It is very interesting to read letters from writers who get their information from the mainstream media. With a little research on their part they could get real facts instead of political talking points. Raymond Powell of Terrebonne asks who do we blame for our economic problems. A place to start would be Bill Clinton’s presidency. During Clinton’s administration, sub-prime mortgage loans were given priority and 40 percent of all mortgage loans were in fact sub-prime, according to Franklin Raines in a New York Times article dated Sept. 30, 1999. Raines also forecast 50 percent of all mortgage loans would be sub-prime by 2002. Did the creators of this abominable economic foundation, built on sand, have any idea what the impact would be to the U.S. economy when those mortgages went into default? Probably not.
George W. Bush during his early presidency made several attempts to convince the Democrats in Congress to help him control Fannie Mae and Freddie Mac and thus prevent a collapse of the U.S. economy. They said, “No,” and according to Sen. Chris Dodd (D), and Rep. Barney Frank (D), both government sponsored enterprises were doing fine just two weeks before the government took control of them. There are many examples in the My Nickel’s Worth section of The Bulletin that are similar, in an effort to “blame Bush,” when in fact, if you have to blame someone, blame the people you have elected to Congress.