Meltdown is all the Democrats’ fault
Vail, CO, Colorado
The lead article in your Oct. 20 “Our World” section about the mortgage crisis, by an Associated Press writer, is another glaring example of media bias. The writer blames the defeat of a 2005 Republican-sponsored bill to overhaul the regulatory guidelines affecting Fannie Mae and Freddy Mac to a few Republican senators who were turned by lobbying efforts from a group hired by Freddie Mac.
Nearly lost in the article was a sentence mentioning that all Democrat were against the bill despite the pleading from President Bush and Republican congressional leaders that there was an impending crisis.
Democratic congressmen Schumer and Franks testified that there were no problems with Freddie Mac and Fannie Mae and no regulatory changes were needed.
It is scary to think that those two are still chairmen of their respective congressional finance committees.
The spark that ignited the current economic mess was the housing crisis brought on by the crusade of the Clinton administration and congressional Democrats to relax investment and lending guidelines so everyone can own a home.
Cheap loans were available without regard to collateral and the ability to service the loans.
The U.S. Constitution puts the responsibility of managing the nation’s finances on Congress, not on the executive branch. So what party has controlled the legislative branch for the past two-plus years? Right!
If you want to see the current economic crisis turn to Armageddon, then let an Obama administration and a Reid-Pelosi Congress have a free rein on the economy.
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