Goes to show there are still some intelligent people left in New Jersey...a hopelessly BLUE State.
From the Bergen Record:
The truth of the financial "crisis" rests with the government, not Wall Street or Main Street. We, the taxpayers, the investors, the hard-working citizens, are the victims of the government playing in the mortgage market.
In 1977, the Carter administration believed that there needed to be more mortgages. With the aid of "government-sponsored" companies - the Federal National Mortgage Corp. and the Federal Home Mortgage Corp. - U.S. banks were "induced" to make more money available in the housing market through a program called the Community Investment Act. In the late 1990's, the Clinton adminisatration escalated this program, easing qualifications for mortgages that Fannie Mae and Freddie Mac would buy. In 2003, the Bush administration tried to regulate Fannie and Freddie, but was rebuked by Democratic Sens. Christopher Dodd of CT and Charles Schumer of NY - and - Democratic Rep. Barney Frank of MA.
These men are the real reasons we have a financial crisis today, not President Bush and not Republican presidential candidate Sen. John McCain.
The truth is in the facts and history of the government interfering with the capital markets and the greed and political interests not of investment firms, but of some members of Congress. I hate a bailout, but we have been left with no choice. But let us be clear. We are not bailing out companies whose investors - us - are losing value each day or out neighbors who have lost their jobs. We are bailing out the Democratic Party that brought us this mess.
William Lang Westwood, NJ
Last edited by AppleOnYa; 10/07/0806:12 PM.
A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned - this is the sum of good government.
