This link has been bookmarked by 2 people . It was first bookmarked on 10 Sep 2008, by RDRutherford Rutherford.
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20 Sep 08
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Sept. 9 (Bloomberg) -- Senator Jim Bunning said Treasury Secretary Henry Paulson, by rescuing Fannie Mae and Freddie Mac, is acting like China's finance minister and both Paulson and Federal Reserve Chairman Ben S. Bernanke should step down.
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Paulson and the federal regulator for Fannie and Freddie placed the two largest U.S. mortgage-finance companies in a government-operated conservatorship on Sept. 7, ousting their chief executives and eliminating their dividends. Treasury also may purchase up to $200 billion of stock in the firms to keep them solvent.
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We no longer have a free market in the United States, we have a government controlled free market,'' Bunning said in an interview.
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``When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turned out it was socialism here in the United States,'' he told Paulson at a July 15 Senate Banking Committee hearing.
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Bunning accused Paulson of deception when he told Congress in July that the Treasury's plan would instill such confidence among investors that it would never have to be used.
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When asked if he expects more multibillion dollar rescues by Treasury, Bunning said, ``You bet I do.''
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10 Sep 08
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