Letter: Democrats to blame for economic problems


First Posted: 2/20/2012

The Democrat Party has no integrity when comes to the problems facing our economy. The Democrats are almost fully the cause of the housing crash and our current financial problems. The national debt clock was stopped because of Newt Gingrich and the Republican wave of 1994. Thanks also to Monica.Back in 1977, the Carter administration passed the Community Reinvestment Act, the goal of which was to make housing more affordable. But not enough people were able to take advantage of the new law, so over a few years, the requirements were relaxed to allow more people who could not afford homes to purchase them. There were warnings of problems to come from Republicans. Move to 2001, the Bush administration tried to rein in Fannie Mae and Freddie Mac. In 2003, Treasury Secretary John Snow called for regulation of Fannie May and Freddie Mac. In 2005, Alan Greenspan, the Federal Reserve chairman, sounded the alarm. In 2006, Sen. John McCain sponsored legislation to control Fannie and Freddie, but the Democrats blocked it. Sens. Chris Dodd, Barney Frank and Chuck Schumer all sang the praises of Fannie Mae and Freddie Mac. As a senator, Barack Obama got one of the biggest handouts from Fannie and Freddie. When gas prices increased in 2007 the economy faltered and workers' hours were cut, income fell and people started to miss mortgage payments. The bubble burst and housing crashed.If you are still drinking the Kool-Aid, then you are part of the problem. The Democrats have been and continue to be the problem.

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