Some thoughts on the upcoming election

I was emailed an article in the NY Times recently. It was a story about the roots of the credit problem in the U.S. From the article Congress is to blame. However, in addition to Congress we can find the roots of the problem in the Clinton administration. You see, in the late 80's the Attorney General Janet Reno began pushing Fannie Mae to take on loans from people who were less that adequate credit risks. This was a public push to get lower income families into home ownership. At the same time congressmen were calling Fannie Mae urging them to take on riskier loans because their constituents financial needs. In fact, one of the congressmen urging Fannie Mae to take on high risk loans was Barney Franks, the same chairman of the Banking committee pushing hard on the bailout bill. I guess the democrats will take every opportunity to piss away our tax dollars.

One democratic senator is quoted in the article about Fannie Mae taking action because the cost of homes was doubling every 6-7 years yet income was only going up about 1% a year. Now it seems to me that simple logic tells you that at some point in time there will be a problem. How about requiring classes for people on financial responsibility.

The article pointed out that Senator McClain had a premonition of the trouble we were headed for and asked for oversight back in the 90's. Maybe if some fiscally responsible congressmen stood up and quit excusing the plight of the poor we would be a stronger country instead of being built on a revolving line of credit.

Here we are heading for a strong democratic congress, and perhaps a liberal democratic President. Heaven help us! Since when did owning a home become an entitlement or a right instead of a privilege. Since when did sitting home on your ass collecting a "crazy kids" checks or a check for aid to dependent children become a means for steady income. We are destroying people's incentive to work by providing them with money that is not founded on effort or skill but condition. There are people who need help, but there a many that milk the system and it is job security for those agencies providing the aid. Ken Hamblin makes a good point on the "brood mares" sustaining their economic condition by having foals.

Well, guess I'll end here this has the making of an out of control diatribe. We've survived for 200 plus years through a variety of political powers. However, with retirement so close I end up personally concerned for the ever increasing government incursion into areas it is incapable of handling effectively and efficiently.