Wednesday, October 8, 2008
As an involved citizen, I have been hugely disappointed by President Bush's unwillingness to keep our national debt under control. However, not everything he has attempted to do has been wrong, and this is important, because it lies at the center of our current financial crisis.
In the late 1990s the Clinton Administration pushed Fannie Mae and Freddie Mac to liberalize their lending policies to expand home ownership among the poor (New York Times, 1999). When President Bush took office, he held this line of thinking. However, it wasn't long before he saw the potential risk, and pushed Congress for better regulation.
In 2004, a House hearing (which is playing on YouTube right now) showed Republican after Republican pushing for tighter regulation on Freddie Mac and Fannie Mae, and Democrat after Democrat arguing against it.
In the past few weeks, these two institutions have been bailed out, and what is the story line? Democrats are blaming Republicans for their failure, because they fought regulation, when the exact opposite is true.
This is the most important issue currently facing us in the election. The voters are being lied to by the Democrats, and NO ONE in the national media is holding them accountable. Who do they think they are helping? Who are they protecting? It is certainly not the public interest.
John McCain is on the record for oversight over two years ago, Barak Obama is the No. 2 recipient of campaign contributions from Freddie Mac. Think about that when you vote.
/s/ LaDon Linde, Sunnyside