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Oh jeez …

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A quote from CNN coverage of President Bush’s press conference earlier this morning in which he discusses the recently-announced plan to help out Fannie Mae and Freddie Mac:

“I don’t think it’s a bailout,” said Bush, deflecting some criticism that the government should not rescue a private firm. “The shareholders still own the company.”

My one and only question: If the government is a shareholder (especially if they end up owning a large chunk of shares), isn’t it still a bailout?

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Written by The Canuck

July 15, 2008 at 11:29 am

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