The Hendricks County Flyer
Fri Oct 26, 2012, 02:55 PM EDT
To the Editor:
President Obama continues to blame all the problems with the economy on the Bush administration. And, some of it may be valid. But, as I understand it, the biggest problem was the bursting of the housing bubble.
It has been reported that it started back in the Clinton administration, trying to provide every family with the American dream of owning a home. So the banks were forced by the government to grant sub prime mortgages to people who could not afford to make their mortgage payments.
We have heard that during the Bush administration the president tried to get reform at Fannie May and Freddie Mac but Democrats Chris Dodd and Barnie Frank, who oversaw Freddie and Fannie, said everything was OK. Apparently, Dodd and Frank didn't want to interrupt the flow of contributions from Freddie and Fannie to them.
Mitt Romney has had several opportunities to correct Obama but he has instead stressed how the things the Obama administration has done have not helped the economy.
Obama stresses the fact that he saved the U.S. automakers, GM and Chrysler. Well, if the auto unions hadn't made such demands for benefits which GM management gave in to and approved, the auto industry would have remained more competitive with the foreign car makers.
But now that we're in a recession and have been for several years, how best can we get out of it? Some say more government spending and hiring more government workers is the solution. Others say lower taxes and less government regulation will create an environment for hiring more people in the private sector of business.
Let's hope that whoever gets elected in a few weeks will be able to put aside some of the dirty politics and work with congress to do what's best for the American citizens.
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