Tuesday, September 30, 2008

Change in post content-too serious to ignore!

Here is a letter from a citizen determined to let our leaders know that we are not all in the dark and remember quite well how it is that we've arrived at this financial crisis. Most importantly, we need to remind them that we are listening and cannot be duped.

"Since you are the Speaker of the House, I would expect that you would know which President signed the Glass-Steagall Act into law which dismantled the last of the banking regulations put in place by the Banking Act of 1933. However you seemed to have forgotten so I will remind you.
This act was passed in 1999 and into law by then President Bill Clinton." Dear Representative Pelosi,

I wish I lived in San Francisco rather than Los Angeles so that I could vote for who ever runs against you in the next election. I'm often shocked by your attacking comments which rarely have any shred of factual evidence to back them up. However I'm truly disgusted by your remarks on the House Floor this morning. May I quote:

"[The current economic turmoil is a result of the] right-wing ideology of anything goes, no supervision, no discipline, no regulation".

Since you are the Speaker of the House, I would expect that you would know which President signed the Glass-Steagall Act into law which dismantled the last of the banking regulations put in place by the Banking Act of 1933. However you seemed to have forgotten so I will remind you.
This act was passed in 1999 and into law by then President Bill Clinton.

* Also in 1999 the Clinton Administration pressured Fannie Mae to expand mortgage loans among low and moderate income people.
* This led Fannie Mae to lower their standards and began the lending which has led to the "Sub prime Mortgage Meltdown" we are now dealing with.

In 2005 a Fannie May and Freddie Mac reform bill was passed by the Senate Banking Committee.

The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. However this bill never become law for a simple reason: Democrats opposed it on a party-line vote in the committee. Not a single banking legislation bill has been presented to President Bush to sign in his nearly 8 years in office. NOT ONE.

So this appears to be the actual fault of Democrats, and their inability to look beyond the talking points supplied by their favorite lobbyists that we are now in the midst of a financial meltdown in this country.

Once again your barbed comments are nothing more than a partisan jab meant to enrage the public and make yourself appear as if you're fighting for "the little people".

As a mere little person I'd like to suggest that you stop "grandstanding", stop "making false and inflammatory accusations" and actually get down to the business of running this country.

Sincerely,
John T Russo
Democrat, Los Angeles

No comments: