The Ottumwa Courier

Letters to the Editor

October 7, 2008

Democrats’ bad lending practices at core of mess

Repeat a lie often enough and people will believe it. That has worked well for Obama, Biden and Pelosi in laying blame on “failed” Bush economic policies.

The Fannie Mae/Freddie Mac (F & F) fiasco and the “Bail-Out” are tied directly to the Clinton Administration and Congressional Democrats. It’s laudable to make mortgages available to most people; unfortunately, too many could not afford them. Bad lending practices are at the core of this mess.

Why were F & F unregulated? It was by courting politicians with lobbying budgets and political contributions. The top three U.S. senators in the F & F trough are Democrats and include, after less than four years, Barack Obama!

F & F has provided lucrative jobs for D.C. Dems transferring to the private sector: Clinton Budget Director, Franklin Raines, received $50 million for running Fannie; Clinton Justice Official, Jamie Gorelick, was paid $26 million by Fannie; prominent Dem., Jim Johnson received millions as Fannie CEO.

Between 2003–2007, the Republicans sounded repeated warnings to Congress regarding the lack of regulation of F &F.; Each was rejected by the oversight committees, chaired by Rep. Barney Frank (D) and Sen. Christopher Dodd (D).

In 2006, McCain warned Congress that if his co-sponsored bill S.190, exerting controls over F & F, did not pass, the mortgage industry would fail and bring financial chaos. The bill never made it out of committee, blocked by Democrat party-line vote.

We must stop being weak-minded supporters. Vote for true hope and change — not false hype and claims!

Kenneth S. Wayne


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