2008-10-16 / Letters

Democrats Caused The Financial Mess

To the editor:

I saw a poll last week that indicated that 67 percent of Americans thought that the Democrats were better on the economy and/or fixing our financial problems. How can that be when it's clear that their policies and practices were the primary cause of the mess? Rep. Barney Frank (D-Mass.), Sen. Christopher Dodd (D-Conn.), Nancy Pelosi (D-Calif.) and others did nothing to protect us from those unscrupulous government-sponsored enterprise CEOs who cooked the books and walked away with millions in bonuses and severance pay. Chief among them was Franklin Raines, President Clinton's budget director. Raines alone received almost 100 million in bonuses from Fannie Mae. When the Bush administration tried (several times) to bring about reform in Fannie Mae and Freddie Mac, Frank and Dodd said (during hearings) that both companies were solvent and they didn't need any more regulations. Frank went on to say that more regulation would just prevent low-income individuals from receiving loans. What a joke! Dodd got a sweetheart mortgage deal and has received more campaign donations from Fannie Mae than any other member of Congress (#2 is Obama). Frank even got his his friend a senior executive job at Fannie Mae. How can we trust these same people to fix the problems that they created?

Sen. McCain warned of the potential for serious financial problems in Fannie Mae and Freddie Mac back in 2005/6. He cosponsored a bill that would have established proper regulation and oversight. The Democrats blocked passage of this bill; so let's put the blame where it belongs. Quit trying to blame Bush and the Republicans for everything bad that happens. We are sick and tired of doom and gloom politicians. This country is still the best in the world. How long we remain free and independent is up to us. Mary Gracey Waterfall

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