Bush isn't to blame

-A A +A
By Staff Brunswick Beacon

To the editor:

For weeks, we have heard the Democrat theme about failed Bush policies causing the financial crisis.

The truth is Obama and the Democrats are lying to the American people about the causes. This is all about home loans to people who could not afford them, with no financial review and nothing down, and Democrats pushing banks to do more. It started in the Carter years with the Community Reinvestment Act and helped along by ACORN’s attorney Obama winning a lawsuit against a bank because they were not making enough of these loans.

Each year for six years, Bush and his administration sought to reign in Freddie Mac and Fanny Mae with new rules to stop their abuse, but each time he was stopped by Frank, Chuck Schumer and Chris Dodd and the bills never got to the floor for votes. This is caused by Democratic policies and stopping necessary reforms.

Dodd and Obama are the two highest receivers of campaign funds from Freddie Mac and Fanny Mae. Dodd even got a sweetheart low-interest mortgage from the banks he was regulating.

The first Democratic plan for fixing the mess two weeks ago included an additional $20 billion for left wing groups like ACORN, but the vote failed by 12 votes because even the 12 Democratic members of Frank’s committee did not vote for it.

In the first debate, we learned Obama’s “change” will bring on many new programs and McCain will hold the budget at current levels except for defense and veterans programs. Obama’s change plan of more taxes and spending on alternative energy, new power grid, education, health care and the global poverty act mirrors and makes the same mistakes of Roosevelt in the Great Depression rescue of more taxes, more government control and more spending. Lesson learned: bigger government spending prolonged the Depression.

McCain’s plan is to hold spending and the growth of government at current levels while providing funds to buy up these mortgages. His smaller government and anti-corruption stance is the change we need now in Washington, not Obama’s change to more and more of the same.

John Campbell

Oak Island