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Meanwhile, Wall Street ruminated over the Treasury’s announcement that it planned to bolster Fannie Mae and Freddie Mac. The most vehement objections were levied at a proposal that would enable the Treasury to invest in Fannie and Freddie stock.

Hedge fund investor Jim Rogers, in an interview with Bloomberg News, called the plan an “unmitigated disaster.”

“I don’t know where these guys get the audacity to take our money, taxpayer money, and buy stock in Fannie Mae,” he said. “So we’re going to bail out everybody else in the world. And it ruins the Federal Reserve’s balance sheet and it makes the dollar more vulnerable and it increases inflation.”

Other analysts said the action was needed to prevent the mortgage giants’ stock from tumbling and to restore confidence in their ability to support the U.S. housing market.

Tim Ryan, president of the Securities Industry and Financial Markets Association, called the Treasury plan “very sensible and responsible” and said it would preserve the health of the housing market and economy. “They should be applauded for their quick, innovative work at a critical time, and Congress should act with equal speed,” he said.