Hij gaat tegen het Congressional Budget Office, het Ministerie van Financiën en de Federal Reserve in, die allemaal hadden geopperd – op basis van dezelfde informatie waarover Stiglitz beschikte toen hij zijn analyse schreef – dat impliciete garanties aan Fannie Mae potentieel kostbaar waren.
He makes arguments against the Congressional Budget Office, the Department of the Treasury, and the Federal Reserve, all of which had suggested – based on the same information available to Stiglitz when he wrote his paper – that implicit guarantees to Fannie Mae were potentially costly.