Be Wary Of Change
Letter to the Editor:
As an Independent, I am bothered to see the Democrats blame the Bush Administration for our current economic problems. Two prior Democratic Administrations initiated and promoted unsound and loose economic policies. Currently, the Democrats control Congress and the committees, and they share responsibility for what transpires in this country.
In 1977 Jimmy Carter's Administration enacted the Community Reinvestment Act (CRA), which forced banks to make loans to low income borrowers. In 1999 the Clinton Administration pressured Fannie Mae, the nation's largest underwriter of home mortgages, to change its credit requirements on mortgage loans it purchased from banks and other lenders. Fannie Mae succumbed to the pressure and diluted its credit requirements. Banks then changed their loan requirements, including no down payments, and made home loans to low income people whose credit would not normally be good enough to qualify for loans.
The seeds were planted for the current economic problems many years ago, and nurtured through a number of administrations and legislative bodies to our current situation. Can we can expect more of the same if Obama is elected, and he, along with a rubber stamp Democratic Congress, allow the proliferation of liberal economic policies?
Over the passage of time the world has taught us to be wary of change and all the mesmerizing promises made by political candidates.
Donald A. Moskowitz