Back when Congress was going to vote on the 400 billion-dollar bazooka I contacted my Senator pleading for her to vote against this bill because it will create obligations the taxpayer can't meet by backstopping the GSEs. Here is the reason she ultimately voted FOR the housing bill (With my present day thoughts in red):
Fast forward to today and here is what I'd like to send her (this was not my email to her) :August 25, 2008
Dear Mr. [Me]:
Thank you for contacting me regarding the recent passage of legislation that assisted Fannie Mae and Freddie Mac. I appreciate hearing from you on this important issue and apologize for the delay in my response.
As you may know, the President recently asked the Congress to pass legislation that would bolster the financial solvency of Fannie Mae and Freddie Mac. Specifically, the President asked that the Congress extend an existing line of credit to both Fannie Mae and Freddie Mac. He also asked that the Congress permit the Administration to purchase stock in both entities to ensure that they have sufficient capital. The President asked for these changes because he was concerned about the deteriorating housing market and its effect upon the overall economy. The Congress ultimately incorporated a modified version of President Bush’s proposal into a housing bill that it had already been considering.
I, too, had several concerns about creating a federal backstop for both Fannie Mae and Freddie Mac. Because many members of Congress expressed some reservations about creating a federal backstop, the Congress tried to limit this portion of the bill in several different ways. For example, the Administration’s authority to purchase stock would expire at the end of 2009 [xmas eve blank check announcement anyone?] and the government’s purchase of stock would be limited to the statutory federal debt ceiling [lol, raise the roof anyone?]. In fact, the nonpartisan Congressional Budget Office concluded that there is a greater than fifty percent chance that the Administration will not need to use any portions of the bill to bolster Fannie Mae’s and Freddie Mac’s financial solvency [lmao]. Finally, the housing bill creates a strong, new regulator to ensure that something like this will never happen again. [rofl]
I ultimately supported the overall housing bill because it contained significant tax cuts for Louisiana families that were unrelated to Fannie Mae and Freddie Mac. For example, the bill contained a provision that I authored, which provided $1 billion in tax relief for Gulf Coast families who were taxed on their Road Home grants. The bill also created a $7500 tax credit for first time home buyers. Finally, it created a new $500 tax deduction ($1,000 for couples) for homeowners who own homes but who do not itemize their taxes, and therefore cannot deduct their property taxes.[yeah you kind of look like PORKy too]
I appreciate the opportunity to hear from you about this important matter, and I hope you will continue to contact me on issues of mutual concern. Please feel free to also visit my website at http://landrieu.senate.gov for more information on legislative affairs. [fuck off]
With warmest regards, I amSenator Mary Landrieu
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Dear Mary Landrieu,
I looked up the definition of Mary Landrieu and this is what it said:
worth·less (wûrth
l
s) (click that speaker 3 times like Cramer, who is worthless)With warmest regards, I am
- Pissed the eff off.








