Wednesday, September 24, 2008

Dear George, Henry and Ben

Your bailout stinks. In a few months you'll be gone and you are handing the Democrats a federalized economy while you're still in office, what they planned for later on in the Obama years. You're not even going to make them work for it! I don't want to blame this all on President Clinton, because he had a Republican Congress to work with, but getting a home loan used to be very different before the mid-90s. It took 20% down, and our housing cost couldn't exceed 35% of our monthly after tax income. It's possible that since you guys are all rich, you've forgotten how we ordinary folks scrimped and saved and did without to pay our mortgages. Then someone brilliant decided we needed to move everyone into "the American dream," without considering who could or would pay. Then we got the NINJA loans, and even wealthy people took advantage of your lax no interest, no assets loans during the housing bubble. Yes, some minorities and poor people got into homes, most of which they couldn't afford. Again, I don't blame just the Democrats--I seem to remember something laudatory about this in the last State of the Union address.

You, President Bush, proposed in 2001 and 2003 the overhaul in the housing finance industry. It was blocked by liberal Democrats. That's a failure of leadership; we can't blame only the Democrats. Then Senator McCain with three other Senate Republicans tried to reform the government’s involvement in lending in 2005 and again that was blocked by Democrats. So he's not the "can't we all get along guy" that he thinks he is. And Obama? He was missing in action or not on board. (Why is this guy always out of the room when an important vote is taken? He's actually getting points for his absenteeism!)

Maybe you think I’m excusing you, but I’m not. You are the leaders. Why did you let the Democrats bamboozle us, and why put them in charge again when they've made such a mess? Now you are going to make the tax paying, honest, bill paying American pay for the mistake the two parties made together? Barney Frank and Chris Dodd are the reigning Democrats in banking and finance, and the rules were changed during the Clinton administration and it was former members of his administration who drove these GSEs into the ground and walked away with Golden Parachutes.

Tell me why, George W. Bush, should we bail out these bad, bad decisions made at the federal level by the Democrats in Congress and your administration?


Anonymous said...

that is the worst bit of blogging I have ever read.You have right to be wrong.It is a free country but I wonder what the hell you are smoking woman.We working class "riff-raff" that you look down your blue nose at are about to keep you money safe while we continue to scratch and fill.Who are you trying to kid! When everything else fails blame the Deomocrats.Who deregulated it all?

Norma said...

Yup, librarians are among the richest, blue noses in the nation. What a joke. The Democrats have become the party of the wealthy and they got there not by entrepreneurship and investing their wealth, but by stepping on the backs of the poor, and keeping them down so they have a ready made constituency. Now they want to do it again, but with the help of the Republicans and the President.

Anonymous said...

Whew! You've got readers who can't read. Ivy League schools?

Norma said...

I heard an interview of Pres. Clinton this morning admitting that in hindsight, the actions of his administration in 1999 to be more open to minorities and poor was bad--but he defended himself saying that at the time there was a lot of money and he thought it was better for the people to get this than the shareholders and CEOs. Of course, those were his people.

Also heard an interview by a loan officer who said they literally had their arms twisted by the Fran/Fred reps to provide loans they knew couldn't be supported by the applicant. Didn't catch the years he was talking about--could have been 21st cent. or late 90s.

So if you're looking for riff-raff, turn your nose towards DC.