for real complex issues.
Posted by: James | Sep 6, 2008 4:33:36 PM
this was me
Obama has such a command on all issues.
I will feel safe with Obama/Biden in the white house
Obama/Biden
McCain/empty seat
this was not me
I also love Obama so much. He is such a sexy dark skinned native
EVIDENCE A LOT OF THIAS GOES ON HERE
Posted by: repub-for Obama | Sep 6, 2008 4:35:07 PM
James they are all Obama trolls. Probably BLACK or College punks maybe paid that have no idea how stupid Obama really is and why Stephanopoulos did not question the fact that the Government and McCain suggested the very same thing months ago.
Posted by: to good | Sep 6, 2008 4:36:16 PM
Karen Obama is clueless on the markets.
Obama said he didn't know there was psychological effects in the energy markets.
Obama is clueless.
Obama has no executive experience.
Obama wasn't governor for 12 years like Clinton.
Obama has never balanced a budget.
Obama failed his math class at Columbia.
Obama has no economic experience.
Obama has no business experience.
Obama is terrible with numbers.
Obama is terrible with paper work he is always blaming his staff.
Posted by: James | Sep 6, 2008 4:36:24 PM
to good - please keep telling yourself that so you can sleep peacefully at night because you know for a fact your worst nightmare will all come true on November 4th - but just stay calm... breathe... everything will be all right and Obama will have 0 votes from whites on Nov 4th. yes... just keep on telling yourself that and breatheeee...
Posted by: Mary | Sep 6, 2008 4:43:43 PM
Obama seems to be one who thinks private enterprise needs to be taken over by Big Brother. When one looks at how the Democratic Big Brother has been doing lately, why in the 'llll' would anyone think they can do better. The democrats have been in control for the last two years when so many of our problems occurred.
Posted by: Mary | Sep 6, 2008 4:46:32 PM
I have a fish that i shoved up my anal cavity because i like the way it feels when it squirms.
Posted by: Mary | Sep 6, 2008 4:48:55 PM
Reformer Palin accepted money from indited Alaskan oil
After Palin and Allen met, VECO contributed $5,000 to the Palin campaign for lieutenant governor. The contribution came in ten $500 donations made over a two-day period in late December in Allen's name and those of his executives and a couple of their spouses. The donations added up to 10 percent of all the money Palin raised for her 2002 campaign
Posted by: dripdripdrip | Sep 6, 2008 4:49:45 PM
Obama accetpted a tainted house purchase from a sleeze like Rezko
Posted by: dripdripdrip | Sep 6, 2008 4:51:14 PM
=======================
Obammy would solve the problem in one minute.
"PRESENT".
Palin/McCain 08
Posted by: LarryMan | Sep 6, 2008 4:51:41 PM
Housing went under because of greed and stupidity of both the companies and the home buyers. Let the market place work itself out..........and pete's sake stop giving loans to illegals and to subprime people who don't pay their bills.
Posted by: chattyway | Sep 6, 2008 4:51:52 PM
chattyway your right. It was the greed of the lenders and HOME BUYERS. Why should a person making 30,000 dollars a year get a 500,000 dollar loan. Let them dumbells lose their house.
Posted by: dripdripdrip | Sep 6, 2008 4:53:41 PM
Good ideas on the economic issues Obama. Hopefully with your lead congress can do something to help Americans. I like what I am hearing.
Posted by: Erik | Sep 6, 2008 4:54:17 PM
Overthinking goes along with Overeducated. Decisionmaking is sucked right out of the brain of the overeducated. Obama wants to do to our federal government what Illinois, Cook County and the City of Chicago has done to their citizens. Overtax, overspend, fail to meet obligations and allow corruption to run rampant. The Chicago Machine is dirty and ugly - for all of our sake - don't allow to go to Washington.
Posted by: "Inclined" | Sep 6, 2008 4:54:19 PM
Obama, as always, flip flops all over the place. He says less government is what America needs, now he says he will depend on government. You NEVER know how this guy will pander in order to get peoples votes! He is such a liar....America is not buying it anymore! Right now, Obama continues to fall in the polls:
Gallup: McCain 45%
Obama 47%
McCain/Palin 08!
"Country First!"
Posted by: Ted | Sep 6, 2008 4:54:23 PM
I really wish McCain had picked Romney as VP. Then at least the economy would be the issue we are talking about instead of teen age pregnancy and US magazine. I think McCain really missed the boat.
I'm not a big Obama fan but I think he does understand economics. I'm from NH and during the primaries I heard Obama talk about economic issues at length. He seems to have a good grasp of how markets work and what needs to be done to get us back on track. McCain appears to have no understanding whatsoever of basic economics. It's a little scary.
Posted by: EdNH | Sep 6, 2008 4:54:41 PM
It's not the LOOKING presidential that Obama has trouble with, its the Acting and Actually Being Presidential that is.
Obama has no trouble making a fake presidential seal and writing president on his big boy chair on his airplane, but it doesn't make him presidential. Real Presidential people don't do such goofy silly things.
Posted by: chattyway | Sep 6, 2008 4:59:59 PM
What is even scarier is Obama supports Government take over of all business. Obama says the Government can do things better
Posted by: EdNH | Sep 6, 2008 5:00:15 PM
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