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The Mess Our Politicians Created


Fri, Mar 26th, 2010
Posted in Commentary

Bobbie Sauer, Sr.'s, response to my last letter was in many respects accurate and factual. But, to define why this recession occurred and to assign blame where it belongs, it was completely useless. My "shoddy historical basis" is, in fact, incomplete only in the sense that a 900-word piece cannot do justice to all of the events and people involved in this. In addition, Sauer's response reveals a willful ignorance of the causes of this recession and a shallow, at best, understanding of economics.

My piece only scratched the surface of the impact that the Community Reinvestment Act (CRA), Fannie Mae and Freddie Mac, loose Federal Reserve money policies and the unholy and unhealthy alliance between government and large Wall Street firms had in causing this recession. The impact of liberal social engineering was, and is far, far worse than I can describe in a short article. They all have one thing in common, however: It has all been caused by politicians.

Bobbie Sr. seems to have overlooked the part about the Feds having a significant influence in creating the real estate bubble with its loose money policies beginning in the early 2000s. George Bush bears some responsibility for this as well, so in some respects this recession is bipartisan. The Fed is supposed to be independent, but it is under pressure and is influenced by politics and politicians.

However, to be fair, one also has to acknowledge that the Bush administration attempted to solve obvious problems of Fannie Mae and Freddie Mac. Both were going way beyond their charter and were endangering our economic system by doing so. In addition, there seems to be a complete memory gap as to the fact that Democrats have controlled Congress the last few years.

Fannie Mae in 1938, and later Freddie Mac, were created to provide a "lubricant" for the housing market. Both were historically very conservative about the loans they bought from banks. That changed with the introduction of the Community Reinvestment Act and became even more radical under the Clinton administration.

Bobbie Sr.'s contention that the CRA had nothing to do with race is also more than incorrect, it is absurd. Peter Schweitzer in his book, Architects of Ruin notes that of "$1.09 trillion in CRA loans... negotiated during Clinton's first few years...home loans to blacks grew by 72 percent...three times as fast that of whites and to Latinos by 45 percent...five times the rate of whites. Moreover, s .....
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Who should solve the health care problem?

Fri, Mar 26th, 2010
Posted in Commentary

Currently, all of the political minds in Congress are of the same mindset that health care reform is needed. Everyone understands that health care in our country has grown needlessly expensive, and that some who want coverage cannot afford it. The o ..... 
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Bipartisanship requires work and will

Sat, Mar 20th, 2010
Posted in Commentary

After seven hours together at their recent health-care forum, President Obama, congressional Democrats and congressional Republicans emerged no closer to an agreement than when they started. It was as fine a tutorial as you could want on why true bi ..... 
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Ready, fire, aim

Fri, Mar 5th, 2010
Posted in Commentary

"Everyone is entitled to their own opinion but not their own facts." Daniel Patrick Moynihan

I always knew my political and community outlook was at variance with Mr. Gudmundson but don't remember anything quite as jarring as his last effort ..... 
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One moment, please...

Fri, Mar 5th, 2010
Posted in Commentary

As I witness the usual dichotomy of our state government positioning our local economy in the passenger seat of an on-going, overwhelming financial crisis, I beg the question, "What can we control?"

Whether talking about local government aid ..... 
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One moment, please... Survivor: The Pilot Mound Series

Mon, Mar 1st, 2010
Posted in Commentary

Last week, I took a break from writing anything political. Now, I'm back in the saddle and clopping full speed ahead. I have two subjects to discuss but only enough space in the newspaper for one of them this week. You'll get this one now in today's ..... 
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Enough Is Enough

Fri, Feb 26th, 2010
Posted in Commentary

When President Obama advocated nuclear energy, offshore drilling and research to provide clean coal technology as solutions to our increasing energy problems, I winced. Granted, he also advocated the use of alternative energy resources. When he pred ..... 
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Is it really tea time?

Fri, Feb 19th, 2010
Posted in Commentary

The Tea Party movement has been receiving a great deal of attention of late. The recent Nashville convention featuring keynote speaker Sarah Palin garnered worldwide media coverage. However, there were more reports about the costs of attending the c ..... 
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One Moment Please - What is important?

Fri, Feb 19th, 2010
Posted in Commentary

Publisher of the Fillmore County Journal, cell phone number 507-251-5297

I'm stepping back from making any political statements this week. Instead I'm sharing my thoughts on what I feel is most important in all of our lives: family.

O ..... 
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