Obama Talks Fannie, Freddie In Michigan

Barack Obama was in Flint, Mich., Monday and talked about the takeover of mortgage giants Fannie Mae and Freddie Mac. He said if banks expect the federal government to step in and provide support when something goes wrong, they must follow the rules.

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Barack Obama began his day in Chicago, where he dropped off his two daughters for their first day of school. And from there, he traveled to Michigan for an event centered on voters' money worries. He held a discussion on the economy at Mott Community College in Flint. There, one member of the audience brought up the takeover of Fannie Mae and Freddie Mac and asked Obama about his plans for regulating financial institutions. Here is what Obama had to say.

Senator BARACK OBAMA (Democrat, Illinois, 2008 Democratic Presidential Nominee): The basic principle is going to be that if you expect the federal government to step in and to provide support if something goes wrong, then you're going to have to follow by our rules, and you're not going to be able to just have a situation - which is what happened with Fannie Mae and Freddie Mac - where, you know, heads, I win, tails, you lose, and you being the taxpayer.

SIEGEL: That's Barack Obama at a campaign stop in Flint, Michigan, today talking to voters about his economic plan.

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