Taking a page from public broadcasting, the US treasury announced that the terms of its negotiated buyout with Freddie Mac and Fannie Mae will include handsome tote bags for some homeowners. “Our economy and our markets will not recover until the bulk of this housing correction is behind us,” U.S. Treasury Secretary Henry Paulson said at a news conference. “Fannie Mae and Freddie Mac are critical to turning the corner on housing.” adding “ and now I can use this handsome government-sponsored tote to bring my organic locally grown fresh produce home from Farmer’s market without having to use plastic or paper!”
The hoped-for government sponsored prop-up of Fannie and Freddie have been in discussion with Secretary Paulson and the Treasury department for quite some time. Negotiations stalled after Paulson demanded (and eventually received) red piping on the totes as well as the phrase “brought to you by the Bush administration” across the front. This move added an additional twenty-two billion dollars to a nearly six trillion dollar government investment. According to internal Treasury department memos, much of that expense will be offset by transferring the manufacture of the tote bags from Ames, Iowa to Bangladesh. When asked for comment, White House Press Secretary Dana Perino said “No, I don’t see the irony.”
Although many homeowners have seen some tough times recently, some see this new agreement as a welcome addition to an uncertain market. “I’m happy to see this extra element of stability injected into the overall housing market” said Southern California real estate agent Rob “Hammer” Hammil, “and as a bonus, these new bags will give some of my customers a safe place to collect their broken hopes and dreams. Most of them where using the little blue bags that come with Crown Royal, that seems less bleak somehow.”