Plenty of blame to go around





I am amused over recent letters that lay the blame for the economic crisis on either the Democrats or the Republicans. Fact is that regardless of which party, all of Washington, from Congress to the White House, played some major role that got us where we are today.

The mortgage meltdown, as just one cause, developed when Washington trashed banking regulations that unleashed unmitigated greed within the industry.

It was open season for mortgage loans that were extended to borrowers in amounts that were 100 percent, if not 125 percent, of blown-up appraisals. There was total disregard for the borrowers’ ability to service their debts, let alone whether they produced any income at all.

As financial institutions booked more and more of these mortgage loans which were doomed to crash once interest rates were reset to cause a sudden tripling or quadrupling of monthly payments, the top executives were most handsomely rewarded with bonuses the size of which were mind boggling.

We are finally rid of George Bush. This is a man who in August 2008 proclaimed that “we have avoided a recession.”

In September 2008, he insisted that “the economy is fundamentally strong.” In October, he stated that “I am an optimist (about the economy).” In November, he stated that “I see no further need for a stimulus plan.” Then, in December 2008, with less than a month before his exit, he finally acknowledged the recession.

The irony of it all occurred on Nov. 4, 2008, when, with a mere 14 percent approval rating, enough voters re-elected all but about one dozen members of Congress.

Taxpayers are being fleeced by the government. Our children and grandchildren will pay for this dearly, yet most people do not even realize it, and that is precisely what Washington is counting on.
P. Rosam
Oak Park



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