Shiny Happy Economics Message

Jon Stewart makes fun of George W. Bush staging an optimistic economic press conference when Federal Reserve Chairman Ben Bernanke is giving Congress the bad news. Bush refuses to call the bailout of Fannie Mae and Freddie Mac a bailout. Bush told the White House press corp that the Treasury Deparment is only seeking approval of a bailout. Oh really.

The U.S. Treasury plan, which needs the approval of Congress, would extend credit to lend money to or buy stock in both Fannie Mae and Freddie Mac, the two companies that own or guarantee more than $5 trillion worth of U.S. home mortgages, almost half of the nation's total.

The move was necessary to restore confidence in the nation's financial system, but higher rates could be on the way as a result, Mike Smith, a banker with Sunset Mortgage in Bend, said Monday.

George W. Bush: Government action -- if you're talking about bailing out -- if your question is, should the government bail out private enterprise, the answer is, no, it shouldn't. And by the way, the decisions on Fannie Mae and Freddie Mac -- I hear some say "bailout" -- I don't think it's a bailout.

The Orwellian language from the White House never ends.