Smith Denounces Latest Obama Bailout

HIXSON, DECEMBER 28 - Third District Candidate Robin Smith today denounced the Christmas Eve move by the Obama Administration to eliminate the legally mandated caps on the amount of losses the federal government will cover on the Fannie Mae and Freddie Mac mortgage-finance organizations while approving compensation for their leadership that could reach $6 million. 

“It has been clear for nearly a year now that this administration has no regard for the financial hole they are digging for our children,” Smith said. “Committing the American people to unlimited responsibility for the same organizations that contributed to the implosion of the U.S. housing market while rewarding their leadership with these pay packages is irresponsible in the extreme. The Congress should assume its proper oversight role and demand the Treasury Secretary come before the appropriate committees. He should be made to explain his actions and request Congressional approval.”

Smith further noted the administration’s apparent determination to hide the action from the American people with an announcement at the beginning of the Christmas holiday by stating, “This move is bad policy. More disturbing, the timing of this announcement by the White House further erodes the myth that this presidency will be built of a foundation of transparency and will seek to break away from politics as usual. From announcements of bad policies to midnight firings of administration officials to political payoffs in securing legislative victories, the only thing transparent about the Obama White House is their devotion to a big government liberal agenda.”