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Statement by Michele Bachmann on $13 Million Bonuses for Fannie and Freddie Executives

November 04, 2011

Bachmann: "Fannie and Freddie have become our own Greece."

Urbandale, Iowa — Republican presidential candidate Michele Bachmann issued the following statement in response to news of Fannie and Freddie executives receiving almost $13 million in bonuses:

"Mr. President — it's time to stop paying off your friends at Fannie and Freddie and pull the plug on their bailouts and on their executives' bonuses. Yesterday, after learning that Fannie and Freddie executives were to receive almost $13 million in bonuses, we also learned that Freddie Mac is seeking another $6 billion in bailout money. Fannie and Freddie have become our own Greece. While the world is watching to see if Greece will default on its debt, Fannie and Freddie, the epicenter of the financial crisis, continue to drag down the housing market and the American economy. They, like Greece, should be allowed to fail rather than asking the American people to bail them out. Events in Greece and the circumstances of Fannie and Freddie prove that the European style social-democratic model is a game that ends in a crash landing.

"The president has chosen to reward failure with his friends at Fannie and Freddie; at the same time he railed against bonuses for Wall Street. Worse is that the president is more concerned about campaigning and sympathizing with the Occupy Wall Street Protesters who blame capitalism and job creators instead of working with the Congress to find permanent free market solutions to grow our economy and create jobs. It's time to end crony capitalism. As president, I will unleash the engine of the free market to solve the housing crisis, grow our economy and create jobs."

Michele Bachmann, Statement by Michele Bachmann on $13 Million Bonuses for Fannie and Freddie Executives Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/298918

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